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Mortgages
Direct
- Terms of Business 01 2163300 11 The Mall, Beacon Court, Sandyford, Dublin 18. (August 2008) Authorised
Status: Mortgages
Direct Ltd t/a Mortgages Direct (‘the Company) is regulated by the Financial
Regulator as a Multi Agency Intermediary and as a Mortgage
Intermediary. The firm is also registered as an Insurance
Intermediary under the Insurance Mediation Regulations, 2005.
Copies of our authorisations are available on request or you may
contact the Financial Regulator on 1850 77 77 77 to verify these. Services: Mortgages Direct offers advice in respect of
commercial and domestic mortgages, home insurance and also life
assurance products (e.g. term assurance, serious illness cover),
and transmits orders on clients behalf to any of the insurance
undertakings or product producers from whom the Company hold
letters of appointment. Through our partnership arrangement with MD
Life & Pensions Direct Ltd, we are able to offer to provide
advice on pensions, savings and investments products. Should you
wish to avail of this advice, please advise your mortgage
consultant and he/she will arrange an appointment or telephone
call via MD Life & Pensions Direct. Alternatively one of the
representatives will contact you during or soon after your
mortgage application has been processed. Remuneration
Policy: General Insurance:- Mortgages Direct receives a commission from
insurers and does not charge clients a fee in respect of household
or other personal lines business. Life Assurance and Investment Business:- Mortgages Direct receives commission and other
payments from an insurer in the case of life assurance/investment
contracts. Where the firm is not in receipt of commission, we
charge clients a service fee agreed with clients depending on the
complexity of the transaction, time spent and nature and extent of
transaction. If such a
situation arises we will notify you of such fees prior to the
transaction. Mortgage Business:- Mortgages Direct Ltd is in receipt of
commissions from lenders at a rate of up to 1% of the value of the
amount borrowed. In certain circumstances e.g. specialist lending,
commissions may exceed this percentage.
Mortgages Direct Ltd may charge an
administration fee of up to €599 for arranging your mortgage.
This fee will be agreed at the beginning of our
relationship with you. In certain instances, particularly in the
specialist or sub-rime lending area, lenders may charge additional
arrangement or other fees e.g. 1% of the loan up to €1,500.
Where this arises, the additional fees will be shown in your
letter of Loan Offer from the lender. If you avail of Title
Insurance from your lender, the cost of this insurance will be
charged by the lender. Mortgages Direct Ltd may remunerate third
parties, who are authorised mortgage intermediaries for the
introduction of new business. Conflict
of Interest: It is the policy of Mortgage Direct to avoid a
conflict of interest when providing services to clients.
Where an unavoidable conflict arises we will advise you of
this in writing before providing any business service.
If you have not been informed of any such conflict you may
assume that none arises. Complaints
Procedure: Mortgages Direct has a written procedure for
handling customer complaints.
This procedure ensures that all complaints are recorded
and, where appropriate, acknowledged in writing within 5 business
days. All complaints
are fully investigated and the complainant updated (if relevant)
at 4 weekly intervals. In you remain dissatisfied with the handling of
and/or response to a complaint you may refer the matter to the
Financial Services Ombudsman or the Pensions Ombudsman. Consumer
Protection: Mortgages Direct Ltd is a member of the
Investor Compensation Scheme Ltd established under the Investor
Compensation Act 1998. The
legislation provides for the establishment of a compensation
scheme and to the payment in certain circumstances, of
compensation to clients of firms covered by the Act.
However you should also be aware that a right to
compensation would only arise where money or investment
instruments held by this Company on your behalf cannot be returned
either for the time being or for the foreseeable future and where
the client falls within the definition of eligible investor as
contained in the Act. In
the event that a right to compensation is established, the amount
payable is the lesser of 90% of the client’s loss, which is
recognised as being eligible for compensation or €20,000. Mortgages
Direct Ltd also holds Professional Indemnity insurance of
€1,500,000 in compliance with the Insurance Mediation Directive. Client’s
Money: Mortgages Direct Ltd does not accept cash or
any negotiable instrument for the payment of insurance premiums.
We will accept cheques or bankers drafts made payable to an
insurance company and will send your cheque or draft directly to
insurers. Credit
Policy: We regret that do not provide credit to
customers in respect of any insurance premiums. Premiums must be
made prior to the commencement of cover and prior to the policy
renewal date. If premiums are not paid, insurers will cancel
cover. We always encourage customers to pay premiums
directly to the insurers by Direct Debit Mandate in order to avoid
any lapse in cover. Receipts: Mortgages
Direct Ltd will issue receipts for each premium received as
required under Section 30 of the Investment Intermediaries Act
1995. You should keep any receipt in a safe place. Legal
Rights Mortgages
Direct will take legal action to recover any payment or fee due
from a customer if a customer fails to make such payment when due.
Insurers
or lenders may withdraw benefits, cover, or loan facilities if a
customer does not make any payment due under any product arranged
for you. Full details of these provisions will be included in your
product terms and conditions. Agency
Appointments Mortgages Direct holds agencies with the main
mortgage lenders in Ireland – a list of agencies held is
available on request. For life insurance products, Mortgages Direct
is a tied insurance agent of Irish Life Assurance plc. All new household insurance business is placed
through our agency with IIB Bank PLC with the exception of online
business. All online
business is placed through our agency with Elstwell Ltd. trading
as The Insurance Department. Online business is purchased on an
‘execution only’ basis. Mortgages Direct does not offer
specific advice when products are purchased on line. Mortgages Direct offers mortgage repayment
protections policies via Cardif Pinnacle, and Prima Finance. Data
Protection Mortgages
Direct complies with the Data Protection Acts 1988 and 2003. The
data which you provide to us will be held on a computer database
and paper files for the purpose of arranging transactions on your
behalf. We
would also like to keep you informed of mortgage, insurance,
investment, and any other services provided by us or associated
companies with which we have a formal business arrangement e.g. MD
Life & Pensions Direct Ltd, and which we think may be of
interest to you. We may receive referrals from such firms and may
advise them of any transactions arranged for you. If you do not
wish to receive such marketing information please tick the box in
the Terms of Business acknowledgement letter. Date
August 2008 Version: 8/08 (2)
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