How we are paid
On receiving an enquiry we will discuss with you (over the phone if you prefer), whether we are able to assist with meeting your needs and objectives. We will also discuss how we would be paid for our services should we be instructed to proceed. There is no charge for this preliminary conversation and no obligation on either side.
After the initial free consultation, we will agree with you whether you pay us a fee, or we are paid out of the cost of any financial product you buy (commission). We will always tell you about any commission we earn, and it will be taken into account in working out our fee.
Commission is paid to an advising firm by the provider, ie the lender or the insurance company, for the successful placing of business. The commission is included within the provider's normal product charges, so there is nothing you need to pay us in addition. The amount of commission is based on a percentage of the premiums payable or loans agreed.
Fees will usually be based on time spent and evaluated at a rate per hour calculated to recover our costs. Fees attract an additional VAT charge whereas commissions, under current legislation, do not. We will always tell you about any commission we earn, and it will be taken into account in working out our fee.
If you ask us to arrange a mortgage for you we can be paid by either commission plus a small administration fee of £295 or a fee only. This small admin fee is only due on completion and can be refunded if we fully protect the mortgage, please ask for details. If you choose the fee only option this will normally be 0.75% (£75 per £10,000) of the loan.
Whether we take our remuneration by way of commission or fees will be a matter of discussion and agreement, and no charges for fees will be made without prior notification in writing.