Terms
of Business
The
Mortgage Code came into effect for Intermediaries on 1st
May 1998, and is a voluntary code to which our company
subscribes. The code sets minimum standards of good
lending and advisory practice to be followed by all
lenders and mortgage intermediaries. I enclose a copy of a
leaflet summarising the code and what explaining what you
can expect of us.
1.
Countywide
Financial Services (CFS) is registered with the Mortgage
Code Compliance Board (MCCB), registration number 5558221.
Registered address, Briar Park Business Centre.
The Mortgage Code, which sets minimum standards for good
lending and advisory practice.
A copy of “You and your mortgage – The Mortgage
Code” will be given to you when you make a mortgage
related enquiry.
2.
Under the terms of the code there are three levels
of service available. These are :
EITHER
advice and a recommendation;
OR
information on the different types of mortgage
product;
OR
information on a single mortgage product only.
3.
We are able to offer any of the above levels of services to you.
Products may be offered for your consideration either from the market as a
whole, or from a number of selected lenders or from one lender only.
8.
If CFS receives any payment from a lender, you will be notified, but
the exact amount of any payment received from a lender will not be disclosed
unless it is greater than £250.
9.
CFS will charge a fee for the sourcing of an acceptable mortgage
product, assistance in completing application forms, packaging and submitting
supporting documentation to lenders and tracking the mortgage application to
satisfactory production of a mortgage offer. The fee will also cover any
future work conducted by this company in the future with respect to mortgage
advice.
You will be made aware of the exact fee prior to any application being
submitted. If the mortgage does not reach completion for any reason then no
fee will be charged.
10.
We make no charges for arranging life assurance but instead rely on a
commission from the provider. This commission is subject to being clawed back
on a pro rata basis if the policy is cancelled, normally within the first 4
years. We reserve the right to charge you the clawback amount if you cancel
the policy within the clawback period.
Our
aim is to provide you with a first class professional and confidential
service. We have internal procedures for handling complaints fairly and
speedily. Should a complaint arise, in the first instance you should contact
our Mortgage Code Compliance Officer, who can be contacted at the CFS address
detailed above. Thereafter, should the complaint not be resolved to your
satisfaction, we will assist you in resolving it by referring it to the
Mortgage Code Arbitration Scheme, whose address can be found in the Mortgage
Code Booklet.
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