Terms of Business
Our Regulator-The Financial Conduct Authority
Objective Finance
PO Box 2, Friarton House, 5 Friarton Road, Perth PH2 8BB, OF Network Limited (trading as Objective Finance) is authorised and regulated by the Financial Conduct Authority (FCA). The FCA regulates financial services in the UK, and you can check our authorisation and permitted activities on the Financial Services Register by visiting the FCA's website.
Our Financial Services Register number is 809686
Our Services
Mortgages
We are independent mortgage advisers, and we will recommend a mortgage product that is suitable for you following an assessment of your personal needs and circumstances. This will include a detailed assessment of affordability.
We will consider all products and lenders that we have access to. This means we will not consider those lenders that are only available by you going direct to them.
Residential
We offer a mortgage review service that is representative of the whole of the market, but not deals that you can only obtain by going direct to a lender.
We do not provide advice on 2nd charge mortgages or bridging loans. Where customers have a need for these types of loan, we will refer you to a specialist broker.
Business loans; Business Buy To Let; Consumer Buy To let
We offer a mortgage review service that is representative of the whole of the market, but not deals that you can only obtain by going direct to a lender.
We do not provide advice on 2nd charge mortgages or bridging loans. Where customers have a need for these types of loan, we will refer you to a specialist broker.
Protection
We offer products from the whole market. I will advise and make a recommendation for you after I have assessed your needs for Life Assurance, Critical Illness, Income Protection, Accident Sickness & Unemployment, Home Insurance, and Private Medical Insurance
The Cost of Our Services
Mortgages
For Residential Mortgages
A fee of £300 payable at outset. The fee is for advice, research and making a recommendation.
A fee of £349 which is payable when you apply for a mortgage and is for arranging the loan.
We will also be paid by commission from the lender.
Decision in principle is valid for a period of 3 months, in the event that a property is not found and a decision in principle refresh is required the first refresh is done without any additional costs to the client, any subsequent decision refresh costs £85 for additional administration work.
For Remortgage
A fee of £340 which is payable when you apply for a mortgage and is for advice, research and arranging the loan.
We will also be paid by commission from the lender.
Decision in Principle is valid for a period of 3 months, any subsequent decision refresh costs £85 for additional administration work.
For Remortgage with Staircasing
A fee of £380 which is payable when you apply for a remortgage and is for advice, research and arranging the loan.
We will also be paid by commission from the lender.
Decision in Principle is valid for a period of 3 months, any subsequent decision refresh costs £85 for additional administration work.
For Further Advice
A fee of £340 which is payable when you apply for a further advance and is for advice, research and arranging the loan.
We will also be paid by commission from the lender.
Decision in Principle is valid for a period of 3 months, any subsequent decision refresh costs £85 for additional administration work.
For Product Transfer
No fee. We will be paid by commission from the lender.
For Business loans: Business Buy to Let/Consumer Buy to Let
A fee of £300 payable at outset. The fee is for advice, research and making a recommendation.
A fee of £349 which is payable when you apply for a mortgage and is for arranging the loan.
We will also be paid by commission from the lender.
Decision in principle is valid for a period of 3 months, in the event that a property is not found and decision in principle refresh is required first refresh is done without any additional costs to the client, any subsequent decision refresh costs £85 for additional administration work
Should you wish, you can request to view the commission rates from each of the lenders we have considered at the time that we make our recommendation to you.
Let to Buy
A fee of £400 payable at outset. The fee is for advice, research and making a recommendation.
A fee of £470 which is payable when you apply for a mortgage and is for arranging the loan.
We will also be paid by commission from the lender.
Decision in principle is valid for a period of 3 months, in the event that a property is not found and a decision in principle refresh is required the first refresh is done without any additional costs to the client, any subsequent decision refresh costs £80 for additional administration work.
Should you wish, you can request to view the commission rates from each of the lenders we have considered at the time that we make our recommendation to you.
Protection
No fee for Life Assurance, Critical Illness, Income Protection, Accident Sickness & Unemployment, Home Insurance, and Private Medical Insurance. We will be paid by commission from the company.
A fee of £15 for customer request to make changes to policy (such as new address, contact details, name change, etc). Fees are for additional administration work. No fees if request is made within 30 days from policy start date.
Refund of Fees
Please note, our fee will still be charged should the lender reject your mortgage application due to you not disclosing any material information about your personal situation. It should also be noted, we do not provide a refund should you decide not to proceed with the mortgage loan after we have made a recommendation to you.
Other Important Information
Our Ethical Policy
We are committed to providing the highest standard of advice and service possible. The interest of our customers is paramount to us, and to achieve this we have designed our systems and procedures to place you at the heart of our business. In doing so, we will:
- be open, honest and transparent in the way we deal with you;
- not place our interests above yours;
- communicate clearly, promptly and without jargon;
- seek your views and perception of our dealings with you to ensure it meets your expectations or to identify any improvements required.
Your Duty of Disclosure
Any financial advice we provide will be based on your personal financial circumstances and objectives. It is important that the information you give us is both accurate and a true reflection of your current circumstances.
It is your responsibility to provide complete and accurate information to a provider(a provider being, for example, an organisation that provides insurance, mortgage, or investment related plans).
It is important that all statements made on any proposal form, or on any additional documentation, are full and accurate.
Please be aware that if you fail to disclose any relevant information, or any change of circumstances to a provider, then the terms of your desired plan may be invalidated (e.g. an insurance claim may not be paid). We strongly recommend that the information you provide is checked thoroughly prior to submission.
Instructions
We prefer our clients to give us instructions in writing, to aid clarification and avoid future misunderstandings. We will, however, accept oral instructions provided they are confirmed in writing.
Language
Unless agreed by us at the outset, all communication will be completed in English. We are fluent in English, Polish and can conduct business in these languages
The Data Protection Act 2018
The personal information you provide will assist your financial adviser in offering you the best advice as required by the Financial Services and Markets Act 2000. The personal data you provide will be used and stored in accordance with the Data Protection Act 2018 which incorporates the requirements of the General Data Protection Regulation (GDPR) into UK legislation. Before collecting any data from you, you will be issued with a Privacy Notice Document and will be asked to agree to the collecting, storing and use of your Special Category Data.
Complaints
If you wish to register a complaint, please write to PO Box 2, Friarton House, 5 Friarton Road, Perth PH2 8BB or email office@objectivefinance.co.uk.
A summary of our internal complaints handling procedures for the reasonable and prompt handling of complaints is available on request and if you cannot settle your complaint with us, you may be entitled to refer it to the Financial Ombudsman Service or by contacting them on 0800 023 4567.
Compensation Scheme
If you make a complaint, and we are unable to meet our liabilities, you may be entitled to compensation from the Financial Services Compensation Scheme.
Further information about the limits applicable to the different product types is available from the FSCS
Client Verification
We may be required to verify the identity of our clients, to obtain information as to the purpose and nature of the business which we conduct on their behalf, and to ensure that the information we hold is up-to-date. For this purpose we may use electronic identity verification systems, and we may conduct these checks from time to time throughout our relationship, not just at the beginning.
Law
This agreement is governed and shall be construed in accordance with the Law of Scotland, and the parties shall submit to the exclusive jurisdiction of the Scottish Courts.
Force Majeure
Objective Finance shall not be in breach of this agreement and shall not incur any liability to you if there is any failure to perform its duties due to any circumstances reasonably beyond its control.
Termination
The authority to act on your behalf may be terminated at any time without penalty by either party giving 7 days notice in writing to that effect to the other, but without prejudice to the completion of transactions already initiated. Any transactions effected before termination and a due proportion of any period charges for services shall be settled to that date.
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