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Initial Disclosure Document

Updated - 13th October 2017

The Money Hub Limited is authorised and regulated by the Financial Conduct Authority. Our Financial Services Register number is 649189 You can check this on the Financial Services Register by visiting the FCA's website www.fca.org.uk/register 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 we offer and how you will pay for it.


1. OUR IDENTITY & SERVICE

The Money Hub Limited,
Thamesgate Business Centre,
Thamesgate House,
33-41 Victoria Avenue,
Suite 17-27 First Floor,
Southend On Sea,
Essex, SS2 6DF.

Our service and permitted business includes advising and arranging mortgages and insurance products as stated below:

Mortgage

We will advise and make a recommendation to you on residential mortgages, second charge, further advances, unsecured lending and consumer buy to lets after we have assessed your needs. We offer a comprehensive range of mortgages from across the market, but not deals that you can only obtain by going direct to a Lender.


Insurance

We will advise and make a recommendation to you after we have assessed your insurance needs. We are able to offer Life Insurance and Critical Illness Insurance products from a single company called Vitality. For Income Protection Insurance we only use the companies Vitality and PaymentShield. For Buildings and Contents Insurance we only offer policies from Paymentshield.


Bridging Mortgage (Regulated)

We will advise and make a recommendation to you on bridging residential regulated mortgages. We offer a comprehensive range of lenders across the market.


Bridging Mortgage (Unregulated)

You will not receive advice or a recommendation from us for unregulated bridging mortgages. We may ask some questions to narrow down the selection of products that we will provide details on. You will then need to make your own choice about how to proceed.


Commercial Mortgage

You will not receive advice or a recommendation from us for commercial mortgages. We may ask some questions to narrow down the selection of products that we will provide details on. You will then need to make your own choice about how to proceed.


Commercial Bridging Mortgage

You will not receive advice or a recommendation from us for commercial bridging mortgages. We may ask some questions to narrow down the selection of products that we will provide details on. You will then need to make your own choice about how to proceed.


ALTERNATIVE FINANCE OPTIONS

Note: If you are looking to increase your borrowing on an existing mortgage then there are a few options available to you, including:

  • Further advance with your existing Lender;
  • Second charge regulated mortgage;
  • Unsecured lending, such as a personal loan.

We are required to inform you of the alternative options available to you so that you can consider them against your personal circumstances. We will provide advice on further advances and second charges. We will not however provide advice on whether unsecured lending such as a personal loan is more suitable.


2. SERVICE COSTS

Mortgage 1st Charge (Good Credit History)

An administration fee of £295 maybe charged upfront and we charge a fee of up to 1% of the mortgage arranged with a minimum fee of £695 payable on offer of the mortgage. For example a £70,000 mortgage with an arrangement fee of 1% could result in a fee charged of £700.


Mortgage 1st Charge (Poor Credit History)

An administration fee of £295 maybe charged upfront and we charge a fee of 1% of the mortgage arranged with a minimum fee of £1,495 payable on offer of the mortgage. For example a £150,000 mortgage with an arrangement fee of 1% would result in a fee charged of £1500. Fees are capped at £2495. We will also be paid commission from the lender.


For mortgage purposes we class Good Credit History as no missed payments on any Credit / Loans / Mortgages over the last 3 years and any Defaults / CCJ's must be satisfied

You will receive either a European Standardised Information Sheet (ESIS) or a Key Facts Illustration+ (KFI+) when considering a particular mortgage which will tell you about any fees relating to it. It will also include the actual amount of commission we will receive.

Mortgage 2nd Charge

An administration fee of up to £495 may be charged and fees will be charged on a sliding scale as detailed below:

Loan AmountFeesLoan AmountFees
£6000 to £10,00015% (upto £1500)£10,000 to £15,00015% (upto £2250)
£15,001 to £20,00012.5% (upto £2450)£20,001 to £25,00012% (upto £2495)

Alternative Finance Options

Unsecured lending and Further advance with your existing lender - No Fee, we will be paid by the lender.

Bridging Mortgage (Regulated and Unregulated)

An administration fee of up to £495 may be charged and a fee of 1% of the loan arranged with a minimum fee charged of £1,995. For example a £200,000 mortgage with an arrangement fee of 1% would result in a fee charged of £2,000. We will also be paid commission from the lender.

Commercial Mortgage

An administration fee of up to £495 may be charged and a fee of 1% of the mortgage arranged with a minimum fee of £2,000 payable on offer of the mortgage. For example a £200,000 mortgage with an arrangement fee of 1% would result in a fee charged of £2,000. We will also be paid commission from the lender.

Insurance

We do not charge a fee for our service as we are paid commission from the Insurer.

You will receive a quotation from us informing you of any other fees relating to the insurance policy.


Cancellation Charges

The client is able to cancel our services after they have Signed or E-Sign our documents by writing to us (address stated above) or email us at compliance@themoneyhub.co.uk. Please note that if the client does cancel our services they will be liable to pay our administration costs which are based upon an hourly fee of £50. If the Money Hub has paid Valuation and BSQ fees on your behalf and you choose not to proceed, then you will be liable to refund the Money Hub the full valuation and BSQ fees paid in addition to the above stated administration fees.

If it is found that you disclosed incorrect and untrue information and/or after starting the mortgage application your credit profile declines due to missed payments, defaults or CCJ's and as a result of this the mortgage application cannot continue, we may charge you the above detailed cancellation fees.


Refund of fees

No refund.


3. COMPLAINTS

It is our intention to provide you with a high level of customer service at all times. If there is an occasion when we do not meet these standards and you will wish to register a complaint please contact us by:

Address: Complaints Department, The Money Hub Limited, Thamesgate Business Centre, Thamesgate House, 33-41 Victoria Avenue, Suite 17-27 First Floor, Southend On Sea, Essex, SS2 6DF or by phone 0203 725 5830

If you cannot settle your complaint with us, you may be entitled to refer it to the Financial Ombudsman Service www.financial-ombudsman.org.uk


4. FINANCIAL SERVICES COMPENSATION SCHEME

We are covered by the FSCS. You may be entitled to compensation from the scheme if we cannot meet our obligations. This depends on the type of business and the circumstances of the claim.

Mortgage

Mortgage advising and arranging is covered up to a maximum limit of £50,000.

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


Insurance

Insurance advising and arranging is covered for 90% of the claim, without any upper limit. Where the firm has not taken steps and caused a contract not to be effected by an Insurer on a Pure Protection Policy or General Insurance claim arising from the death or incapacity of the policyholder owing to injury, sickness or infirmity, then 100% of the claim is covered.


End of Disclosure Document