TERMS OF BUSINESS
for buy to let and commercial mortgages
ABOUT Our TERMS OF BUSINESS
This page sets out how we will deal with you for the provision of Business Buy to Let and Commercial Mortgage advice. These types of mortgage are not regulated by the Financial Conduct Authority (FCA). This Terms of Business does not cover regulated products sold by Eddge.
This page should be issued and explained to you before your adviser gives you any advice or personalised information. These terms come into force when received by you as a customer and supersede any previous version of these terms issued to you. This is an important page that you should read and retain for future reference and should be read in conjunction with other important documents issued to you as part of receiving advice and services from us. It should be read before committing to a mortgage application. If you do not understand any point, please ask your consultant for further information.
OUR services
eddge provides an advisory service which means that we will fully review your circumstances and recommend a suitable mortgage product based on those circumstances and your objectives. We will record this and all other relevant information on a Fact Find document and we will ask you to keep us updated regarding any changes in circumstances during your interaction with us.
We offer advice on a range of regulated and non-regulated finance from across the market, but not deals you can only obtain by going directly to a lender. For specialist finance we offer solutions from a carefully selected panel of lenders. We can provide you with a list of these on request.
To help you understand any recommendation, we will provide you with a mortgage illustration, where available, prior to proceeding with a mortgage application. We will endeavour to submit your mortgage application as soon as possible following receipt of all information and documents requested from you. Lenders may change their available products at very short notice, and we cannot be held responsible for any resulting increase in lender fees or rates if we are working within a reasonable timescale. If the recommended mortgage product is withdrawn prior to securing the rate, we will flag this with you at the earliest opportunity. If we are unable to provide you with a formal illustration, we will set out the terms in writing, indicative or otherwise. If this is the case, you must fully review your mortgage offer document before completion.
eddge is acting as an intermediary with the lender and/or insurer, on your behalf. We offer products for life assurance and critical illness, income protection, and family income benefit; from a fair and personal analysis of the available marketplace for the products stated.
Regarding General Insurance, we act as an intermediary on behalf of the customer. We offer products for General Insurance (Buildings and Contents) via our preferred insurance broker partners, Nest and First 2 Protect Ltd.
OUR FEES
Fees for non-regulated mortgages can vary according to your requirements and circumstances. The charges that apply to you will be explained and confirmed prior to arranging any business on your behalf. Please contact us directly if you require more information.
DISTANCE MARKETING DIRECTIVE
Where a mortgage is arranged on a non-face to face basis – e.g. from a distance - you have the right to cancel any fee agreement within 14 days of its completion by sending – by registered post – a written notice stating that you wish to cancel it. The fee agreement provides your consent to process your mortgage application during this period. If the agreement is not cancelled during this period, you will thereafter be bound by its terms.
DELAYED COMPLETION
If you’re purchasing a property where the completion date is expected to occur six months or more after the exchange of contracts, we’ll take the remainder of our client fee after the exchange of contracts provided that we’re able to obtain a mortgage offer for you. The agreement to take a fee on exchange will be set out in your fee agreement.
COMMISSION
We will usually receive commission from the lender for introducing you to them; any commissions will be retained by us. We will disclose any commission amounts at the earliest opportunity and typically this will be stated on the mortgage illustration and/or mortgage offer document. If you take out buildings and contents cover; and/or life assurance, critical illness, income protection and family income benefit insurance; we will receive commission from the insurer. This will usually be a percentage of the premium that you pay to the insurer.
We recommend a lender based on your need & circumstances. Any potential commission received from the lender does not influence our recommendation. As part of our advice process, we will produce a suitability letter outlining the reasons for recommending a lender, as well as any lenders we have discounted as part of our recommendation, ensuring transparency and openness.
ANTI-MONEY LAUNDERING VERIFICATION
We’re required by UK law to verify your identity and your current address. We’ll complete this by obtaining suitable documents from you and copying these for our records. During the initial stages of our advisory process we’ll provide you with a list of suitable documents. We cannot process a mortgage application until we have verified both your identity and address.
PROTECTING YOUR DATA
How we protect your data is detailed here.
Telephone calls, online video calls and email monitoring
Please note that all communication with us may be recorded for training and monitoring purposes.
COMPLAINTS PROCEDURE
Details of how you can complain can be found here.
who regulateS us?
eddge Mortgages Ltd (920414) trading as eddge is an appointed representative of Pivotal Financial Ltd which is authorised and regulated by the Financial Conduct Authority. The Financial Services Register number is 665649. The Registered office is: 25 Christopher Street, London EC2A 2BS. Registered in England No. 9157892.
Our permitted business is advising on, arranging and making arrangements on regulated mortgage contracts and noninvestment insurance contracts. You can check this on the Financial Services Register by visiting the FCA’s website, www.fca.org.uk/register or by contacting the FCA on 0300 500 8082.