Trafalgar Square Mortgages is a trading name of Trafalgar Square Solutions Ltd. Trafalgar Square Solutions Ltd is authorised and regulated by the Financial Conduct Authority (FCA Number 480296)

The Financial Conduct Authority (FCA) is an independent non-governmental body, given statutory powers by the Financial Services and Markets Act 2000. We are a company limited by guarantee and financed by the financial services industry.  The Treasury appoints the FCA Board, which currently consists of a Chairman, a Chief Executive Officer, three Managing Directors, and 9 non-executive directors (including a lead non-executive member, the Deputy Chairman). This Board sets our overall policy, but day-to-day decisions and management of the staff are the responsibility of the Executive.

1. The Financial Conduct Authority (FCA)

The FCA is the independent watchdog that regulates financial services. It requires us to give you this document. Use this information to decide if our services are right for you.

2. Whose products do we offer?

Insurance 
We offer products from a range of insurers for Protection, Buildings and Contents Insurance and Accident, Sickness and Redundancy. 

Trafalgar Square Mortgages (TSM) will be paid commission direct from the Insurance Company and a fee will be charged to the client. 

Mortgages 
We offer mortgages from the whole market. 

Trafalgar Square Mortgages (TSM) will be paid commission direct from the Insurance Company and a fee will be charged to the client. 

3. Which service will we provide you with?

Insurance

We will advise and make a recommendation for you after we have assessed your needs for Life Cover (term), Critical Illness Cover (term), Income Protection Cover (term). 

You will not receive advice or a recommendation from us for Life Cover (term), Critical Illness Cover (term), Income Protection Cover (term). 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. 

Mortgages 

We will advise and make a recommendation for you after we have assessed your needs. 

You will not receive advice or a recommendation from us. 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. 

4. What will you have to pay us for this service?

Insurance 

A fee of up to £299.00 when you apply for any insurances. Trafalgar Square Mortgages will receive a fee from the lender in addition to the fee charged to the client.
You will receive a quotation which will tell you about any other fees relating to any particular insurance policy. 

Mortgages 

A fee of up to £399.00 when you apply for a mortgage. Trafalgar Square Mortgages will receive a fee from the lender in addition to the fee charged to the client. This fee will be disclosed on the key facts illustrations given to the client. 

You will receive a key facts illustration when considering a particular mortgage which will tell you about any other fees relating to it. 

5. Refund of fees

If we charge you a fee, and your mortgage does not go ahead, you will receive: A full refund repayable if the case fails to proceed within 10 days of receipt by TSM. 

6. Who regulates us?

Trafalgar Square Mortgages, 30 Water Mead, Surrey, CR5 3NU is a trading name of Trafalgar Square Solutions Ltd. 

Trafalgar Square Solutions Ltd is directly authorised and regulated by the Financial Conduct Authority (FCA) Register number is 480296.

Trafalgar Square Solutions Ltd is bound by the Financial Conduct Authority’s rules.

Our permitted business is advising on and arranging mortgages and non-investment insurance business.

You can check this on the FCA’s Register by visiting the FCA’s website  https://register.fca.org.uk.

7. What to do if you have a complaint?

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

In writing to: Trafalgar Square Solutions Ltd,  Complaints Department, 30 Water Mead, Surrey, CR5 3NU or by telephone on 01737 554732. If you cannot settle your complaint with us, you may be entitled to refer it to the Financial Ombudsman Service. 

8. Are we covered by the Financial Services Compensation Scheme (FSCS)?

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.

Insurance 

The FSCS protection for insurance claims is 90% of the claim with no upper limit. The FSCS protects all UK policies issued prior to 1 December 2001 by a UK authorised insurer.

In the event of an insurance provider failing, the FSCS would seek to secure continuity of the long-term business, either by transferring policies to a different insurer or arranging for a different insurer to issue substitute policies. If this was not possible, the FSCS would endeavour to maintain payments for protected policyholders up to the level of protection available under the Scheme's rules (90% of the value). This would include regular payments of pensions and annuities, as well as death claims and policies that matured. 

Claims for compulsory insurance are covered in full.

Mortgages 

Mortgage advising and arranging is covered by the compensation limit of 100% of £50,000 applies to each claimant 

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

THOSE WHO ADVISE ON MORTGAGES ARE: EITHER Independent Advisers OR: Representatives of one company. Your adviser is INDEPENDENT and will act on your behalf in advising you on mortgage products, term assurance, term critical illness, income protection & accident sickness and redundancy cover, buildings & contents insurance. 

Because your adviser is independent they can advise you on the whole market.

This Client Agreement commences on the day of issue to clients.

We advise on and arrange mortgages, term assurance, term critical illness, income protection & accident sickness and redundancy cover, buildings & contents insurance.

Your objectives, attitude to risk and other restrictions will be confirmed to you in due course, following completion of a fact find and subsequent discussion.

You have a right to inspect copies of contract notes, vouchers and entries in our books or computerised records relating to your transactions.

We keep records of our business for at least six years.

If you have any complaints about the advice you receive or a product which you have bought, please write to the Compliance Officer, Trafalgar Square Mortgages, 30 Water Mead, Surrey, CR5 3NU or by telephone on 01737 554732. A copy of our internal complaints handling procedures is available on request. Further information is available from the Financial Conduct Authority and the Investors Compensation Scheme through the Financial Ombudsman Service.

We offer independent financial advice, but occasions can arise where we or one of our other customers will have some form of interest in business which we are transacting for you. If this happens, 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.

This factsheet is from the Financial Conduct Authority (FCA), the independent watchdog set up by the government to regulate financial services in the UK and protect the rights of consumers.

Taking out a mortgage is one of the biggest financial commitments you can make, both in terms of the amount you borrow, and the length of time it may take to repay it.

Are you sure you can afford it?
You may be able to afford the repayments now, but if you borrow a large amount over a long period of time think what could happen if, for example, your income falls or you lose your job. Or what if interest rates rise and your monthly repayments go up?

How could your income fall?
Your income could fall if: You lost your job, or had to take a drop in income. You or your partner stopped work to have a child or to look after a dependant You became ill and couldn't work. 

Could you keep up your mortgage payments if your income falls?

How could your mortgage payments go up? Your mortgage payments to your lender could go up (or down) if interest rates change. Mortgage interest rates are related to the interest rate set by the Bank of England and lenders usually apply some or all of any change to your mortgage. Unless your mortgage rate is fixed for the full term of your mortgage, this will affect you. Often, special rates are for a set period so when they come to an end your payment will change – it could be much higher. 

Although interest rates have been stable over the past few years, this could change. In the past, interest rates could rise from 3.5% to 15% in just a few years. Interest rate rises could increase your monthly payments considerably, making it difficult for you to afford them.

With an interest-only mortgage you only pay the interest on your loan – but you will also need to have a way of paying off the loan at the end of the term (borrowing period). This will usually mean having a savings plan or investment to build a lump sum to pay off the mortgage.

Could you afford your mortgage if interest rates went up significantly?

What can you do now to help protect yourself against the risk of changes in your circumstances and interest rate rises? Plan your budget based on what you might have to pay in future as well as the initial cost – don't forget to include all your household expenses, such as buildings and contents insurance premiums, council tax. Try not to take the maximum mortgage on offer – just because you can afford it now, doesn't mean you can afford it in the future. Think about whether you need a fixed rate so that you know your mortgage payment won't go up for a given period – don't forget that if rates fall, your payment won't. Build up your savings so that in an emergency (for example, you lose your job) you can still afford to pay your mortgage and bills for a short time. Compare rates on savings accounts on FCA’s comparative tables, newspapers or websites. Work out how long you could live on your savings if you lost your job. Check what benefits your employer would provide if you became ill. Insurance – various products can insure you in the event of redundancy, critical illness, or accident. You should consider these but make sure they meet your needs: there are restrictions on when and how much they will pay out. Make sure you understand the limitations of any policy and how it protects you. For information on all types of insurance, see the Association of British Insurers (ABI) Information Zone at www.abi.org.uk. 

If you do get into difficulties.

Talk to your lender if you cannot meet your mortgage payments – they will have a set procedure for dealing with your case.
State benefits - may be available, but may cover you only after an initial waiting period,.

A mortgage is a long-term loan secured on your home. ‘Secured’ means that, if you don’t keep up the loan repayments, the lender can repossess your home and sell it to get their money back.

The FCA regulates most mortgage sales from 31 October 2004. This pack aims to help you choose the right mortgage. It explains how some of the rules we’ve made will make it easier for you to shop around and understand what you’re getting.

A mortgage is a loan you take out to buy your home. It can be for any length of time agreed between you and the lender. If you get into difficulties making the payments and get into arrears, the lender can, as a last resort, take back your home and sell it to get its money back. Remember, you are responsible for paying back your mortgage.

These steps, and the relevant numbered sheets, aim to help you choose the right mortgage:

Step 1: How much should you borrow?

When looking for or changing your mortgage, think about how much you can afford to borrow, and whether you can continue to afford it if circumstances change.

Step 2: Shop around

Start by collecting information and comparing lenders and the products they offer. The FCA’s comparative tables can help you compare rates and flexibility.

Step 3: Information or advice?

What level of service do you want when getting a mortgage? Advice and a recommendation or just information so you can choose for yourself? Decide before you go in search of a mortgage and make sure you get the service you want.

Look out for the document Keyfacts about our mortgage services – which the broker or lender will give you.

This will explain the service you’re getting from the broker or lender and what you’ll have to pay.

Step 4: Which interest rate deal?

‘Discount’, ‘tracker’, ‘fixed’ – just a few of the interest rate deals on the market. Which one you choose will determine how much you pay in the short term as well as the long term. Shop around and see what the different deals offer.

Step 5: Mortgage features

There are lots of different mortgage features available. Flexible, current account or offset. What’s the difference and is one for you?

Step 6: Get the ‘keyfacts’ about the mortgage

To help you consider a mortgage deal, you’ll get a personalised illustration entitled keyfacts about our mortgage services – also called a key facts illustration (KFI). This will summarise the features and costs of any mortgage product you’re interested in. Asking for a KFI doesn’t commit you to anything.

Use it to shop around.

Step 7: How to repay your mortgage

There are two ways to repay your mortgage: ‘repayment’ or ‘interest-only’. They work in different ways and you will need to choose the one that suits you.

Step 8: How to repay your mortgage – interest-only

A way of repaying your mortgage – but only the interest on the loan; you’ll need another financial product to pay off the loan at the end. Is this for you?

Step 9: What are the fees and costs?

There are costs to pay when getting a mortgage; some can be added to your loan. Make sure you know what’s included.

Step 10: Insurance checklist

You’ll need buildings insurance to cover your home in case it’s damaged or destroyed. You’ll probably take out insurance to cover your possessions, and you might want to cover your income or mortgage payments. This checklist explains what’s available.

Step 11: You can afford your mortgage now, but what if…?

Don’t just think of your present financial situation; consider what you would do if interest rates went up or you lost your job.

Step 12: Review your mortgage

Don’t just sit back and forget about it. You’ll get a statement at least once a year. It will contain lots of information about your mortgage. You can use it to help you decide whether you can get a better deal elsewhere or a better deal from your current lender. Useful FCA publications

Your home may be repossessed if you do not keep up repayments on your mortgage. Trafalgar Square Solutions Ltd is  authorised and regulated by the Financial Conduct Authority (FCA No: 480296). 

The Financial Ombudsman Service is available to sort out individual complaints that clients and financial services businesses aren’t able to resolve themselves. To contact the Financial Ombudsman Service please visit www.financial-ombudsman.org.uk

Copyright © 2006