TERMS OF BUSINESS BROOKLANDS COMMERCIAL FINANCE LIMITED

This document sets out how we will deal with you in the provision of our services.

OUR IDENTITY & SERVICE:

Brooklands Commercial Finance Ltd also trading as The Mortgage Explorer
Head Office: Second Floor, Cleary Court, Suite A, 169 Church St E, Woking GU21 6HJ
Second Office: Unit 1, Charlotte Court, 14 Old Milton Rd, New Milton BH25 6DT

Brooklands Commercial Finance Ltd is authorised and regulated by the Financial Conduct Authority (FRN: 648940). The Financial Conduct Authority (FCA) regulates financial services in the UK and you can check our authorisation and permitted activities on the Financial Services Register by visiting the FCA’s website - https://register.fca.org.uk/

Brooklands Commercial Finance Ltd is a member of the National Association of Commercial Finance Brokers (NACFB). We adopt a strict Code of Practice and Minimum Standards set by the Association. You can check Our membership status by contacting the NACFB on the following link - https://www.nacfb.org/

WHOSE PRODUCTS DO WE OFFER?

Mortgage

We will advise and make a recommendation to you on residential mortgages, second charges, further advances, unsecured lending and consumer buy to lets, after we have assessed your needs. 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. We will provide you with a personal recommendation on the basis of a fair and personal analysis of the market.

For business buy to lets, commercial mortgages, secured & unsecured business loans we offer a mortgage review service that is representative of the whole of the market, but not deals that you can only obtain by going direct to a lender. We source Lending Proposals from an unrestricted number of Lenders. We will provide you with a personal recommendation on the basis of a fair and personal analysis of the market.

Insurance

For Non-investment protection contracts, we are an intermediary and will act on your behalf when providing and making our personal recommendation(s) to you. We will do this based on a fair and personal analysis. We provide advice on Life Insurance, Critical Illness and Income Protection from a comprehensive range of Insurers from across the market, but not from insurance companies that you can only obtain by going direct to.

For general insurance contracts we are an intermediary and we only offer products from a limited number of insurers for Buildings and Contents and Landlord’s insurance. It will be your responsibility to ensure the policy meets your demands and needs for building and contents insurance.

Lifetime Mortgages / Retirement Interest Only / Equity Release

We will advise and make a recommendation to you on Lifetime Mortgages, Retirement Interest Only & Equity Release after we have assessed your needs. 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. We will provide you with a personal recommendation on the basis of a fair and personal analysis of the market.

Bridging Mortgage (Regulated)

We will advise and make a recommendation to you on bridging residential regulated mortgages. We offer a comprehensive range of lenders across the market.

Alternative Finance Options

Note: If you are looking to increase your borrowing on an existing mortgage then there are a few options available to you, including:

Further advance with your existing Lender;

Second charge mortgage;

Unsecured lending, such as a personal loan.

We will review the alternative options available, and if applicable detail them to you so that you can consider them against your personal circumstances. We will provide advice on further advances and second charges. We will not however provide advice on whether unsecured lending such as a personal loan is more suitable.

Bridging and short-term loans including Refurbishment and Conversion loans:

We offer a review service that is representative of the whole of the market, but not deals that you can only obtain by going direct to a lender. We source Lending Proposals from an unrestricted number of Lenders. We will provide you with a personal recommendation on the basis of a fair and personal analysis of the market.

Development Loans:

Secured and Unsecured Business Loans:

WHAT YOU WILL PAY FOR OUR SERVICES:

Mortgage 1st Charge:

An application fee of £495 will be charged on application. For adverse credit and more complex cases, we will also charge a fee of up to 2% of the loan amount, payable on offer of the mortgage.

For example, a £70,000 mortgage with an arrangement fee of 1% would result in a fee charged of £700. The total fee payable would be £1195. We may also be paid commission from the lender.

You will receive either a European Standardised Information Sheet (ESIS) or a Key Facts Illustration+ (KFI+) when considering a particular mortgage which will tell you about any fees relating to it. It will also include the actual amount of commission we will receive.

Mortgage 2nd Charge:

An application fee of £495 will be charged on application and arrangement fees will be charged on a sliding scale as detailed below:

Loan Amount

£6,000 to £15,000 - 15%

£15,001+ - 12.5%

We may also be paid commission from the lender.

Lifetime Mortgages / Retirement Interest Only / Equity Release:

We charge a fee of £900 payable on completion. We may also be paid a commission from the lender. You will receive either a European Standardised Information Sheet (ESIS) or a Key Facts Illustration+ (KFI+) when considering a particular mortgage which will tell you about any fees relating to it. It will also include the actual amount of commission we will receive.

Insurance:

No fees are payable as we will receive commission direct from lender. The amount of commission we will receive shall be shown on Key Facts document that will be issued to you.

Bridging Mortgage (Regulated):

An application fee of £495 will be charged on application and a separate arrangement fee of up to 2% of the mortgage arranged payable on offer of the mortgage. For example, a £250,000 mortgage with an arrangement fee of 1% would result in a fee charged of £2,500. The total fee payable would be £2,995. We may also be paid commission from the lender.

Alternative Finance Options:

An application fee of £495 will be charged on application. We may also be paid commission from the lender.

Business Buy to Let:

An application fee of £495 will be charged on application. For adverse credit and more complex cases, we will also charge a fee of up to 2% of the loan amount, payable on offer of the mortgage. For example, a £70,000 mortgage with an arrangement fee of 1% would result in a fee charged of £700. The total fee payable would be £1195. We may also be paid commission from the lender.

Commercial Mortgage:

These are our standard terms, and we reserve the right to amend our fee structure for more complex cases. We will confirm our fees and when these are payable on your fee agreement. We may also be paid commission from the lender.

Bridging and short-term loans including Refurbishment and Conversion loans:

An application fee of £495 will be charged on application and a separate arrangement fee of up to 2% of the loan arranged payable on offer of the loan. For example, a £250,000 loan with an arrangement fee of 1% would result in a fee charged of £2,500. The total fee payable would be £2,995. We may also charge an appraisal fee.

Development Loans:

Secured and Unsecured Business Loans:

The fees Outlined Above are NOT subject to VAT.

Any variation to these amounts will be confirmed in writing to you before proceeding further. This may be, for example, for larger or more complex loans, or where your personal situation is more complex regarding income sources, taxation, residence and credit rating.

Refund of Fees

Our fees are not refundable.

COMPLAINTS

We aim to provide our clients and their advisers with excellent client service but at times things can go wrong. If you are unhappy with our service or think there is a problem, please let us know immediately in writing to:

Complaints Department,
Brookland Commercial Finance
Second Floor, Cleary Court, Suite A,
169 Church St East,
Woking
GU21 6HJ.

Or call us on 03455 488 002.

We will resolve complaints as quickly as we can. Some complaints require detailed investigation and/or a dialogue with third parties and take some time to resolve.

We will provide fair redress where we believe it is appropriate. For this purpose, fair means proportionate to the circumstance, consistent with Financial Conduct Authority Rules and Financial Ombudsman Guidelines.

How will we handle your complaint?

We regard any expression of dissatisfaction from or on behalf of any client to be a complaint irrespective of whether it is made orally or in writing or whether it is justified or not.

We will provide a copy of this procedure to any client who makes a formal complaint or to any client who requests it. On receipt of a complaint, we will pass the details to Malcolm Jones.

We regard a complaint as: -

) An expression of dissatisfaction from an eligible complainant.
) A client who has or may suffer financial loss material distress or significant inconvenience.

We have two levels of complaint:

A complaint where we can resolve it informally within three days of your confirming its nature. Where we resolve such a complaint informally, we will write to you summarising the complaint, the resolution we agreed with you at the time and remind you of your right to refer the complaint to FOS.

We will then consider the matter closed.
Where a complaint cannot be resolved informally, we will enter the formal written dispute service, which we aim to resolve as soon as possible and in any event within eight weeks of notification. We will acknowledge your complaint in writing, confirming the acknowledgement to the matter complained of and detail our understanding of this for you to confirm the accuracy of this.

We will then investigate the complaint and respond fairly and promptly.

Our Managing Director will review the details surrounding the matter complained about and will examine the file and any other relevant information. If the complaint is in respect of business conducted by our Managing Director, then another senior employee will investigate.

Once the investigation is completed then our Managing Director will write a “Final Response” letter to you with his appraisal of the matter, our final decision and the nature and terms of any settlement, if applicable. If we decide an offer of redress is appropriate, any compensation we offer will be a fair offer taking all the facts into account.

If the investigation is not completed fairly and promptly within eight weeks following the initial receipt of the complaint, you will be informed of the reasons for the delay -

Setting out why the matter is still unresolved.
Giving you a full summary of our investigation to date, explaining why we have not been able to conclude the matter and when we expect to do so.
Advising you that you may now take the matter to the Ombudsman (see below) and;
Enclosing a leaflet explaining how to take the complaint to the Ombudsman.

The Financial Ombudsman Service

If we have not issued our final response letter within 8 weeks of receipt of the complaint or, if you are dissatisfied with our final response, you have the right to refer your complaint to the Financial Ombudsman Service, free of charge but you must do so within six months of the date of our final response letter.

If you do not refer your complaint in time, the Ombudsman will not have our permission to consider your complaint and so will only be able to do so in very limited circumstances. For example, if the Ombudsman believes that the delay was as a result of exceptional circumstances. The Ombudsman can be contacted at:

Financial Ombudsman Service
The Financial Ombudsman Service
Harbour Exchange Square,
London E14 9SR
Tel: 0800 023 4567
Email: This email address is being protected from spambots. You need JavaScript enabled to view it.
Website: www.financial-ombudsman.org.uk

Be assured that we treat all complaints very seriously and we will conduct a full review and conclude all matters to the mutual satisfaction of the parties as quickly as possible maintaining appropriate records at all times.

FINANCIAL SERVICES COMPENSATION SCHEME

We are covered by the FSCS. You may be entitled to compensation from the scheme if we cannot meet our obligations. This depends on the type of business and the circumstances of the claim.

Mortgage

Mortgage advising and arranging is covered up to a maximum limit of £85,000 per eligible person. Further information about the compensation scheme arrangements is available from the FSCS.

Insurance

Insurance advising and arranging is covered for 90% of the claim, without any upper limit. Where the firm has not taken steps and caused a contract not to be affected by an Insurer on a Pure Protection Policy or General Insurance claim arising from the death or incapacity of the policyholder owing to injury, sickness or infirmity, then 100% of the claim is covered.

YOUR OBLIGATIONS

It is essential that you are aware of your duty to provide full details of ALL factors which a mortgage company or insurer may wish to consider in relation to any proposal that you make. All answers given on any proposal form and any other statements made by you to us are your responsibility.

The Client agrees to act with utmost good faith in the provision of information to The Broker. The duty is continuous and applies to all the information the Client provides, whether The Broker has asked for it or whether The Client has provided it voluntarily. The Client agrees not to withhold information from the Broker.

The Client agrees to take all reasonable steps and use all reasonable endeavours to comply with and satisfy any condition imposed by the Lender who has made a Finance Offer that accords with the requirements set out in the Confirmation of Instructions letter.

The Client agrees to notify the Broker if at any time, they intend to appoint an additional or alternate Broker or intermediary to obtain an offer of finance for them whereupon The Broker will be entitled to terminate this Agreement forthwith.

If the Client fails to notify The Broker that they intend to appoint an alternate or additional Broker or intermediary prior to doing so and if an Offer of Finance is obtained from any Lender the Client will pay the Arrangement Fee.

DATA CONSENT

When we provide services to you, we will need to gather information about your personal circumstances. The information you provide to us will be subject to the Data Protection Act 1998 (the “Act”). By providing this information to us, you consent to Brooklands Commercial Finance Ltd processing, both manually and by electronic means, your personal data for the purposes of providing advice, administration and management.

Brooklands Commercial Finance Ltd will record and disclose my personal details in connection with obtaining mortgage & insurance facilities on my behalf, and the Client consents to the transfer of information, on a confidential basis when warranted to such authorised companies.

If at any time you wish us or any company associated with us to cease processing your personal data or sensitive personal data, or contacting you for marketing purposes, or want to request a copy of the information that Brooklands Commercial Finance Ltd holds on you; please contact The Data Protection Officer on 03455 488002 or in writing at: Suite A Second Floor, Cleary Court, 169 Church Street East, Woking, Surrey GU21 6HJ. If you believe that any information, we hold about you is incorrect or incomplete, you should write to us immediately.

CLIENT VERIFICATION

We may be required to verify the identity of our clients, to obtain information as to the purpose and nature of the business which we conduct on their behalf, and to ensure that the information we hold

is up to date. For this purpose, we may use electronic identity verification systems and we may conduct these checks from time to time throughout our relationship, not just at the beginning.

PROFESSIONAL INDEMNITY

The company will maintain professional indemnity insurance cover in respect of its business with and on standard terms offered by reputable insurers.

EXCLUSIONS

The Client accepts that The Broker shall have no liability for any economic loss (whether direct, indirect or consequential) insofar as it relates in any way to loss of business, loss of Client data, interruption of business or loss of profits or goodwill because of the manner of performance by The Broker of any obligations arising under The Agreement. This exclusion of liability will not, however, otherwise affect any statutory rights of The Client.

LAW

Our agreements are governed and shall be construed in accordance with the Law of England and the parties shall submit to the exclusive jurisdiction of the English Courts.

FORCE MAJEURE

Brooklands Commercial Finance Limited Ltd shall not be in breach of any agreements and shall not incur any liability to you if there is any failure to perform its duties due to any circumstances reasonably beyond its control.

End of Document