Initial Disclosure Document

1. The Financial Services Authority ( FSA )

The FSA is the independent watchdog that regulates financial services. It requires us to give you this document. Please use this to decide if our services are right for you.

2. Which lenders will we select mortgages from?

There are three levels of service that can be offered when advising on mortgage business:

            * An appointed Agent of a lender who will act only on that lender’s behalf

            * An Intermediary who only selects from a panel of preferred lenders

            * An Intermediary who can select from the market as a whole and is not limited

          to any particular lender.

We select from the market as a whole. In addition, I also have access to a quality panel of lenders, which may vary from time to time, offering special schemes and services that may not generally be available in the High Street.  This provides you with a wide variety of lenders and mortgage schemes to select from when making your decision regarding your mortgage.

3. Which service will we provide you with?

There are three levels of advice available.  These are:

  a) Full advice and recommendation;

  b) Information on different types of mortgage products available to allow you to make a choice;

  c) Information on a single product only.

The level of advice which I am able to offer is advice and recommendation, on which of the mortgages is the most suitable for you  and therefore we will act on your behalf,  Not the Lenders.

4. What will you have to pay us?

Our fee of £695 is payable on completion of your mortgage.

You will receive a key facts illustration  which will tell you about any fees relating to a particular mortgage.

I will detail any costs that the lender may charge as a penalty should you decide to pay all or part of your mortgage off early and these will be confirmed in writing prior to arranging the mortgage.

I will tell you if the lender you have selected pays me a fee in connection with the transaction. 

If the fee is £250 or more, I will confirm the exact fee in writing prior to arranging the mortgage.  If it is less, I will confirm that the fee is within the £250 level.

5. Refund of fees.

No fees are payable for advice given. As our fee is payable after completion of your mortgage,

and therefore no refund would be applicable.

We will treat all your personal information as private and confidential, except where the disclosure is made at your request or with your consent in relation to arranging your mortgage.

As part of your rights under the Data Protection Act 1998, you have a right of access to your personal records which we may hold on record from time to time; there may be a charge in providing this service.

Records relating to business transactions are kept for at least six years.

6. Who regulates us?

Lancaster House Group (trading as Lancaster House Mortgages & Mortgage Services) are directly “Authorised and Regulated by the Financial Services Authority” ( FSA )

Our FSA Register number is 300560

Our permitted business is advising on and arranging regulated mortgage contracts.

You can check this on the FSA’s register by visiting the FSA’s website www.fsa.gov.uk/register or by contacting the FSA on 0845 606 1234 

7. What to do if you have a complaint.

We are required to establish a procedure for handling complaints. Should any aspect of your mortgage enquiry not be handled properly, in the first instance you should address your concerns to us at Suite 12, Linden Business Centre, Linden Road, Colne, BB8 9BA

Or telephone 01282 863531. ( written details are preferred )

We  have internal procedures for handling complaints fairly and speedily. We will acknowledge complaints within five business days of receipt.

If we are able to give a full reply to your complaint, we will do so within four weeks or alternatively we will write to you tell you that we need to hold our final response, and to inform you of the anticipated time needed to give a full reply to your complaint, a final response will be within eight weeks.

If you feel your complaint has not been resolved satisfactorily you may refer to the FOS. 

Their contact details are:

The “Financial Ombudsman Service” (FOS)
Online:  www.financial-ombudsman.org/consumer/complaints.htm
E-mail:  complaint.infofinancial-ombudsman.org.uk
Telephone: 0845 080 1800

8. Are we covered by the Financial Services Compensation Scheme (FSCS)?
What is the situation if we cease trading or are no longer registered with the FSA?

We are covered by the Financial Services Compensation Scheme ( 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 your claim.

Mortgage advising and arranging is covered for 100% of the first £30,000 and 90% of the next £20,000 so the maximum compensation is £48,000.

Further information about compensation scheme arrangement is available from the FSCS.

YOUR HOME MAY BE REPOSSESSED IF YOU DO NOT KEEP UP REPAYMENTS ON YOUR MORTGAGE.