Loan Application Form -

Our Terms & Conditions Disclosure

See the end of these Terms & Conditions for the Glossary of Terms and Acronyms within this document.

In this disclosure, the terms "We", "we", "Us" ", us" ", Our" "our" ", Ours" and "ours" applies to Specialist Financial Services Ltd trading as Imagine Finance, its subsidiaries and appointed representatives. The terms "You", "you", "Your", "your", "Yours", and "yours" refer to you, the Borrower(s), also known as the Client(s).

The Financial Conduct Authority
This document sets out how we will deal with you when offering first and second charge Regulated Mortgage Contracts

Specialist Financial Services Ltd is authorised and regulated by the Financial Conduct Authority (FCA). The FCA regulates financial services in the UK. You can check our authorisation and permitted activities on the Financial Services Register by visiting the FCA's website www.fca.org.uk/firms/systems-reporting/register. Our Financial Services Register number is 676853. We will be acting as a Credit Broker on your behalf and not as a Lender.
Our Services
We are entirely independent and not tied to any UK Lender or Network. Our independence enables us to source and structure the best possible and most appropriate finance deal for our clients. We operate from a large panel of Lenders representative of the whole market for each product we offer. We can provide details of these Lenders to you upon request.

We will recommend a suitable product for you following an assessment of your personal needs and circumstances. This assessment will include a detailed evaluation of affordability.

We will, at all times, act in your best interests, and we will source loans from the market that are suitable for the requirements you disclose to us. When the preferred option is agreed upon, we will provide you with information about the loan and the provider to ensure you understand your responsibilities and commitments before proceeding.

We will consider all products and Lenders that we can access. We will not look at those Lenders that are only available by you going direct to them. A list of the Lenders we consider across each of our product ranges is available upon request.

Where you are increasing your borrowing, we will where applicable, consider the merits of both a new first charge mortgage or an additional mortgage on a second charge basis. You may have the option of a further advance from your existing Lender, but we will not consider this option. It may be in your best interests to explore this option and look at the further alternative of an unsecured loan, as these may be more appropriate for you.

The Costs of our Services

Appraisal Fee
We do not charge upfront appraisal fees

Completion Fee
If a Lender to whom we presented the Lending Proposal makes an offer, we may charge you a fee for the service we provide to you. Payment of the Completion Fee shall be due from you once an offer is issued. However, you may choose to pay the fee upon completing the advance with our prior agreement. Our Completion Fee structure is as follows: -

Loan Size	1st charge RMC on all property types	2nd charge RMC on all property types
£10,000 - £59,999	£495	4.99%
£60,000 - £99,999	£495	4.74%
£100,000 - £149,999	£495	2.99%
£150,000 - £249,999	£495	1.99%
£250,000 - £499,999	£495	1.24%
£500,000+	£495	0.59%
Minimum fee	£495	None
Maximum fee	£495	£2,975

For example, for a second charge of £15,000, our maximum fee would be 4.99% of the advance, so a maximum fee of £748.50 could be charged. For a second charge of £150,000, our maximum fee is 2.99%, capped at £2,975.

If your loan is unsuccessful or you decide not to proceed, no Completion Fee will be payable.

Please note these are the maximum fees we charge, and the fees finally agreed are often less than the amount quoted above.

Commission
We will receive a commission from the Lender, and we will receive fees separately from you as described in clause 3.2 of this agreement. For the avoidance of doubt, these commission sums are subject to the terms of our arrangements with the Lender who pays that commission. You are aware that we may receive a commission from a Lender for introducing you to them, and you have no objections to us receiving this amount. If you wish to receive further information about any such commission (including the amount), you will let us know in writing.

You are aware that we are required to disclose the nature of commission in our communications when making a recommendation to you. The existence and nature of commission arrangements where the commission varies depending on the Lender, product or other permissible factors will always be disclosed. The disclosure will also cover how the arrangements could affect our recommendations to you. We will make such disclosures separately if the document is a legal requirement.

The commission amount paid to us may vary depending on the Lender or product. Where the nature of any financial arrangement, including the amount of commission or any other type of remuneration, is known, this information will be disclosed to you. You confirm your consent to us receiving and retaining any commission paid.
Complaints
We aim to provide you with a professional and confidential service that delivers the highest possible standards. However, there may be occasions where you feel this has not been achieved and should you wish to complain about any aspect of the service we provide to you. You can do this by writing to Imagine Finance at Audley House, Northbridge Road, Berkhamsted, Hertfordshire, HP4 1EH. Alternatively, you can telephone us on 0800 710 1777 where we will try to resolve your concern at the earliest time possible.

A summary of our internal complaints handling procedures for the reasonable and prompt handling of complaints is available on request. If you cannot settle your complaint with us, you may be entitled to refer it to the Financial Ombudsman Service at www.financial-ombudsman.org.uk or by contacting them on 0800 023 4567.
Compensation Scheme
If you make a complaint and we cannot 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 at https://www.fscs.org.uk/what-we-cover/products
Client Acknowledgement and Consent
1. You acknowledge that
  1. You should seek such independent advice as you consider necessary before signing this agreement;
  2. We source Offers of Funding from a large panel of Lenders;
  3. We may receive a commission from the Lender as detailed in clause 2 of the attached Terms and Conditions without prejudice to clauses 3.1 and 3.2 of this agreement;
  4. You have read our standard Terms and Conditions and agree that they form part of this Agreement;
2. You consent that
  1. You authorise us to approach any source considered to be potentially suitable;
  2. You agree to pay the Completion Fee agreed with you, upon completion of your loan;
  3. You confirm you are aware that our fees can either be added to the advance or you can pay before completion;
  4. You are aware we may receive a commission from the Lender for the arrangement of this agreement, and you have no objections to us receiving a commission. – see attached Terms and Conditions clause 2.
Instructions
We prefer our clients to give us instructions in writing to aid clarification and avoid future misunderstandings. Oral instructions are acceptable, subject to subsequent confirmation in writing.
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 or other third parties;
- 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
Client Verification
We are required by law to verify your identity. We also obtain information about the purpose and nature of any business you conduct and ensure that the information we hold is up-to-date. For this purpose, we may use electronic identity verification systems. We may conduct these checks from time to time throughout our relationship, not just at the beginning. We are required to confirm the source of any funds being used as a house purchase deposit and the source of wealth of any individual providing funds towards a deposit.
Law
This agreement is governed and construed under the Law of England. All parties shall submit to the exclusive jurisdiction of the English Courts.
Force Majeure
We 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 our control.
Termination
The authority to act on your behalf may be terminated at any time without penalty by either party giving seven 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.
Payment of fees
You are aware of the costs of the services and agree to the amount and timing of these. Your options for paying these costs is either;
1. By direct payment
  or
2. (where possible) By inclusion on the mortgage loan
  
  You should confirm with us from the outset which is your preferred option. Be aware that including fees in the loan advance will increase the total amount you pay over the term of that loan, as the Lender will apply their interest charges to this amount.
  
  This document is our standard agreement upon which we intend to rely. You should read the terms carefully before signing for your benefit and protection. If you do not understand these terms, please ask for further information or seek independent legal advice.

TERMS AND CONDITIONS

Your duty to us
1. You agree to act with the utmost good faith in providing information to us. The duty is continuous and applies to all the information you provide, whether we have asked for it or you have provided it voluntarily. You agree not to withhold information from us.
2. You agree to take all reasonable steps and use all reasonable endeavours to comply with and satisfy any condition imposed by the Lender who has made a Finance Offer.
3. You agree to notify us if at any time you intend to appoint an additional or alternate broker or intermediary to obtain an offer of finance for you. If you do so, we are entitled to terminate this agreement giving you seven days notice.
Introductory Commission
1. The Lender may pay us a commission regarding the funding set out in the Finance Offer. If a commission is payable, the amount of commission payable to us will be disclosed to you on the Finance Offer or by other means. Commission paid to us will vary depending on the Lender or product, but the amount received does not form part of any advice we provide.
2. You, having acknowledged the matters set out under the Client Acknowledgment, consent to us receiving and retaining any commission paid
Termination
We may terminate the Agreement by giving seven days written notice to you
Amendments
Whether proposed by you or us, any amendment shall be notified in writing to the other party. A change proposed by us shall take effect on the specified date unless you inform us to the contrary or request an extension of time. Any amendment you propose shall take effect when accepted by us in writing.
Assignments and third party rights
This Agreement is personal to you, and a person who is not a party to this Agreement may not enforce any of its terms under the Contracts (Rights of Third Parties) Act 1999.
Professional Indemnity
We will maintain professional indemnity insurance cover for our business on standard terms offered by reputable insurers.
Client money
In the unlikely event that we hold Client Money, funds will be held in a separate designated client account for the benefit of you.
Property Survey
Once the Lender has provided indicative terms, we will instruct a survey of the property offered as security, and you are responsible for the cost of this survey. You confirm that you are aware the Lender reserves the right to decline the application after the survey is completed. A decline could occur if other information comes to light or you cannot provide information to the Lender's satisfaction. Neither the lender nor we are obliged to release the survey report until the transaction has been completed.
Exclusions
You accept that we shall have no liability for any economic loss (whether direct, indirect or consequential) insofar as it relates in any way to loss of business, loss of Client data, interruption of business or loss of profits or goodwill as a result of the manner of performance by us of any obligations arising under this Agreement. However, this exclusion of liability will not otherwise affect any statutory rights of yours.

Defined terms:

Appraisal Fee; the fee for intially assessing your finance application

Commission; a sum of money that is paid upon completion of a task from a Lender.

Completion; the first drawdown of the Loan Amount set out in the Finance Offer by the Lender to the Client.

Completion Fee; the fee payable to us by you, due once the Finance Offer has been issued.

FCA; the Financial Conduct Authority, the financial services industry regulator.

Finance Offer; a written offer that sets out the proposed terms of finance issued by any Lender once their underwriting checks and valuation requirements are satisfied.

Lender; a Lender to whom the Lending Proposal is presented.

Lending proposal; the initial proposal prepared by us setting out the Lender's terms and requirements.

Loan Amount; the amount payable by the Lender to the Client following the issue of a Finance Offer, after deduction of fees previously disclosed.

RMC; Regulated Mortgage Contract. A first charge mortgage on your home or a home you want to purchase, or a second charge mortgage on your home.

Unregulated lending; includes residential BTL and lending to Corporate borrowers or partnerships of four or more people.

Unsecured lending; a loan that is issued and supported only by the borrower's creditworthiness, rather than by any type of collateral.

YOUR HOME IS AT RISK IF YOU DO NOT KEEP UP REPAYMENTS ON A MORTGAGE OR OTHER LOAN SECURED ON IT

IF YOU ARE OFFERING INVESTMENT PROPERTY AS SECURITY, THAT PROPERTY IS AT RISK IF YOU DO NOT KEEP UP REPAYMENTS ON A MORTGAGE OR OTHER LOAN SECURED ON IT

WE RECOMMEND YOU OBTAIN INDEPENDENT LEGAL ADVICE BEFORE SIGNING ANY DOCUMENTS

THINK CAREFULLY BEFORE SECURING OTHER DEBTS AGAINST YOUR HOME

IF YOU ARE THINKING OF CONSOLIDATING EXISTING BORROWING, YOU SHOULD BE AWARE THAT YOU MAY BE EXTENDING THE TERMS OF THE DEBT AND INCREASING THE TOTAL AMOUNT YOU REPAY.

ALL LOANS ARE SUBJECT TO STATUS AND ARE SECURED ON PROPERTY.

WE ARE A BROKER, NOT A LENDER

ALL FINANCE PRODUCTS ARE SUBJECT TO AVAILABILITY AND CAN BE WITHDRAWN AT ANY TIME.

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