Terms of Business
Who We Are
Ingard is a whole of market independent Mortgage and Insurance brokerage. We provide holistic advice on mortgages and non-investment insurance products, priding ourselves on our reputation for offering a superior service based on honesty, integrity and a clear transparent work ethic that ensures we treat every client fairly and professionally.
We are regulated by the Financial Conduct Authority (FCA) who are the independent watchdog that regulates financial services.
We will confirm to you in writing the basis of our recommendations. We will also provide you with either a Key Facts Illustration (KFI) or a European Standardised Information Sheet (ESIS) or an illustration which is a personalised description of the costs and features of the mortgage or product that we are recommending. You may ask us to provide you with additional KFI’s or ESISs for any mortgage or product for which you are eligible.
The Products and Services we will Provide you with
We will advise and make a recommendation for you after we have discussed your needs in relation to protecting you, your family, your home or your business. We advise on non-investment protection products e.g. term assurance, income protection, critical illness and home insurance from a range of providers.
We provide an unlimited mortgage service. We will search the whole of the market place to find the most appropriate mortgage to suit your particular needs. We provide mortgages in the non-business and business markets and for first and second charge loans in both markets. Where required, we can also provide advice and make a recommendation on equity release mortgage products.
Alternative Finance Options
Where we provide services in relation to increased borrowing on an existing mortgaged property there may be an alternative option available that may be more appropriate. For example, you may be able to obtain a further advance from your existing lender, or obtain an unsecured loan for the additional funds. Where your existing mortgage is a first charge against the property, a second charge mortgage may be available and where the existing mortgage is a second charge, a first charge loan may be available.
Equity release is a way of releasing the wealth tied up in your property. With an equity release scheme you have to be over a certain age, (typically over 55) and own your own home. There are two main types of equity release plans on the market – Lifetime Mortgages and Home Reversion Plans.
Where you are eligible for equity release we advise on equity release products. This means we will provide advice and make a recommendation after we have assessed your needs.
We provide advice from a comprehensive range of equity release products across the market.
What we will charge for our service
We will not charge a fee for Insurance.
You will receive a quotation which will tell you about any other fees relating to any particular insurance policy.
We offer a selection of fee structures dependent on individual circumstances and requirements
No fee will be charged. We will be paid by commission from the lender.
A fee of £250 is payable upon completion, where we provide advice and a subsequent recommendation to obtain a mortgage through a lender that only offers mortgages to customers that apply direct. We will not receive a commission from the lender.
A fee of £500 is payable upon completion of the mortgage. We will also be paid commission from the lender. This fee generally applies to standard mortgages
A fee of 1% of the mortgage loan is payable upon completion, subject to a minimum fee of £1,000. This means that on a mortgage of £50,000 a fee of £1,000 is payable upon completion. As a comparison, on a loan of £200,000 a fee of £2,000 is payable upon completion. We will also be paid a commission from the lender.
An administration fee of £250 is payable upon application.
Second Charge Mortgages
For second charge mortgages we offer 2 fee structures dependent on individual circumstances and requirements.
No upfront costs – Ingard will cover the cost of the valuation and other associated costs. A fee of 5% of the loan is payable upon completion, subject to a minimum fee of £1,500. This means that on a loan of £50,000 a fee of £2,500 is payable upon completion. All fees are subject to a maximum fee of £4,000. We will also be paid a commission from the lender.
Upfront costs – Costs such as the valuation are payable by you the client at outset. (A full list of costs will be provided at outset). A fee of £995 is payable upon completion for a straightforward case. An example of a straightforward case would be a borrower who does not have current/historic adverse, income from standard sources and a standard property type. For a complex case a fee of £1,495 applies. An example of a complex case would be a borrower with current/historic adverse, a non-standard income or a non-standard property type. This means that on a loan of £20,000, for a straightforward case, a fee of £995 is payable upon completion. As a comparison, on a loan of £200,000, for a complex case, a fee of £1,495 is payable on completion. We will also be paid a commission from the lender.
You will receive a Key Facts Illustration (KFI) / European Standardised Information Sheet (ESIS) when considering a particular mortgage, which will tell you about any fees relating to it.
If we are paid a commission from the lender, you have the right to request information on the levels of commission we will receive from the different lenders in relation to any mortgage product recommended.
A fee of 1% of the mortgage loan is payable upon completion, subject to a minimum fee of £1,995. This means that on a mortgage of £50,000 a fee of £1,995 is payable upon completion. As a comparison, on a loan of £200,000 a fee of £2,000 is payable on completion. We will also be paid a commission from the lender.
You will receive a Key Facts Illustration (KFI) when considering a particular equity release product, which will tell you about any fees relating to it.
If we are paid a commission from the lender, you have the right to request information on the levels of commission we will receive from the different lenders in relation to any mortgage product recommended
Refund of Fees
If we charge a fee and your mortgage does not go ahead, you will receive no refund if we have carried out credit searches / research / product options and sourced a suitable mortgage provider
Who Regulates Us
Ingard is a trading style of Ingard Financial Limited, First Floor, Maple House, Park West, Sealand Road, Chester CH1 4RN which is authorised and regulated by the Financial Conduct Authority. Our FCA Register number is 450731.
Our permitted business is recommending and advising on regulated mortgage contracts and regulated non-investment insurance contracts.
You can check this on the Financial Services Register by visiting the FCA’s website www.fca.org.uk/firms/systems-reporting/register or by contacting the FCA on 0800 1116768
What to do if you have a complaint
Please see our Complaints Procedure here
Are we covered by the Financial 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 advising and arranging is covered for 90% of the claim, without any upper limit.
Mortgage advising and arranging is covered for 100% of the first £50,000 so the maximum compensation is £50,000.
Further information about compensation scheme arrangements is available from the FSCS at www.fscs.org.uk