For most people, your home will be the largest single investment you will ever make, so making the wrong decision can become a very expensive mistake. Taking the wrong mortgage can end up costing thousands extra over the lifetime of the loan, and what appears to be the cheapest on day one will not always prove to be so over an extended period of time.
Furthermore, to add to the confusion, there are now a bewildering number of mortgage types available to select from. We've written an overview of some of these in the accompanying pages, but to make a truly informed decision, call us on 01348 873 456 and ask for an appointment with one of our advisers.
Mortgage Initial Disclosure Document
Thomas Financial Services Limited
10 West Street,
You should use the information provided within this document to decide if our services are right for you.
Whose mortgage products do we offer?
• We offer a comprehensive range of mortgages from across the market, but not deals that you can only obtain by going direct to a lender
Which service(s) do we offer?
We offer an ‘advised’ sales service
This means we will provide advice and make a recommendation for you after we have assessed your specific needs and circumstances.
What you will have to pay us for this service?
A flat fee of £150 will become payable at outset. In addition, we will retain any commission paid by the lender.
A flat fee of £150 will become payable at outset and a further flat fee of up to £300 will become payable for complex cases where additional work is necessary to enable a mortgage application to be submitted. The fee will be discussed and agreed with you before any work incurring the additional fee will be undertaken.
No fee, however, we will retain all commission paid by the Lender.
We will tell you how much the total fee will be before you apply for a mortgage, but you may ask for this information earlier.
You will receive a key facts illustration when considering a particular mortgage, which will tell you about any fees relating to that mortgage.
You also have the right to request an illustration for any mortgage we offer.
Refund of fees
If we charge you a fee and this is paid, and your regulated mortgage does not go ahead, you will receive:
• No refund
Who regulates us?
Thomas Financial Services Limited is an appointed representative of Red Dot (Cymru) Limited which is authorised and regulated by the Financial Conduct Authority (FCA). Red Dot (Cymru) Limited’s Financial Services Register number is 302540.
Red Dot (Cymru) Limited’s permitted business is:
• Advising on regulated mortgage contracts;
• Arranging (bringing about) regulated mortgage contracts; and
• Making arrangements with a view to regulated mortgage contracts.
You can check this on the Financial Services Register by visiting the FCA’s website http://www.fsa.gov.uk/register/home.do or by contacting the FCA on 0800 111 6768 (freephone) from 8am and 6pm, Monday to Friday (except public holidays) and 9am to 1pm, Saturdays.
What to do if you have a complaint
If you wish to register a complaint, please contact us:
…..in writing The Complaints Officer, Red Dot (Cymru) Ltd, 73 Rhosmaen Street, Llandeilo, SA19 6LW.
….Email address email@example.com
…..by phone 01558 825950
If you cannot settle your complaint with us, you may be entitled to refer it to the Financial Ombudsman Service.
Are we covered by the Financial Services Compensation Scheme (FSCS)?
We are covered by the FSCS. You may be entitled to compensation from the scheme if we cannot meet our obligations. This will depend on the type of business and the circumstances of the claim.
Mortgage advising and arranging is covered up to a maximum limit of £50,000.
Further information about compensation scheme arrangements is available from the FSCS.
Financial Advice... pure and simple
THOMAS FINANCIAL SERVICES Ltd provides financial advice and planning, in plain English, to people who want to ensure they make the right financial decisions at the right times and at the right cost. It's simple!