Terms of Business

Cariad Mortgage Solutions Ltd
142 Walter Road, City Centre, Swansea, SA1 5RW, GB
Email: beth@cariadms.co.uk
Office: 01792 341217
Website: https://cariadms.co.uk/

Information about our mortgage and insurance services

The following information is to help you decide if our services are right for you. It is important to us that you understand the services we are providing, so please take time to read this document carefully. If you have any questions, please do not hesitate to ask your advisor.

Our Services

Residential Regulated Mortgages

If you are borrowing money against a property that you or a family member will live in, this will be a regulated mortgage. We will provide advice and make a recommendation on the most appropriate product for you after we have assessed your needs and circumstances.

In most cases, our recommendation will involve borrowing against your home from a single mortgage lender. In some cases, it may be more appropriate to take out a second charge mortgage, where additional money is borrowed from a different lender to your existing lender without repaying your existing mortgage. We do not provide advice or give a recommendation on these types of mortgages. If we consider that this may be more appropriate, we will refer you to a trusted third-party who will be able to provide full advice.

Consumer Buy to Let Mortgages & Unregulated Buy to Let Mortgages

Mortgages for a property that is to be let out, will normally be a Consumer Buy to Let (CBTL) mortgage or unregulated Buy to Let (BTL) mortgage. We will provide advice and make a recommendation for you after we have assessed your needs and circumstances.

Please note that our recommendations with respect to Buy to Let are restricted to helping you arrange a suitable mortgage. We will not advise you about whether or not the property you plan to buy and let out to tenants, will turn out to be a sound investment.

Protection Insurance

Health and Protection insurance provides insurance against personal changes in circumstances such as death, illness or inability to work. We will provide advice and make a personal recommendation for you after we have assessed your needs and circumstances. We provide an intermediary service and act on your behalf. We are able to provide advice on the following products:

• Life Insurance
• Critical Illness Cover
• Income Protection
• Family Income Benefit
• Non-profit Whole of Life

Building & Contents Insurance

We may provide advice and make a personal recommendation for you after we have assessed your needs and demands. We provide an intermediary service and act on your behalf. We may alternatively refer you to a trusted partner for your Building and Contents Insurance needs.

The Products We Offer

Mortgages

We offer a comprehensive range of mortgages from across the market with respect to first charge regulated mortgage contracts for both business and non-business purposes, as well as Consumer Buy to Let (CBTL) mortgage and unregulated Buy to Let (BTL) contracts, but not deals that you can only obtain by going direct to a lender.

In circumstances where you are looking to increase existing borrowing, the following options, on which we may not be able to advise, may be more appropriate:

• A further advance from your existing lender
• A second charge mortgage
• An unsecured loan

Insurance

We recommend products based on a fair and personal analysis for term assurance, critical illness, whole of life insurance, family income benefit and income protection.

We recommend buildings and contents insurance based on an analysis of select products from Ageas, Allianz, bspoke Underwriting, Covéa, Integra, Modus, Tokio Marine, and RSA.

The Cost of Our Services

Mortgages

We will charge you a fee of £1,495.00 upon completion of the mortgage for our services. We may also receive commission from the provider of any products you take out. You will receive a personalised illustration (ESIS) when considering a particular mortgage, which will tell you about any fees relating to it, and the commission we will be paid. You have the right to ask for information on the variation in levels of commission payable by mortgage lenders. You also have the right to request an illustration for any mortgage we offer.

Clawback

We do not charge you a fee for arrangement of an insurance product as we will receive a commission from the product provider. If however you cease to pay premiums and the policy is subsequently cancelled the provider will clawback a proportion of the commission that has been paid to us. As this commission covers the cost of our service to you, we will charge you a fee equal to the amount of commission that we have to refund to the provider. Before a policy is put into force we will write to you to inform you of the commission we will receive. This will be the maximum amount we will charge you, together with the maximum period of clawback. This will usually be for a period of between 2 to 4 years.

Insurance

We arrange the policy with the insurer on your behalf. You do not pay us a fee for doing this. We receive commission from the insurer which is a percentage of the total annual premium. You will receive an illustration that will tell you about any other fees relating to a particular insurance contract.

Additional Services

We have a regulatory duty to advise you of foreseeable risk and recommend ways to mitigate those risks. As part of this process, we may recommend that you work with a trusted partner to do so. We may receive a referral fee from these partners.

Your Responsibilities

You must be honest and transparent in the information you provide. Incomplete or inaccurate information about you, your health, any existing products you hold, your financial history or any property you are mortgaging could impact our advice and result in a less suitable recommendation. In the worst case, it may result in your mortgage or insurance becoming void, and if considered fraudulent impact your future ability to obtain credit or insurance.

If your circumstances change before the completion of your mortgage or your insurance application you should inform your advisor immediately so they can ensure the advice given is still relevant and make any appropriate adjustments. You should check all information and documents provided to ensure they accurately reflect your circumstances and expectations. Do not hesitate to contact your advisor if you have questions or concerns.

Additional Needs

We are committed to ensuring good advice and outcomes regardless of needs and circumstances, including any disabilities or vulnerabilities. Please let us know of any such circumstances or needs you may have so that we can ensure they are accommodated.

Information Security and Data Privacy

The security and protection of your data is important to us. Full details on how we process and use your information is included in the Data Privacy Notice provided with this document.

Regulation

Cariad Mortgage Solutions Ltd is an appointed representative of First Mortgage Solutions Ltd, 44 Alfred Street, Neath SA11 1EH, which is authorised and regulated by the Financial Conduct Authority (FCA). First Mortgage Solutions Ltd's Financial Services Register number is 949476. The FCA is an independent watchdog that regulates financial services.

First Mortgage Solutions Ltd's permitted business is advising, arranging (bringing about) and making arrangements with respect to regulated mortgage contracts (some of which may be Buy to Let finance) and non-investment insurance contracts.

First Mortgage Solutions Ltd is only responsible for the services disclosed in this document, or any additional First Mortgage Solutions Ltd 'information about our services' document provided to you. All other services are the sole responsibility of Cariad Mortgage Solutions Ltd.

You can check this on the Financial Services Register by visiting the FCA's website https://www.fca.org.uk/firms/financialservices-register or by contacting the FCA on 0800 111 6768.

In most cases, advising on and arranging Buy to Let mortgages is not regulated by the Financial Conduct Authority. However, where you or a close relative intend to occupy the property, or if you or a close relative have lived in the property before then these are likely to be regulated by the Financial Conduct Authority.

Financial Services Compensation Scheme

Our regulated services are covered by the Financial Services Compensation Scheme (FSCS). You may be entitled to compensation from the scheme if you are due compensation from us and we are unable to pay what you are owed. Entitlement to compensation will depend on the type of business and the circumstances of the claim.

Residential Mortgages: Advising and arranging is covered up to a maximum limit of £120,000.

Insurance: Advising and arranging is covered for 100% of the claim with no upper limit for long term insurance and 90% of the claim with no upper limit for all other types of cover.

Buy to Let Mortgages: Most Buy to Let mortgages are not covered by the FSCS. However if a close family member will be renting the property then you may be covered by the FSCS up to a maximum limit of £120,000.

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

Fee Agreement

I agree to the above disclosure and to pay the fee for the service as detailed above.