Treating Customer Fairly (TCF)
We Know Mortgages Ltd TCF proposition:
- Consumers to be confident in their dealings with our firm
- Consumers to be provided with clear information and are kept approximately informed before, during and after point of sale.
- Where consumers receive advice, the advise is suitable and takes account their circumstances.
Agreement in principle
An agreement in principle is issued by the mortgage lender taking into account your circumstances. This will indicate how much you can borrow, the deposit size and the requirements for the full mortgage application.
It is advised to be agreed by the mortgage lender prior to searching for a property.
Too many credit searches
Consumers must be aware at every time a agreement in principle is carried out, a foot mark is left on their credit files. Too many foot marks could result in applications being declined. Consumers are advised to allow one firm to carry out the searches at one given time.
Key Facts Illustrations
Prior to the mortgage application, the consumer will receive a Key Facts Illustration plus or European Standardised Information Sheet (ESIS). This document will highlight monthly costs, set up costs, initial and revert rate, any penalties, total amount payable, mortgage term, overpayments facilities. The Key Facts Illustration should mirror the final mortgage lender offer.
Affordability
Prior to mortgage application, we will carry out affordability checks benefiting the customer and the adviser. A budget will be proposed and a surplus income towards any unexpected costs. The applicants affordability is an integral part of the mortgage applications.
A mortgage is a loan secured against your home or property. Your home or property may be repossessed if you do not keep up repayments on your mortgage.
Protection
Protecting the mortgage is equally important to the mortgage payments itself. Making sure, your home, family, income and lifestyle are protected if the worst was to happen. Peace of mind.
Life/Critical illness insurance, Income Protection, Accident Sickness Redundancy and Building and Contents insurance are advised.
Protection plans with no investment link will have no cash in value at any time. If premiums are not maintained then cover will lapse.
Will
Dealing with a loss is difficult but it will be more difficult for your loved ones if you don’t prepare a will. The will is perhaps the most important document a person signs.
We will advise you during your mortgage application to speak to a solicitor to arrange a will.
The Financial Conduct Authority does not regulate Will Writing and most forms of Buy To Let mortgage