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Terms & Conditions
1. Somerset Mortgages Ltd is an independent international mortgage brokerage.
2. We arrange mortgages, with both domestic and international investment banks, on properties in France, Spain, Italy, Portugal, Greece, Switzerland, South Africa, Dubai and the Caribbean.
3. We offer independent mortgage advice, but should an occasion arise where we, or one of our other customers, will have some form of interest in a business that we are transacting for you, or we become aware that our interests or those of one of our other customers conflict with your interests, we will inform you in writing and obtain your consent before we carry out your instructions.
4. We are not tied to one company or lender's products and therefore are able to be impartial when giving advice.
5. We deem all of Somerset Mortgages Ltd's clients to be private clients unless we notify you to the contrary in writing.
6. In all cases we will charge an administration fee of £150. The reason we charge this fee is that we use the next day delivery services of DHL, to courier your application to the bank and then again to courier the signed Letter of Offer, to complete the mortgage process. This fee is non refundable.
7. In most cases we are paid a commission by the bank that we help you to arrange a mortgage with. However some banks will not pay us a commission. Should the situation arise where you will be better advised to have a mortgage with a bank that will not pay us a commission, then we will charge you a fee. Should we charge you a fee, it will be no more than the commission that we would normally expect. (This fee would be in addition to the £150 administration fee).
8. All fees will be agreed with you in advance.
9. Once the mortgage has completed, for which you have given instructions, we will not give you any further advice unless you request it, but will be glad to advise you at any time you ask us to do so.
10. We prefer instructions to be given to us in writing to avoid any possible disputes. If any instructions are given orally then they should be confirmed in writing. We may refuse at our discretion to accept certain instructions, although such discretion will not be exercised unreasonably.
11. We keep records of all transactions for at least six years. You, or your appointed agent, have the right to inspect the records at a mutually convenient time. As we treat all our clients' records as confidential, we reserve the right to give you copies of your records where in certain circumstances to release the original would compromise other clients' confidentiality.
12. You, or we, may terminate our authority to act on your behalf under these terms of business at any time, without penalty. Notice of this termination must be given in writing and will take effect immediately upon receipt of the notice. Termination will not prejudice the completion of transactions already initiated on your behalf or any rights or obligations already arising.
13. WE DO NOT HANDLE CLIENTS' MONEY.
14. We never accept a cheque made out to us (unless it is a cheque in settlement of our charges or disbursements for which we have sent you a fee note) or handle cash.
15. These terms of business exclude any rights which may be conferred upon third parties by the Contracts (Third Party Rights) Act 1999.
16. In order to advise you properly, we must obtain certain information from you about your financial and personal circumstances, to assess your suitability for particular products and services.
17. You have a right of access under the Data Protection Act 1998 to your personal records held on our files.
By agreeing to these Terms and Conditions of Business:
1. You agree that the information we hold about you can be held on computer and/or paper files.
2. You agree that any information which you give us may be disclosed to third parties (e.g. credit reference agencies and product providers) for the purpose of processing your application or to another firm upon the sale of all or part of our business.
3. You agree that we may use the information that we hold about you to contact you from time to time by post, fax, e-mail or telephone to bring to your attention additional products or services which may be of benefit to you.
4. We agree that any consent given by you under paragraph 3 above may be withdrawn by you at any time by contacting us in writing at:
Somerset Mortgages Ltd
Suite 7
Chremma House
14 London Road
Guildford
Surrey
GU1 2AG
UK
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