Important Information

Welcome to Prospect Tree Mortgages Ltd – Independent Mortgage Advisors in Kent

Who are we and what do we do?

We are a firm of independent financial advisers and have been helping our clients to meet their financial goals since our formation in 2009. As Financial Planners and Mortgage Advisers, we believe in establishing and maintaining long term relationships so we can navigate our clients through their financial journey.

We are an appointed representative of TenetConnect Limited, which is authorised and regulated by the Financial Conduct Authority (FCA). The FCA is the independent regulator of financial services in the United Kingdom. TenetConnect Limited is entered on the Financial Services Register (www.fca.org.uk/register) under reference 500317.

Who is TenetConnect Limited?

TenetConnect Limited is wholly owned by Tenet Limited, which is a wholly owned subsidiary of Tenet Group Limited (‘TGL’), a leading distributor of financial products and services in the UK. TGL is majority owned by the following corporate shareholders; AEGON UK Distribution Holdings Ltd (22%), Aviva Life & Pensions UK Limited (23%), Friends Life Limited (24%) and Standard Life PLC (25%). Aviva Life & Pensions UK Limited and Friends Life Limited are both companies within the Aviva plc group.

Their address is: TenetConnect Limited, 5 Lister Hill, Horsforth, Leeds, LS18 5AZ. Tel: 01132 390011.

To find out more about TenetConnect Limited and the support and backing they provide us with, please visit their website www.tenetgroup.co.uk/consumer

What can we do for you?

Our mainstream service is to act on your behalf for the purpose of arranging and advising on the following:

  • Personal & Family Protection, for example a Life Assurance or Critical Illness Plan;
  • Mortgages, including Buy-to Let;
  • General Insurance, for example Buildings, Contents or Private Medical.

For all the services described above we will complete a detailed fact find so we can understand your circumstances, specific needs and objectives. Following our research we will provide a personal recommendation(s) for you to consider. With your agreement we will then implement our recommendation(s) and arrange any products on your behalf.

Once your financial plans are in place it is important to keep them under review. Subject to the type of services you require from us, we can continue to act on your behalf through one of our service packages. Alternatively, for those who prefer a more transactional or ad-hoc ‘pay as you go’ service, we are also happy to provide our services as and when you need them. Ultimately, whichever type or level of service you require from us we will act in your best interests at all times.

Further details about these and other related services we provide are contained in the pages below. This also confirms the typical cost of our services and how we get paid for them.

IMPORTANT INFORMATION

Before you consider our services in more detail we would like to draw your attention to the following important information:

When we have discussed and agreed with you the services that we are to provide we will confirm this to you in a Client Agreement. This will describe the scope and specific services to be provided, the cost and how it can be paid for. It will also confirm how we use and store personal information that we collect from you in the course of providing our services. A copy of our standard Client Agreement is available on request.

From time to time it may be necessary for us to collect personal information from you, prior to concluding a written Client Agreement, to assess whether we are able to meet your needs.  In this event we will clearly identify the data to be collected and will use it only for the purpose of assessing our ability to provide services to you.

Under the terms of Financial Conduct Authority (FCA) regulations we will classify you as a retail client for investment and pensions business. As a retail client you have the right to request re-classification as an elective professional client. This may be generally or in respect of a particular service, type of transaction or product, and is subject to the following:

  • All requests for re-classification must be made in writing;
  • We will consider such requests on a case by case basis against the criteria set out in FCA rules.
  • We will confirm the scope of any re-categorisation along with the consumer protections you will lose as a result.
  • You must keep us informed of any change to your circumstances that could affect your classification

We will not advise you if you are experiencing difficulties managing debts. Free help and advice about managing your debts is available by contacting the Money Advice Service via its website: www.moneyadviceservice.org.uk/en/articles/where-to-go-to-get-free-debt-advice

INFORMATION ABOUT OUR INSURANCE SERVICES

Personal and Family Protection

We offer products from a range of insurers for Life Assurance, Critical Illness Cover, and Income Protection Insurance.

General Insurance

We offer products from a range of insurers for Buildings & Contents, Accident Sickness & Unemployment and Private Medical Insurance.

How much do we charge for our insurance services?

Typically we will not charge you a fee for advice and arranging an insurance product. We will receive commission from the insurer and this is reflected in the premium amount you pay to them. The amount of commission we receive will vary depending on the type of contract, term of the cover and the premium amount.

We will tell you how much commission we expect to receive before we transact business for you. You will receive a quotation, which will tell you about any other fees relating to any particular insurance policy we arrange for you.

You also have the option to pay for our insurance services by way of a fee. The amount we charge will depend on the amount and complexity of the work required.

Our standard rate of £150 per hour will apply and is charged in 15 minute intervals. For example if we spent 3 hours and 30 minutes preparing a recommendation and arranging the insurance product for you, our fee would be £525 (exc. VAT). Our fee becomes payable when we provide you with our recommendation(s).

INFORMATION ABOUT OUR MORTGAGE SERVICES

Whose products do we offer?

We offer a comprehensive range of mortgage products from across the market for first charge mortgages only. We do not offer deals that you can only obtain by going direct to a lender. To review the list of lenders we offer mortgages from, please refer to the appendix attached.

For those seeking to increase their existing borrowing, alternative finance options may be available and more appropriate for your needs. For example, a further advance from your existing lender, a second charge mortgage or an unsecured loan (e.g. a personal loan).

How much will you have to pay for our mortgage services?

For establishing your needs, undertaking research and making a recommendation, we charge a fee of £1100. Our fee only becomes payable when your property transaction completes and the mortgage commences. There will be no fee should you not proceed with your property purchase for any reason.

If you choose to proceed with our recommendation and the mortgage goes ahead, we will also be paid commission from the lender for arranging the mortgage on your behalf. This commission will be used to offset our completion fee, so for example if we are paid £1000 commission the completion fee will be £100. If the commission is in excess of £1100 no fee will be payable,  a re-imbursement of any excess will not be made.

The amount of commission we receive varies from lender to lender. Information about the range of commissions available to us from the mortgage products we recommend is available on request.

We reserve the right to charge a non-refundable application fee of £250. Where an application fee has been charged the completion fee will be reduced to £850. The application fee will be only be charged for cases we deem to be complex, for example a client that has an adverse credit history. We will  advise you at the outset if an application fee will apply.

You will receive a personalised illustration when considering a particular mortgage. This will highlight the key facts about the mortgage product, including any fees relating to it and the amount of any commission due to us from the mortgage lender.

What are your payment options?

  • We accept direct payment by cheque or bank transfer.
  • We do not accept cash or credit cards.

INFORMATION ABOUT OUR OTHER RELATED SERVICES

Non-Advised Services

We will tell you how we get paid and the amount before we carry out any business for you.

Credit Broking

We are also credit brokers. This means that if you require a loan other than a mortgage (for example, a personal loan), we can refer you to a specialist third party who can discuss your specific needs with you. We will not advise you on this type of borrowing and you will need to make up your own mind whether to go ahead or not.

WHAT HAPPENS IF YOU HAVE A COMPLAINT?

If you are unhappy with the service you have received or a product we have arranged on your behalf, a copy of our complaints procedure, which sets out how we will handle your complaint, is available upon request.

If you would like to make a complaint please contact us either in writing to: Complaints, TenetConnect Limited, 5 Lister Hill, Horsforth, Leeds, LS18 5AZ; or by e-mail: complaints@tenetgroup.co.uk; or by telephone: 0113 2390011.

fsa

Further information about the FOS is available from their website: www.financial-ombudsman.org.uk or by calling them on 0800 0234567

fscs

Yes, we are covered by the FSCS. You may be entitled to compensation from the scheme if we are unable to meet our obligations. This will depend on the type of business and the circumstances of the claim. The FSCS only pays compensation for financial loss and the limits are per person per firm, and per claim category, as listed below:

Investments:

Arranging and advising on most types of investment (e.g. an ISA) is covered up to a maximum limit of £50,000 per person per firm.

Long Term Insurance Contracts:

Arranging and advising on long term insurance contracts (e.g. a life insurance policy, personal pension or annuity) is covered for 100% of the claim without upper limit.

General Insurance Contracts:

Arranging and advising on compulsory classes of insurance (e.g. employers liability), professional indemnity insurance, and general insurance contracts that pay out on death or incapacity due to injury, sickness, or infirmity (e.g. an accident & sickness policy) is covered for 100% of the claim without upper limit.

Arranging and advising on other types of general insurance contracts (e.g. Building and Contents) is covered for 90% of the claim without upper limit.

Mortgages & Equity Release Products:

Arranging and advising on mortgages and equity release products is covered up to a maximum limit of £50,000 per person per firm.

Further information about the FSCS is available from their website: www.fscs.org.uk

The information provided within this website is subject to the UK regulatory regime and is, therefore, primarily targeted at consumers based in the UK.

This site does not confer any form of personalised financial advice, should you wish to receive specific financial advice please contact us.

Prospect Tree Mortgages Ltd is an appointed representative of TenetConnect Services Ltd, which is authorised and regulated by the Financial Conduct Authority. TenetConnect Services Ltd is entered on the Financial Services Register (www.fca.org.uk/register) under reference 748350. Prospect Tree Mortgages Ltd is Registered in England and Wales under reference 10112043 Registered Office Address: 10 Chestnut Avenue, West Wickham, Kent. England BR4 9ES