Our Terms of Business

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

Who We Are?

AMA Financial Services Ltd is a mortgage broker that specialises in assisting consumers to find a solution who may otherwise struggle to obtain a mortgage.

Who Regulates Us?

AMA Financial Services Ltd is authorised and regulated by the Financial Conduct Authority. FSR Number 951303. Please check our details by visiting https://register.fca.org.uk/ or by contacting the FCA directly on 0800 111 6768.

Who Are The FCA?

The FCA regulates and supervises the conduct of more than 50,000 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 (or individual) that is not regulated, you may not be covered by the Financial Ombudsman Service or Financial Services Compensation Scheme if things go wrong.

Client Classification

We treat all our clients as ‘retail clients’ unless you request otherwise. This means that you are provided with the highest level of protection under the regulatory system and should have the right to take any complaint to the Financial Ombudsman Service.

Client Money

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.

What Mortgage Products Do We Offer?

We are able to 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.

Note:
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.

The Protection Products we offer

We are able to provide you with financial advice in relation to:

  • Life cover
  • Critical illness cover
  • Income protection cover
  • General Insurance

We offer products from a range of insurers for these types of products.

Products Not in Our Offer

In respect of home insurance and accident, sickness, and unemployment insurance you will not receive advice or a recommendation from us. We have a limited number of insurers who we refer you to in this instance. You will then need to make your own choice about how you wish to proceed.

Our Advice

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.

What We Will Not Do

  • 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.

What We Need From You

In order for us to be able to provide you with sound financial advice, we need you to be open and honest with us. We will need you to provide up to date and accurate information in relation to your personal circumstances and financial planning objectives (fact finding). Any questions we ask will need to be answered honestly and to the best of your knowledge.

This includes any changes to your personal circumstances, for example, if you change employment or if you have outstanding financial liabilities. If you are in any doubt whether a change to your circumstances may have an impact on advice we have provided, please get in touch and we will be happy to confirm this for you.

How We Use Your Data

As part of our advisory process, we will ask you a number of questions that relate to your personal and financial circumstances, including questions regarding potentially sensitive personal data such as physical and mental health questions.

Only information that is relevant to your financial planning needs will be gathered and stored. Full details of the information gathered and how we use your information is included in our Privacy Notice.

Information is gathered on a ‘contractual’ basis, which means that we will ask for relevant information to ensure we are able to carry out our responsibilities under the terms of this agreement.

“Processing” includes obtaining, recording, or holding information or data, transferring it to other companies associated with us, product providers, the Financial Conduct Authority or any other statutory, governmental, or regulatory body for legitimate purposes including where relevant to solicitors and/or other debt collection agencies for debt collection purposes and carrying out operations on the information or data.

We will retain this information for as long as is necessary to fulfil our regulatory and legal responsibilities, this includes for the purpose of defending any future complaints that may arise and to assist you to understand the products you have purchased should your own records be unavailable. The retention of this data can also be beneficial for the purpose of assisting you with future insurance claims (should you have purchased a product from us).

We will treat all personal data and sensitive personal data as confidential. Steps will be taken to ensure that the information is accurate, kept up to date and not kept for longer than is necessary. Full details of how we use your personal data is contained in our Privacy Notice.

We have also taken measures to safeguard against unauthorised, or unlawful processing and accidental loss or destruction or damage to the data.

What You Will pay for our Services and When – Mortgage Advice

This fee is for advice, research, recommendation and implementation (e.g. application, administration of arranging the loan). We will also be paid a commission from the lender.

A Decision in Principle

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 which any lending proposals which we make as recommendations or get agreed in principle for you.

Deliverance of a Mortgage Offer Issued by the Lender

The amount we charge for services will typically depend on the complexities of the case, as well as the number of hours we think will be required to submit a successful mortgage application, which will result in a formal mortgage offer being issued by the lender.

As a guide most of our applications fit within the categories below:

Adverse or Debt Consolidation £1,995.00.

This is where an applicant will have CCJ’s, Defaults or missed payments recorded on their credit file within the last 3 years, currently in a Debt management plan, IVA or have a Bankruptcy shown on their credit files. DRO, DAS & trust deeds are also included within this category.

Light Adverse £1,195.00

We are happy to offer this discounted service providing there has been no new adverse recorded on your credit file and all CCJ’s and defaults have been satisfied for 3 years.

Standard £695.00

For applications where there are no signs of adverse on your credit file.

Product Transfers

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.

Stage 1 – On receiving a decision in principle, a non-refundable deposit of £200 is required once you have confirmed that you wish us to proceed with the packaging of your mortgage application by sending us your supporting documents.

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

Stage 2 – Once your formal mortgage offer has been issued by the lender, the balance of which ever category you have been placed in becomes immediately payable to us for services received. For example, if you were in the Adverse category this would be £1,795.00

Note

If your original mortgage application has offered and 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 your new mortgage application.

What you Will Pay for Our Services and When – Financial Protection Advice

We normally receive commission from the respective provider for products such as life cover, income protection, critical illness covers and private medical insurance. The amount of commission we receive will be based on a percentage of your total premium.

We also offer you the alternative option of paying for our services by means of a fee equivalent to the amount of commission we would normally receive from a provider. This means that the premiums payable by you to the product provider will be lower as you will have paid for our services separately.

You will receive a personalised illustration which will confirm the amount of commission we will receive in relation to our recommendation. If for any reason we are unable to provide you with a personalised illustration, the amount of commission we will receive will be confirmed by us in writing.

If you decide to pay for our services my means of a fee instead of commission, the level of fee will be agreed and confirmed in writing at outset.

We may also charge a fee if a review of your existing protection products is required. An example of this would be to review and make amendments to the respective trust arrangements. Again, the level of fee would be agreed and confirmed in writing at outset. If because of such a review, a new recommendation is made whereby we would receive commission from a provider, then this fee would be offset against the amount of commission due.

In respect of home insurance and accident, sickness, and unemployment insurance, we will receive a referral fee directly from the insurer should you decide to proceed with their offering. No fees will be payable by you, to us.

Treating Our Clients Fairly

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.

VAT

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.

Conflicts of Interest

Occasions may arise where we or one of our clients has some form of interest in business being transacted by you. If this happens or we become aware that our interests or those of one of our client’s conflicts with your interests, we will write to you and obtain your consent before we carry out your instructions and detail the steps, we will take to ensure you receive fair treatment.

Cancellation Rights

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.

Conflict of Interest

We undertake not to transact business where we believe that to do so could result in a conflict of interest. Where we believe that our interests’ conflict, we will notify you in writing first and outline the basis upon which we are prepared to proceed. However, the decision to proceed will be yours.

Anti-Money Laundering

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.

Complaints

At AMA Financial Services Ltd, we try our utmost to offer our clients a level of service they are happy with. However, 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 Canvey island
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.

Who Is the Financial Ombudsman Service (FOS)?

Set up by Parliament, the Financial Ombudsman Service is the UK’s official expert in sorting out problems with financial services.
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.

What is The Financial Services Compensation Scheme (FSCS)?

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 £50,000.

Further information can be found by visiting their website www.fscs.org.uk.

Law

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.

Declarations

By proceeding to supply your personal details as part of our ‘fact finding’ process, you are agreeing:

  • To be bound by the terms and conditions of this agreement.
  • That, where appropriate, we may forward your information on to, necessary, ‘third parties,’ such as lenders and insurance providers, to facilitate the provision of any products as agreed with you.
  • That, the lender or insurer we approach on your behalf, may conduct a credit search.
  • To pay the fee disclosed above when it becomes due.