TERMS OF BUSINESS
About this document
This document states our terms. You need to read this important document. It explains the service we provide and the costs involved.
By continuing with this service, you are agreeing to the terms included in this document.
How we are regulated
Elmo House Financial Limited is an appointed representative of The Right Mortgage Limited who are authorised and regulated by the Financial Conduct Authority (FCA). You can check our details and regulatory permissions on the FCA Register online or on 0800 111 6768. Our FCA reference number is 945292.
Our company
Elmo House Financial Limited, of 67 Middlewood Road, Sheffield, S6 4GX trades as a Limited Company. Our Company Number is: 13077065.
Our Service
We offer an advised service. This means that we will provide you with a recommendation when we have assessed your needs.
Insurance Products
We offer products from a range of insurers for protection (non-investment) insurance contracts. For example; life, critical illness, and income protection insurances.
We offer products based upon a fair analysis of general insurance providers for:
Home Insurance, including Buy to Let properties
Accident, Sickness & Unemployment cover
Private Medical Insurance
Mortgage (Home Finance) Products
We offer a comprehensive range of first charge & second charge mortgages from across the market, but not deals that you can only access by going direct to a lender.
If you are mortgaging a buy to let property, we will only advise you on the services listed in this document. We will not provide advice on any tax or investment matters, for this you should seek advice from an authorised and qualified individual.
Mortgage Regulation
Some mortgages are regulated by the FCA and some are not:
Residential mortgages are regulated by the FCA
Buy-to-let mortgages are not normally regulated by the FCA. However, some are defined as “consumer buy-to-let” - we will confirm if this applies to you
Commercial mortgages are not regulated by the FCA
Additional Buy to Let Disclosures
By proceeding with a Buy to Let Mortgage application, you are also agreeing:
The property is being purchased wholly, or mainly for business purposes
You have the sole intention to let the property out
You understand that a family member cannot live in the property under any circumstances
You understand that if you decide not to let the property, you may have to repay the loan in full or change the mortgage to a more suitable product
You understand that it is a breach of the terms and conditions of the mortgage to live in the property and fail to inform the lender
Increasing Borrowing on a Property
If you are looking to increase the borrowing on a property, the following options may be right for you:
Further advance from your existing lender
Second charge mortgage
A new first charge mortgage
Unsecured lending – we do not offer advice
What we will do
Act in your best interests
Communicate clearly and in plain English
Explain all costs involved
Assess your needs before making a recommendation
Review the market from our list of reputable lenders and providers to recommend the most suitable product for you
What we will not do
Submit an application before conducting a full review of your circumstances and obtaining all supporting information
Cause you to incur a credit search or incur any costs without your prior agreement
Act without first getting your permission
Give advice on;
Legal/conveyancing matters
Issues of taxation
Investments or pensions
Instructions
We will normally accept verbal or written instructions. However, we always recommend that all instructions are provided in writing for clarity.
How we will operate
During our initial consultation we will complete a questionnaire to enable us to understand your circumstances and your needs. This enables us to give you appropriate advice. A copy of this is available upon request.
We will conduct research to establish what products are most suitable for you and make these recommendations. This will be confirmed to you in writing.
You will also be provided an illustration detailing the recommended product.
Your responsibilities
You must deal with us in an honest and transparent way. Not disclosing key facts about your circumstances could impact the advice given, and could impact your ability to obtain the most suitable product. It could even void the product, such as if this non-disclosure is viewed as a fraudulent act.
If you have any doubts as to whether you should disclose a matter it is better to do so.
It is your responsibility to check that the product is as you expected, you should check all documents carefully. Please notify your adviser as soon as possible of any issues.
Costs
Insurance
No fee is payable for our service in relation to insurance. We will be paid via commission.
Home Finance Products
A fee of up to £400 is payable on application for our service in relation to mortgage contracts. The exact amount will depend on the complexity and work involved in your case, and be disclosed in our fee agreement.
We will be paid commission by the lender; the amount due will be disclosed via the mortgage illustration.
Refund of fees
If we charge you a fee and your mortgage does not go ahead you will not receive a refund.
Complaints
If you wish to register a complaint, please contact us:
In writing: The Right Mortgage Limited, St John’s Court, 70 St John’s Close, Knowle, B93 0NH. By phone: 01564 732 744
If you cannot settle your complaint with us, you may be able to refer it to the Financial Ombudsman Service. www.financial-ombudsman.org.uk
Financial Services Compensation Scheme (FSCS)
You are protected by the Financial Services Compensation Scheme (FSCS) for the service we provide. If we are to be declared in default, in the event of any claim, you may be entitled to compensation. For further information about the scheme, please call the FSCS or visit www.fscs.org.uk.
How we use your data
Full details of how we gather, store, use and process your personal data is contained in our Privacy Notice.
As part of our service, we will ask you several questions that relate to your personal and financial circumstances, including questions regarding potentially sensitive matters.
Only information that is relevant to your financial planning needs will be gathered and stored.
We will retain this information for as long as is necessary to fulfil our regulatory and legal responsibilities, including defending any future complaints. This data can also be useful to assist you in the future.
We will treat all your information as confidential. Steps will be taken to ensure that the information is accurate, kept up to date and only kept as required.
We have also taken measures to protect against unauthorised, or unlawful use and accidental loss or damage to the data.
Cancellation rights
Depending on the product provided you will have different cancellation rights; these will be explained to you in my recommendation and will be included in relevant documentation. It is your responsibility to exercise these rights as needed; we cannot do this on your behalf.
Customer money
We do not handle customer money. We will not accept any payment other than for the payment of our fee, and under no circumstances will we handle cash. Any third-party payments must be made to them directly.
Call recording
Telephone calls made to us may be recorded and used for training and/or regulatory purposes. Conflicts of interest
We will not transact business where we believe this could result in a conflict of interest. Where we believe that our interests conflict, we will inform you in writing and agree with you how we can proceed.
Declarations
By proceeding to supply your personal details, you are agreeing:
To the terms and conditions of this agreement
That we may pass your information on to, any ‘third parties’ needed to deliver our service
That, the lender, or insurer we approach on your behalf, may conduct a credit search
Terms of Business V4 – 22/02/2023