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Home Finance & Insurance Initial Disclosure Document

Access Financial Services Limited, Unit 1 Furtho Court Towcester Road, Old Stratford, Milton Keynes, MK19 6AN.

Telephone 0800 999 3939

You should use the information provided within this document to decide if our services are right for you.

We are authorised and regulated by the Financial Conduct Authority (FCA) and we are a whole of market mortgage broker.

As a firm experienced in providing advice and services to our clients, we look to provide the best service possible to our clients. If you have any other questions about the services, we have to offer please do not hesitate in contacting me as detailed above.

This document is designed in accordance with FCA requirements to clearly explain the services you are being offered and how you will pay for it.

Mortgages – Including Second Charge Mortgages

We offer regulated mortgage contracts that are used for non-business purposes from a comprehensive range of first charge mortgages from across the market. However, we are unable to offer some contracts that are only available by going direct to the lender.

We offer second charge mortgages from a limited number of lenders/companies, but not deals that you can only obtain by going direct to a lender.

Please note that, if you intend to increase your mortgage borrowing, a Further Advance or an Unsecured Loan may be a better option for you, but we do not advise on these options. In such instances you may be better served by going direct to your current provider.

Insurance

We offer products from a range of insurers for non-investment insurance products including Life Cover, Critical Illness Cover, Income Protection Insurance, Business Protection, Private Medical Insurance, Accident and Sickness Cover, and Family Income Benefit. You can ask us for a list of providers we use and the products we offer.

We offer Business Protection products from a range of insurers. You can ask us for a list of providers we use and the products we offer.

We offer Buildings and Contents Insurance from a range of insurers.

Mortgages and Second Charges

We offer an ‘Advised’ Sales service. This means we will provide advice and make a recommendation for you in relation to your specific needs and circumstances in relation to your mortgage and/or second charge.

Alternative Finance Options

It is important to note that if we provide services in relation to increasing your borrowing with an existing provider on an existing mortgage property there may be alternative options available to you that may be more appropriate such as a further advance or unsecured lending.

Insurance

Once we have assessed your needs for non-investment assurance products including Life Cover, Critical Illness Cover, Income Protection Insurance, Business Protection, Private Medical Insurance, Accident and Sickness Cover, and Family Income Benefit. We will advise and provide you with a personal recommendation. It is important to note we represent you and not the insurer in connection with the services we provide.

Mortgage and Second Charge

Your Initial Consultation is free and once we have established if we can help you and you decide to proceed, a fee may be payable prior to any further action.

Our typical broker fee is £795 – £295 payable on Agreement in Principle and £500 payable on issue of the Mortgage Offer.

However, in complex cases the fee may increase up to a maximum of up to £495 payable on Agreement in Principle and 1.5% of the loan amount payable on issue of the Mortgage Offer.

For example, on a loan of £150,000 you would be charged a total fee of up to £2,250.00 (1.5%).

We will inform you at outset if we feel we need to increase the typical broker fee.

In the case of a Second Charge, we will charge a broker fee of up 1% of the total loan value.

For example, on a loan of £150,000 you would be charged a total fee of up to £1,500.00 (1%).

On completion of your mortgage we will also be paid a procuration fee from the lender and this will be disclosed to you within the quotation.

As mentioned above, Fees may vary depending on your circumstances, complexity and loan amount. We will discuss this with you prior to you signing our client fee agreement and before a mortgage application is submitted.

Refund of Fees

If we charge you a broker fee and your mortgage does not complete, you will receive No Refund.

Insurance

No fee. We will retain commission from the insurer. You will receive a quotation which will tell you about any other fees relating to any particular insurance policy.

Access Financial Services Limited is authorised and regulated by the Financial Conduct Authority (FCA). FCA Register number 301173.

Our Permitted business is the advising and arranging of regulated mortgage contracts and arranging non-investment insurance contracts.

Please note that the FCA does not regulate certain types of Buy to Let Mortgage and as such will not be covered under the Financial Services Compensation Scheme.

You can check this on the Financial Services Register by visiting https://register.fca.org.uk/s/ or by contacting the FCA on 0800 111 6768.

If you wish to register a complaint please contact us in writing, by email or by phone as shown below:

Firm Name: Access Financial Services Limited
Address: Unit 1 Furtho Court Towcester Road, Old Stratford, Milton Keynes, MK19 6AN
Email: info@accessfs.co.uk
Phone No 0800 999 3939

If you cannot settle your complaint with us, you may be entitled to refer it to the Financial Ombudsman Service.

The Financial Ombudsman service will not consider complaints in respect of Buy to let mortgages that are defined as or entered into “by way of business”

We are covered by the FSCS and as such 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.

Mortgages – Advising and arranging of Mortgages is covered up to a maximum limit of £85,000.

Insurance – Advice and arranging of insurance products are covered up to between 90% and 100% of the claim, without upper limit.

Further information on the compensation scheme arrangements are available from the FSCS at: http://www.fscs.org.uk/http://www.fscs.org.uk/

A Consumer buy to Let Mortgage is defined as “a Buy to Let mortgage” which is NOT entered into “by way of business”.

A Buy to Let Mortgage will usually be treated as a Consumer Buy to Let mortgage (CBTL) if you, (or a close relative) have, at any point, lived in the property. (Unless you already own other rental properties).

Additional protection is afforded to Consumer Buy To Let Mortgage customers, as advisers are supervised by the Financial Conduct authority and advisers are also required to comply with the Conduct of Business requirements as set out in the Mortgage credit Directive Order (2015).

As guidance, the following examples of Buy to Let Mortgage arrangements would be deemed a Buy to let mortgage “by way of business”.

• A new property being purchased with the sole objective / purpose of being let, or
• An existing property that neither you, or a close relative, have previously resided in, or
• An existing property which either yourself, or a close relative, have previously resided in, but

you own another property which is let subject to a rental agreement and/ or on which there is an existing “Buy to Let” mortgage.

This type of mortgage would NOT be regulated by the FCA.