Initial Disclosure Document

LAST REVISED: 31/05/2019


1. OUR IDENTITY & SERVICE

The Money Hub Limited,
Suite 7 Hadleigh Business Centre,
351 London Road,
Hadleigh,
Essex,
SS7 2BT.

We act as an independent intermediary on behalf of our customers. Our service and permitted business includes advising and arranging mortgages and insurance products as state below:

The Financial Conduct Authority

The Money Hub 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 Registered number is 649189.

Mortgage

We will advise and make a recommendation to you on residential mortgages, second charge, further advances, unsecured lending and consumer buy to lets after we have assessed your needs. We offer a comprehensive range of mortgages from across the market, but not deals that you can only obtain by going direct to a Lender. We will provide you with a personal recommendation on the basis of a fair and personal analysis of the market.

Insurance

For Non-investment protection contracts we are an intermediary and will act on your behalf when providing and making our personal recommendation(s) to you. We will do this based on a fair and personal analysis. We only provide advice on Life Insurance, Critical Illness and Income Protection from a single company called Vitality (Vitality Life / Vitality Health).

For general insurance contracts we are an intermediary and we only offer a referral service to Uinsure, they will act on your behalf when recommending an insurer based on your demands and needs from a fair analysis of the market. The insurers they consider will be listed to you when they carry out their research. It will be your responsibility to ensure the policy meets your demands and needs for building and contents, private medical insurance or accident sickness and unemployment.

Bridging Mortgage (Regulated)

We will advise and make a recommendation to you on bridging residential regulated mortgages. We offer a comprehensive range of lenders across the market.

Bridging Mortgage (Unregulated)

You will not receive advice or a recommendation from us for unregulated bridging mortgages. We may ask some questions to narrow down the selection of products that we will provide details on. You will then need to make your own choice about how to proceed.

Commercial Mortgage

You will not receive advice or a recommendation from us for commercial mortgages. We may ask some questions to narrow down the selection of products that we will provide details on. You will then need to make your own choice about how to proceed.

Commercial Bridging Mortgage

You will not receive advice or a recommendation from us for commercial bridging mortgages. We may ask some questions to narrow down the selection of products that we will provide details on. You will then need to make your own choice about how to proceed.

Alternative Finance Options

Note: If you are looking to increase your borrowing on an existing mortgage then there are a few options available to you, including:

  • Further advance with your existing Lender;
  • Second charge regulated mortgage;
  • Unsecured lending, such as a personal loan.

We are required to inform you of the alternative options available to you so that you can consider them against your personal circumstances. We will provide advice on further advances and second charges. We will not however provide advice on whether unsecured lending such as a personal loan is more suitable.


2. SERVICE COSTS

Mortgage 1st Charge (Good Credit History)

An administration fee of £295 will be charged on application and a separate arrangement fee of 1% of the mortgage arranged subject to a minimum fee of £399 payable on offer of the mortgage. For example, a £70,000 mortgage with an arrangement fee of 1% would result in a fee charged of £700. The total fee payable would be £995. We will also be paid commission from the lender.

Mortgage 1st Charge (Poor Credit History)

An administration fee of £295 will be charged on application and a separate arrangement fee of 1% of the mortgage arranged subject to a minimum fee of £1,495 payable on offer of the mortgage. For example, a £150,000 mortgage with an arrangement fee of 1% would result in a fee charged of £1,500. The arrangement fees are capped at £1,995. The total fee payable would be £1,795. We will also be paid commission from the lender.

For mortgage purposes we class Good Credit History as no missed payments on any Credit / Loans / Mortgages over the last 3 years and any Defaults / CCJ's must be satisfied.

You will receive either a European Standardised Information Sheet (ESIS) or a Key Facts Illustration+ (KFI+) when considering a particular mortgage which will tell you about any fees relating to it. It will also include the actual amount of commission we will receive.

Mortgage 2nd Charge

An administration fee of £295 will be charged and arrangement fees will be charged on a sliding scale as detailed below:

Loan Amount

£6,000 to £10,000 - 15% (capped at £1,500)
£10,000 to £15,000 - 15% (capped at £1,995)
£15,001 to £20,000 - 12.5% (capped at £1,995)

Alternative Finance Options

Unsecured lending and further advance with your existing lender - No Fee, we will be paid by the lender.

Bridging Mortgage (Regulated)

An administration fee of £495 will be charged on application and a separate arrangement fee of 1% of the mortgage arranged subject to a minimum fee charged of £2,495 payable on offer of the mortgage. For example, a £250,000 mortgage with an arrangement fee of 1% would result in a fee charged of £2,500. The total fee payable would be £2,995. We will also be paid commission from the lender.

Bridging Mortgage (Unregulated)

An administration fee of £695 will be charged on application and a separate arrangement fee of 1% of the mortgage arranged subject to a minimum fee charged of £2,495 payable on offer of the mortgage. For example, a £300,000 mortgage with an arrangement fee of 1% would result in a fee charged of £3,000. The total fee payable would be £3,695. We will also be paid commission from the lender.

Commercial Mortgage

An administration fee of £695 will be charged on application and a separate arrangement fee of 1% of the mortgage arranged subject to a minimum fee charged of £2,495 payable on offer of the mortgage. For example, a £300,000 mortgage with an arrangement fee of 1% would result in a fee charged of £3,000. The total fee payable would be £3,695. We will also be paid commission from the lender.

Insurance

No fees are payable as we will receive commission direct from lender. The amount of commission we will receive shall be shown on Key Facts document that will be issued to you.

Cancellation Charges

The client is able to cancel our services after they have Signed or E-Sign our documents by writing to us (address stated above) or email us at compliance@themoneyhub.co.uk. Please note that if the client does cancel our services, they will be liable to pay our administration costs which are based upon an hourly fee of £50 and if applicable our arrangement fee. If the Money Hub has paid Valuation and Building Society questionnaire (BSQ) fees on your behalf and you choose not to proceed, then you will be liable to refund the Money Hub the full valuation and BSQ fees paid in addition to the above stated administration fees. The client will be liable to pay the company’s arrangement fee in the event that an offer / facility letter has been made to the client.

If it is found that you disclosed incorrect and untrue information and / or after starting the mortgage application, and or your credit profile declines due to missed payments, defaults or CCJ's and as a result of this the mortgage application cannot continue, we will charge you the above detailed cancellation fees.

Refund of Fees

No refunds.


3. COMPLAINTS

It is our intention to provide you with a high level of customer service at all times. If there is an occasion when we do not meet these standards and you will wish to register a complaint, please contact us by:

Note: Commercial buy to let’s may not be covered by the financial Ombudsman Service.

Complaints Department,
The Money Hub Limited,
Suite 7 Hadleigh Business Centre,
351 London Road,
Hadleigh,
Essex,
SS7 2BT.

Or call us on 0203 725 5830.

If you cannot settle your complaint with us, you may be entitled to refer it to the Financial Ombudsman Service.


4. FINANCIAL SERVICES COMPENSATION SCHEME

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.

Mortgage

Mortgage advising and arranging is covered up to a maximum limit of £50,000.

Further information about the compensation scheme arrangements is available from the FSCS.

Insurance

Insurance advising and arranging is covered for 90% of the claim, without any upper limit. Where the firm has not taken steps and caused a contract not to be affected by an Insurer on a Pure Protection Policy or General Insurance claim arising from the death or incapacity of the policyholder owing to injury, sickness or infirmity, then 100% of the claim is covered.


5. 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.


6. LAW

Our agreements are governed and shall be construed in accordance with the Law of England and the parties shall submit to the exclusive jurisdiction of the English Courts.


7. FORCE MAJEURE

The Money Hub Limited shall not be in breach of any agreements 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.

End of Disclosure Document


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