Terms of Business

About Us

JMS Private Clients Ltd is an appointed representative (AR) of Connect IFA Ltd, 39 Station Lane, Hornchurch, Essex RM12 6JL, who are authorised and regulated by the Financial Conduct Authority (FCA). Connect IFA Ltd's firm reference number is 441505. Most buy to let mortgages are not regulated by the FCA. You can check our details on the FCA's website
register.fca.org.uk/s/
or by contacting the FCA on 0800 111 6768.

The FCA is the independent watchdog that regulates financial services. Use this disclosure document to decide if our services are right for you. It explains the service(s) we offer and how you will pay for it. Our service and permitted business includes advising on and arranging mortgages and non-investment insurance products, as stated below:

Mortgages

● We are not limited in the range of mortgage products we will consider for you in relation to regulated 1st charge and 2nd charge loans that are being raised for personal purposes or regulated loans that are being raised for business purposes.
● We will consider remortgages, further advances, 2nd charge loans and unsecured loans options for you if you wish to increase your borrowing on an existing property.
● We offer a comprehensive range of mortgages from Lenders across the market, but not deals that you can only obtain by going direct to a Lender.
● We can arrange other finance such as Business Buy to Let Mortgages, Commercial and Development Finance, Bridging Finance and International Mortgages.
● In addition to any fees we charge, we may receive commission from the lender. The amount of commission we receive will be disclosed to you on your illustration for all regulated mortgage contracts. For more information, see the section on Commission disclosure on page 3.
● We offer advice on the regulated products we recommend. In some circumstances, we may refer you to another party to provide the advice and recommendation where it is appropriate to do so.

Mortgage Services and Fees

Mortgage/Loan – Initial evaluation stage: No charge
● We will consider your financial circumstances and requirements then provide you with information, on the most competitive lender and product options suited to you for your property finance.
● We will provide you with an Illustration or ESIS document (European Standardised Information Sheet) to outline in writing all the features and costs associated with any mortgage or loan we recommend.
● We will arrange an initial decision in principle with the recommended lender. This means the lender confirms whether they are willing to lend subject to receipt of a satisfactory valuation and all supporting application documentation.
● If required, we will make a recommendation to you for a solicitors' firm to facilitate the legal work required for your property purchase.

Mortgage/Loan – Processing stage: £299 administration fee
● On receipt of your application fee, we will start the process of completing the application form and collating it with any other documentation required by the lender and then submit this to them on your behalf.
● We will communicate to you in a timely fashion any other supporting information the lender requires in conjunction with your application.
● We will check that the documentation you supply is consistent with the expectations and requirements of the lender.
● We will ensure the application to the lender is monitored and progressing, for example checking that valuations have been instructed and lenders are working within their published service timescales.
● We will update you fully on the progress of the application until the lender issues the formal loan offer.

Mortgage/Loan – Mortgage Offer stage: Fee £1696
● We will check the loan offer to ensure it is correct. At this point our offer fee, for successfully securing you the offer from the lender, becomes payable.
● We will assist you, if required, with meeting any offer conditions such as arranging property insurance.
● We will liaise with your legal representative to ensure they have received a copy of the offer and assist them where required.
● We will liaise with the lender if any offer amendments are needed, for example if there is a change to the purchase price or mortgage amount required.
● We will continue to monitor and assist with your application until your purchase or refinance is successfully completed.

*Example: The fee payable would be £1,995 for a loan size of £200,000.

** Brokers fees are invoiced upon issue of the mortgage offer and payment is due withing 3 working days after date of mortgage offer. In agreed circumstances payment can be made at completion. If for any reason the mortgage application is cancelled or does not proceed after the mortgage offer has been issued our broker fee invoice is still chargeable.

*** We reserve the right to charge a broker fee in advance of a mortgage offer or completion in the event of multiple applications being submitted or in excess of 50 hours being spent on a single mortgage application.

**** We reserve the right to cancel an application in the event a client refuses to pay our agreed broker fee or is engaged in actions we deem as a refusal to pay our agreed broker fee.

The fees quoted are for standard mortgage/loan transactions and valid for a period of 5 calendar months from date of signature. Should more specialist requirements be needed, we will advise you in writing if a different fee scale will apply before proceeding with an application.

Insurance

Part of our service is to review your protection requirements in conjunction with the mortgage or loan debt that is being arranged for you. We will take into account your existing plans, any other mortgages or debts you have and your income and outgoings before we recommend any plans that suit your personal circumstances.
● We will make a personal recommendation based on a fair and personal analysis of the market after we have assessed your insurance needs.
● We can offer products such as Life Insurance, Critical Illness Cover, Income Protection, Private Medical Insurance, Buildings and Contents, Accident Sickness and Unemployment cover and Business Protection from a range of insurers.
Please ask us for a list of insurers we offer insurance from.
● Buildings and Contents insurance policies. We will receive commission from the Insurer we place your business with.
● For all other Insurance policies, we charge a fee of £495. This fee however will be waived in lieu of the commission we receive from the product provider. Should you cancel the contract within the first 4 years, and the provider reclaims some or all of the commission paid to us, we reserve the right to raise an invoice for our fee at that point.