Summary of Key Terms & Conditions
Section 1 – General Information
1. Who we are
1.1 We are Moneybox Mortgages Limited (Moneybox Mortgages) a company registered in England under company number: 12954235. Our registered address is 1-2 Hatfields, London, SE1 9PG.
1.2 We are an appointed representative of Mortgage Advice Bureau, who are authorised and regulated by the Financial Conduct Authority.
1.3 Our mortgage service is offered through the Moneybox mobile app, which is operated by Digital Moneybox Limited, the parent company of Moneybox Mortgages.
In these Terms, references to “Moneybox Mortgages”, “us”, “our” and/or “we” means Moneybox Mortgages Limited. References to “customer”, “you” and/or “your” means any person who uses the Moneybox Mortgage service including join applicants.
3. These terms
3.1 These terms and all agreements are governed by the laws of England and Wales. For your protection you agree to submit to the non-exclusive jurisdiction of the English Courts.
3.2 In addition to the terms set out here, you confirm you have read the Digital Moneybox Limited privacy notice and the Moneybox Mortgages privacy notice. If there are any terms contained in the privacy notices that are inconsistent with or conflict with the terms, conditions and provisions set out in these terms of business then, the relevant term, condition or provision set out in these terms shall prevail.
Section 2 – Our Service
4.1 We offer advice on a comprehensive range of first charge mortgages from across the market, but not deals that you can only obtain by going direct to a lender.
4.2 If we are recommending a Buy to Let mortgage for you, it is important to understand that not all Buy to Let mortgages are regulated by the FCA. We will confirm to you if any product we are recommending is not regulated.
4.3 We do not offer advice on second charge mortgages or loans, commercial lending, or unsecured lending. Where we identify other products and services that could be of interest to you, we will make sure that you are aware of them. Where customers have a need for these types of loans, we will refer to a specialist broker.
5. Insurance and Protection
5.1 It is important to consider insurance and protection when taking out a mortgage. We provide advice and will make a personal recommendation after we have assessed your needs and circumstances, based on an analysis of a panel of leading insurers, across life, critical illness, income protection, accident & sickness, and buildings & contents products.
A list of the insurers we use is as follows:
- Legal & General
- Liverpool Victoria (LV=)
- Royal London
- Vitality Life
6. Advice and Recommendations
6.1 We offer full advice and recommendation to you. We will:
- Explain all parts of the advice journey to you and the value we will add.
- Get to know you, and understand your needs, preferences, and circumstances.
- Identify your lifestyle and financial expectations.
- Explore your needs fully and raise any contradictions which we will discuss to clearly establish your needs and priorities.
- Advise and recommend products that are appropriate for you based on the above.
6.2 Any recommendations made will be supported by:
- An explanation of the implications of the mortgage features, both now, in the future, and with interest rate movement.
- An explanation of the costs associated with the mortgage and the impact of adding any of these to the mortgage.
- An explanation of how any insurance and protection recommendations meet your needs and the implications of any shortfalls in cover.
- An explanation of the next steps and timescales, including any administration needed. For example, underwriting/valuation.
- Advice on how and who you need to contact for help or support throughout the solution lifecycle.
- A report confirming why we have made the recommendation.
- Illustrations and other relevant information.
7. Fees and Costs
7.1 Fees, charges, and payment options will be explained before we do any work. You will receive a mortgage illustration when considering a particular mortgage and product, which will detail and fees relating to it.
7.2 We do not charge you a fee for arranging your mortgage. We will receive commission from the mortgage lender. If you would like to see a list of the commission rates payable by the mortgage lenders we have access to, please ask your adviser. The precise amount paid by the lender recommended to you will be detailed in the mortgage illustration which we will give to you.
7.3 We arrange the protection policy with the insurer on your behalf. You do not pay us a fee for doing this. We receive commission from the insurer which is a percentage of the premium you pay to them. The precise amount paid by the provider recommended to you will be detailed in the illustration which we will give to you.
7.4 We do not offer a refund of any fees you may incur while applying for a mortgage through us.
8. Duty of Disclosure
8.1 Any advice we provide is based on your personal financial circumstances and objectives. It is important that the information you provide is both accurate and honest, and a true reflection of your circumstances.
8.2 It is your responsibility to provide information in this way to a provider or organisation that provides products and services recommended to you.
8.3 Failure to disclose relevant information or change of circumstances to a provider may result in your chosen plan or product being invalidated. We strongly recommend that you thoroughly check any information you provide prior to submission.
Section 3 – Additional Information
9. If you are not happy with our service
9.1 If you have a complaint about your adviser, the mortgage advice or the service you have received, please contact Mortgage Advice Bureau:
- In writing: Resolutions Department (Complaints), Mortgage Advice Bureau Limited, Capital House, Pride Place, Derby, DE24 8QR.
- By phone: 01332 200020
- By email: firstname.lastname@example.org
9.2 If you cannot settle your complaint with us, you may be entitled to refer it to the Financial Ombudsman Service (FOS). Further information on the services provided by the FOS can be found on their website financial-ombudsman.org.uk or alternatively:
- In writing: The Financial Ombudsman Service, Exchange Tower, London, E14 9SR
- By phone: 0800 023 4567 or 0300 123 9123
- By email: email@example.com
9.3 If your complaint is related to how your personal data has been processed and you are not satisfied with the response from us, you have the right to complain to the Information Commissioners Office (ICO) who is the regulator for data protection in the United Kingdom.
10. Financial Crime and Termination
10.1. We are required to have systems and controls in place to prevent financial crime.
10.2. All transactions relating to our services are covered by, and adhere to, the Money Laundering regulations and Proceeds of Crime Act.
10.3. Our responsibilities include, but are not limited to, verifying the identity and address of our customers. Identity verification checks may include electronic searches through the Electronic Identification Verification Service, electoral roll and use of credit reference agencies.
10.4. We’ll also require proof of your income and expenditure, and source of any deposit funds to further satisfy these requirements.
10.5. Your adviser will confirm what documentation is required.
10.6. Where we are unable to verify your identity or documentation, we will be unable to continue with your mortgage application.
11. Financial Services Compensations Scheme
11.1. We are covered by the FSCS. You may be entitled to compensation from the scheme if we cannot meet our obligations. This depends on the type of business and the circumstances of the claim.
11.2. Further information about compensation scheme arrangements is available from the Financial Services Compensation Scheme (FSCS) www.fscs.org.uk.