Terms of Business

About this Document

This document outlines our terms of business it is given to consumers considering buying certain financial products. You need to read this important document. It explains the service you are being offered and how you will pay for it.

By choosing to transact business with us, you are agreeing to accept our terms of business and both parties will be bound by the terms laid out in this document.

Our Regulator

Covertree Limited is an appointed representative of The Right Mortgage Limited who are authorised and regulated by the Financial Conduct Authority (FCA) for General Insurance, Private Medical Insurance, Pure Protection and Mortgage business. You can check our details and regulatory permissions via the Financial Services Register at https://register.fca.org.uk/ or by contacting the FCA on 0800 111 6768. Our FCA reference number is 809249.

Our Status

Covertree Limited of SU2A, Lansbury Business Estate, Lower Guildford Road, Knaphill, Woking, Surrey GU21 2EP trades as a Limited Company. Our Company Number is: 11129066.

Advice

We offer an advised service for Mortgages and Insurance. We will advise and make a recommendation for you after we have assessed your needs.

Insurance Products

We offer products from a range of insurers for pure protection (non-investment) insurance contracts. E.G. Life, Critical Illness and Income Protection Insurances.

We offer products based upon a fair analysis of general insurance providers for:

  • Property, contents, personal possessions cover;
  • Accident, sickness & unemployment cover;
  • Private medical insurance cover.

A list of the insurers with whom we transact business is available on request.

Mortgage (Home Finance) Products

We offer a comprehensive range of first charge & second charge mortgages from across the market, but not deals that you can only obtain by going direct to a lender. A list of the lenders that we provide advice from is available on request.

Increasing Borrowing on a Property

If you are looking to increase the borrowing on a property, the following alternative finance options may be appropriate for you:

  • Further advance from your existing lender;
  • Second charge mortgage;
  • A new first charge mortgage;
  • Unsecured lending.

We do not offer advice on unsecured lending.

Mortgage Regulation

Some mortgages are regulated by the Financial Conduct Authority (FCA) and some are not:

  • Residential mortgages are regulated by the FCA;
  • Buy-to-let mortgages are not normally regulated by the FCA;
  • Some buy-to-let transactions, however, are defined as “consumer buy-to-let” – we will advise you if this applies to your application.

What we will do

  • Communicate clearly, promptly and in plain English;
  • Explain all costs involved before they are incurred;
  • Evaluate your needs before making a recommendation;
  • Review the market from our list of providers to recommend the most suitable product and provider for your needs and circumstances;
  • Deal with reputable providers of insurance products; however, we cannot be responsible for their levels of service, including any delays in processing of your application caused by the product provider. Of course, we will work to mitigate these wherever possible.

What we will not do

  • Provide a decision in principal before conducting a thorough review of your circumstances and needs (fact find) and obtaining sufficient supporting information to assist the application;
  • Cause you to incur a credit search without first notifying you;
  • Act without first obtaining your permission to do so;
  • Cause you to incur costs without your prior agreement to proceed.

How we will operate

During our initial consultation we will complete a client questionnaire (fact find) to enable us to better understand your circumstances and your needs; this enables us to give appropriate advice on your Mortgage and Protection needs. A copy of this questionnaire is available for you to review upon request.

We will subsequently conduct research to establish what products are most appropriate for your needs and make these recommendations to you. These recommendations will be confirmed in writing as the advice we provided.

You will also be provided an illustration regarding the product(s) recommended.

Costs

Insurance

  • No fee is payable for our service in relation to insurance contracts;
  • We will be paid commission by the insurer.

Home Finance Products

A fee of £495 is payable on application, for our service in relation to mortgage contracts.

We will be paid commission by the lender; the amount of the commission due to be paid is available upon request and will be disclosed via the mortgage illustration.

Refund of Fees

If we charge you a fee and your mortgage does not go ahead you will not receive a refund. We will not benefit from any commission from the lender.

Complaints

If you wish to register a complaint, please contact us:

In writing:   The Right Mortgage Limited, St John’s Court, 70 St John’s Close, Knowle, B93 0NH
By phone:   01564 732 744

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

Your Responsibilities

It is your responsibility to deal with us in an honest and transparent manner. Failure to disclose key facts that relate to your personal circumstances could significantly influence the advice given. In some circumstances failure to disclose information could impact upon your ability to obtain the most suitable product and could even invalidate the product, such as in the event it is interpreted as material non-disclosure that could be considered to be a fraudulent act.

If you have any doubts as to whether you should disclose a matter it is better to notify the provider and allow them to make an informed decision.

It is also your responsibility to check that the product provided is as you expected, therefore you should check the application and policy document on an insurance policy. If it is not as expected, please notify your adviser immediately.

Financial Services Compensation Scheme (FSCS)

Insurance Advising & Arranging

For firms declared in default on or after 3 July 2015
Protection is at 100% where claims:
a) arise in respect of a liability subject to compulsory insurance; or
b) arise in respect of a liability subject to professional indemnity insurance; or
c) arise from the death or incapacity of the policyholder due to injury, sickness, or infirmity including contracts for Long Term Insurance such as Long Term Care, pensions and annuities

Protection is at 90% where claims arise under other types of policy with no upper limit

Cancellation Rights

Depending on the product provided you will have different cancellation rights; these will be explained to you as part of our advisory process and will be disclosed to you by the provider in their communications also. It is your responsibility, however, to exercise these rights in a timely fashion; we cannot do this on your behalf.

Instructions

We will normally accept your instructions verbally or in writing; however, we always recommend that all instructions are provided in writing for the avoidance of misunderstandings.

Client Money

WE DO NOT HANDLE CLIENT MONEY. We will not accept any cheque other than for the payment of your fee, any third party payments must be made by you to them. Under no circumstances will we handle cash.

Call Recording

Telephone calls made to Covertree Limited may be recorded and used for training and/or regulatory purposes.

Conflicts of Interest

We undertake not to transact business where we believe that to do so could result in a conflict of interest. Where we believe that our interests conflict we will notify you in writing first and outline the basis upon which we are prepared to proceed. The decision to proceed will be yours however.