Adverse Mortgage Advisors is the trading name of AMA Financial Services Ltd are Directly Authorised and regulated by the Financial Conduct Authority. FSR Number 951303. Our permitted business is to handle all aspects of mortgage and protection business. You can check this on the FCA’s Register by visiting the FCA’s website https://register.fca.org.uk or by contacting the FCA on 0800 111 6768.
AMA Financial Services Ltd is a dedicated mortgage broker specialising in helping individuals who may face challenges in securing a mortgage, offering expert advice and tailored solutions to meet their unique needs
AMA Financial Services Ltd is authorised and regulated by the Financial Conduct Authority, FSR Number 951303. Please check our details by visiting here – AMA Financial Services Limited. The FCA regulates and supervises the conduct of firms that provide financial products and services in the UK. Firms and individuals can only offer most financial products and services in the UK, if they are authorised and regulated by the FCA or are otherwise exempt. If you deal with a firm that is not regulated, you may not be covered by the Financial Ombudsman Service or Financial Services Compensation Scheme if things go wrong.
We treat all our clients as ‘retail clients’, this means that you are provided with the highest level of protection under the regulatory system and should have the right to take your complaint to the Financial Ombudsman Service.
We are not permitted to handle client money or handle cash. We cannot accept a cheque made out to us, unless it is in respect of an invoice, we have issued to cover the costs for the provision of our services.
We can provide you with financial advice in relation to:
√ Home-buying solutions
√ Consumer buy to let mortgage solutions
√ Re-mortgage solutions
√ Second charge mortgages
We offer mortgages from the whole market.
If you are purchasing (or re-mortgaging) a buy to let property, we will only advise you on the mortgage arrangements; we will not provide advice on the tax or investment elements of the transaction. Should you require tax or investment advice, you should seek this from a suitably authorised and qualified individual.
We do not provide advice on Life Cover, Critical Illness Cover, Income Protection, or General Insurance. However, we strongly encourage you to explore these options to ensure you are protected in the event of unforeseen circumstances. To assist you, we will refer you to a specialist adviser who will reach out to you directly. Please note that we typically receive commission from the respective provider for these products, and you will not incur any fees for this referral.
Any advice or recommendation that we provide you with, will only be given after we have fully assessed and considered your existing financial position and your financial needs and objectives going forward. In considering any existing arrangements you have in place; we will only give an assessment of whether they remain suitable for your needs now and going forward. We do not provide legal advice or draft legal documents.
✓ Provide a decision in principle before conducting a thorough review of your circumstances and needs (fact find) and obtaining sufficient supporting information to assist the application.
✓ Cause you to incur a credit search without first notifying you.
✓ Act without first obtaining your permission to do so.
✓ Cause you to incur costs without your prior agreement to proceed.
For us to be able to provide you with sound financial advice, we will need you to provide up to date and accurate information in relation to your personal circumstances and financial planning objectives, including any changes to your personal circumstances. Any questions we ask will need to be answered honestly, and to the best of your knowledge.
As part of our advisory process, we will ask you a number of questions that relate to your personal and financial circumstances. Only information that is relevant to your mortgage needs will be gathered and stored. Full details of the information gathered and how we use your information is included in our Privacy Notice.
There is no charge for us to assess your credit report or to get you a mortgage agreed in principle, should you wish us to do so once we have completed our research on your behalf, nor are you under any obligation to proceed with any lending proposals or recommendations. Please note that the interest rate provided in the ‘Decision in principle’ is only ‘Secured’ once your full mortgage application has been submitted to the chosen lender.
This fee is for advice, research, recommendation and implementation (e.g. application, administration of arranging the loan). The amount we charge for services will depend on the complexities of the case, and therefore the number of hours we think will be required. Once we have assessed your credit file, you will be advised which fee category you will be charged. Our applications fit within the categories below, our fee is split into 2 stage payments:
This applies if your credit file shows any of the following within the last 3 years: CCJs, Defaults, missed mortgage payments, a Debt Management Plan running for less than 3 years, an IVA, Bankruptcy, Debt Relief Order, Debt Arrangement Scheme or Trust Deed.
This reduced fee applies only if you have had no new adverse credit recorded in the last 3 years.
Examples include:
For remortgage applications that fit into our standard fee category where unsecured debt will be added to their mortgage.
Where you choose to consolidate existing unsecured debts into your mortgage, it is important that you understand the potential risks and implications of doing so.
By consolidating unsecured debts into your mortgage, those debts will become secured against your property. This means that your home may be at risk if you fail to maintain the mortgage repayments.
Although consolidating debts into your mortgage may reduce your monthly outgoings, the total amount you repay over the full mortgage term may be significantly higher because the debt is repaid over a longer period and interest will accrue over that extended term.
You should also consider that if unsecured debts are repaid through your mortgage, but further borrowing is subsequently taken out, this may worsen your overall financial position.
We will discuss these risks with you during our advice process. By proceeding with a mortgage that includes debt consolidation you acknowledge that you understand these risks and that the recommendation has been made based on your individual circumstances and objectives.
Only applicants with no CCJs or defaults on their credit file, no more than 2 missed payments in the past 12 months, and no credit accounts that have reached 3 months arrears or more in the past 2 years will qualify for this fee.
There is no charge for us to assess new lending proposal on offer by your current lender and switch you over onto the new product, if that is the best advice for you.
Initial Processing and Due Diligence Fee
Following receipt of a Decision in Principle and once you confirm that you wish us to proceed with a full mortgage application, a non-refundable payment for Initial Processing and Due Diligence fee of £200 will become payable. This payment confirms that you wish us to begin progressing your mortgage application.
This fee covers the work required to progress your case, including reviewing documentation, assessing your financial circumstances, conducting lender research, preparing your mortgage application, and undertaking the regulatory due diligence checks required before submission to a lender.
In order to comply with our regulatory obligations, we are required to complete Electronic Identity Verification and Anti Money Laundering checks on all applicants prior to submitting a mortgage application to a lender. These checks are carried out through an external provider, and the cost of these checks is £10 per applicant. This cost will be collected at the same time as the Stage 1 payment.
Once work has commenced, the Stage 1 processing fee and the Electronic Identity Verification fee are non-refundable. These fees remain payable regardless of whether the mortgage application proceeds to submission, is declined by a lender, is withdrawn by you, or cannot proceed due to regulatory, compliance, or lending criteria issues identified during our due diligence process.
As a firm authorised and regulated by the Financial Conduct Authority we are required to comply with strict regulatory, legal and anti-financial crime obligations. During our due diligence checks we may identify matters which prevent us from progressing your application. In such circumstances we reserve the right to cease acting for you immediately to comply with our regulatory duties.
In certain circumstances we may be unable to provide further information or explanation regarding the reasons for this decision due to our regulatory, legal or anti financial crime obligations. By engaging our services, you acknowledge that we may be legally restricted from disclosing further details.
Where we cease acting in these circumstances, the Stage 1 Initial Processing and Due Diligence Fee and any Electronic Identity Verification or Anti Money Laundering fees already incurred will remain payable and will not be refunded.
Advice and Broker Fee
Once a formal mortgage offer has been issued by the lender, the remaining balance of our non-refundable Advice and Broker Fee becomes immediately payable for the services we have provided in assessing your circumstances, advising on a suitable mortgage product, sourcing a lender, and arranging your mortgage application through to the point of mortgage offer.
For example, if your case falls within the Adverse category the total broker fee would be £1,995. As the £200 Stage 1 fee has already been paid, the remaining balance of £1,795 would become payable at Stage 2.
This fee becomes payable upon issue of the mortgage offer and is not dependent on the completion of the property purchase or transaction.
If you decide not to proceed with the mortgage offer for any reason after it has been issued, the Advice and Broker Fee will remain payable as the services we have been engaged to provide will have been completed.
Our fees will also remain payable if the purchase of the property does not proceed, if the transaction falls through, or if there is any change in your personal or financial circumstances after the mortgage offer has been issued.
Where a lender withdraws, cancels, or amends a mortgage offer after it has been issued, whether due to additional checks, verification processes, information identified by the lender, or any other reason, our Advice and Broker Fee will remain payable. This includes situations where the lender carries out further checks after the mortgage offer has been issued and subsequently withdraws or cancels the offer. The lender may not disclose the reasons for such decisions to us.
In all such circumstances our fees remain payable as the services we have provided, including assessing your circumstances, providing advice, sourcing a suitable lender, packaging the application, and securing a mortgage offer, will already have been completed.
If your mortgage offer has been issued by the lender, you have paid both stage payments and the property you are purchasing falls through, or if you decided to no longer proceed with the original purchase. You will only be required to pay £200, to re-submit a new mortgage application. We will receive a commission from the lender in addition to the fees you pay.
We are committed to providing the highest standard of financial advice and service. Our
clients are very important to us. We will always do our best to:
✓ Be open, honest, and transparent in the way we deal with you.
✓ Never place our interests above yours.
✓ Communicate clearly, promptly and in a way that is easy to understand.
✓ Explain all costs involved before they are incurred.
✓ Review the market from our list of providers to recommend the most suitable product and provider for your needs and circumstances.
✓ Deal with reputable providers of mortgage and insurance products; however, we cannot be responsible for their levels of service, including any delays in processing of your application caused by the product provider. Of course, we will work to mitigate these wherever possible.
Our services are not subject to VAT under current legislation, but should this change, and VAT becomes payable, we will notify you before conducting any further work.
Occasions may arise where we, or one of our clients has some form of interest in the business being transacted by you. If we become aware that our interests, or those of one of our client’s conflicts with your interests, we will obtain your consent before we continue, we will detail the steps we will take to ensure you receive fair treatment.
Depending on the product provided you will have different cancellation rights; these will be explained to you as part of our advisory process and will be disclosed to you by the provider in their communications also. It is your responsibility, however, to exercise these rights in a timely fashion; we cannot do this on your behalf.
Telephone calls made or received by us may be recorded and used for training and/or regulatory purposes.
We are bound by the anti-money laundering regulations to verify the identity of our clients both at outset and on an on-going basis. This may include the use of electronic verification systems, and we will conduct these checks at the beginning of our relationship and from time to time throughout our relationship.
At AMA Financial Services Ltd, we try our utmost to offer our clients a high level of service. However, should you feel unhappy with the level of service or advice you have received, then please contact us as follows:
Compliance Manager
AMA Financial Services Ltd,
International house, International Business Park
Essex, SS8 0PQ.
Or if you prefer, you can call us on 01268 794777.
A summary of our internal complaints handling procedures for the reasonable and prompt handling of complaints is available on request. If we cannot resolve your complaint, you may be entitled to refer it to the Financial Ombudsman Service free of charge at www.financialombudsman.org.uk or by calling them on 0800 023 4567. You must do this within 6 months of the date of our final response letter.
The Financial Ombudsman Service is an independent body that resolves disputes between consumers and financial services firms. If we can’t resolve a complaint ourselves, they are able to give an unbiased answer about what’s happened. If they decide you have been treated unfairly, they have the legal powers to put things right.
We are covered by the FSCS. This means that you may be entitled to compensation if we cannot meet our obligations. This depends on the type of business and the circumstances of your claim. Insurance business (financial protection) is covered for 90% of the claim, without any upper limit. Mortgage and home purchase business is covered up to a maximum limit of £85,000. Further information can be found by visiting their website www.fscs.org.uk.
This Terms of Business is governed and shall be construed in accordance with English Law and the parties shall submit to the exclusive jurisdiction of the English Courts.
By proceeding to supply your personal details as part of our ‘fact finding’ process, you are agreeing:
