Mortgage Terms of Business
General Information
Rainbow is a trading style of Havering Financial Consultancy who is an appointed representative of Intrinsic Financial Planning Limited which is authorised and regulated by the Financial Services Authority.
Please contact one of our Advisers on 01708 502220 for further information.
Telephone calls to Rainbow may be recorded for training & monitoring purposes.
As an optional service, we can recommend a firm of solicitors whom we have a close working relationship with to carry out the conveyancing for clients who do not have their own solicitors . Rainbow purely act as an introducing service and are not liable in any way for any disputes which may arise.
Our Mortgage Process
Rainbow offer a full advice and recommendation service.
When giving advice, we will take care to help you select a mortgage to fit your needs by asking for relevant information about your circumstances and objectives. We will complete a detailed mortgage/financial review questionnaire to enable appropriate advice to be given on your mortgage and other related insurance products.
Under the terms of the FSA rule book we have a duty of care to advise you on protection and insurance products that are available to protect you, your dependants, your home, and your mortgage payments. We will also provide you with information relevant to your mortgage needs, covering such items as an explanation of the main repayment methods and the implications of taking out a mortgage. Our advice will also depend on your particular requirements and on the market conditions at the time.
We require our clients to give us instructions in writing to avoid possible disputes. If the matter is urgent we will accept oral instructions provided they are confirmed in writing.
Our Advisers constantly review the mortgage market in order to develop and maintain a good understanding of lenders and their products in order to satisfy individual client circumstances. When recommending a product, we will consider many factors. One such factor may be taking into account lenders who consistently provide our customers with a high standard of service. The reasons for the recommendation will be given to you in writing before you complete your mortgage.
Once we have made our recommendations to you, we will confirm our advice in writing. We will advise you in writing if we receive a fee from the lender for arranging your mortgage. If the fee is less than £250, we will confirm that we will receive up to this amount. If the fee is £250 or more, we will tell you the exact amount. You should retain this confirmation as a record of the advice given. Confirmation of the details of the product recommended will be provided by the lender in a formal document called the “Offer of Advance” or mortgage offer.
Prior to a mortgage offer being issued, either party – Rainbow or the consumer - may terminate our authority to act on your behalf at any time without penalty. Notice of this termination must be given in writing and acknowledged. In the event that a client cancels a case once the mortgage offer has been issued then the client may be liable to an administration fee.
Payment
We never accept cash as payment for any service provided. Neither do we accept cheques made payable to individual Advisers. Payments by cheque for services provided by lender, packager, solicitors and in some cases surveyors should be made payable to the relevant third party. Payment in settlement of a broker fee, if applicable, is payable on completion of the mortgage and should be made payable to Rainbow.
Identity Verification
Under the Criminal Justice Act 1993 and Money Laundering Regulations we are required to satisfy ourselves of the applicant(s) identification and residence. We will request original documents from you and we will return them by registered post as soon as is practicable possible. Although every effort will be taken to ensure the safe return of client documents Rainbow will not be held responsible for lost or damaged documents or, for any error or failure of the postal system. Please note that the identity verification procedure is required at the outset of our dealings with you.
Record Keeping
We keep records of all our business transactions for six years. We treat all our clients' records as confidential, so we reserve the right to give you copies of your particular records rather than allowing you access to files containing records about other clients. You have a right of access under the Data Protection Act 1998 to your personal records.
Your Personal Information
As your mortgage broker, we reserve the right to discuss your personal circumstances with any lender, in order to determine the most appropriate product for your needs. Your lender may undertake credit enquiries upon receipt of your mortgage application. Once a mortgage is obtained, the lender may subsequently supply information to a “Credit Reference Agency” detailing the way that you manage your account.
Complaints
In the event of you ever having a complaint about the advice you have received or a product which we have arranged on your behalf, please immediately contact the General Manager, Mortgage Office, at the address below or telephone 01708 502220. We have internal procedures for handling complaints fairly and speedily and we will tell you what these are. These will include establishing a set time for an initial acknowledgement to your complaint, and establishing how long it might take us to respond more fully. We will make every effort to resolve the problem and we will explain your statutory rights. If we are not able to resolve your complaint or, you are unhappy about the outcome, then we will assist in referring you to the Financial Ombudsman Service.
Rainbow
Attention: The General Manager
55 Gaynes Park Road
Upminster
Essex
RM14 2HL
Care
Please note that there are a number of companies operating under the generic Rainbow name.
Please note that the mortgage firm Rainbow Home Loans Ltd is NOT part of the Rainbow.
Rainbow has NO connection with the Rainbow “lottery” financial promotion. This promotion involves members of the public receiving unsolicited mail, normally originating from overseas, advising them that they have won a lottery prize. In order for the prize to be claimed a processing fee needs to be paid by the “prize winner”.