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Terms of Business

The following information is shared to help you decide if our services are right for you. 

Our services

First charge regulated mortgages

We will provide advice and make a recommendation for you after we have assessed your needs and circumstances.

Second charge regulated mortgages

We offer a referral service.

BTL & CBTL unregulated mortgages

We will provide advice and make a recommendation for you after we have assessed your needs and circumstances. Please note that our recommendations with respect to Buy to Let are restricted to helping you arrange a suitable mortgage. We will not advise you about whether or not the property you plan to buy and let out to tenants, will turn out to be a sound investment

Insurance

We will provide advice and make a personal recommendation for you after we have assessed your needs and circumstances. We provide an intermediary service and act on your behalf.

Rate checking service

Please note that under the recently launched Mortgage Charter, those lenders who have committed to the terms of the Charter will allow customers approaching the end of a fixed rate product to lock into a new a deal up to six months ahead. The Charter also allows customers to manage their new deal and request a better like-for-like deal from the same lender if a better rate becomes available before completion.

Our advice services will extend to checking the availability of better deals after our initial recommendation, at your request. If you would like us to assess the market for a new rate, please make this clear to the adviser assigned to your case.

The products we offer

Mortgages

We offer a comprehensive range of first charge regulated mortgage contracts for both business and non-business purposes, as well as unregulated BTL and CBTL mortgage contracts from over 100 lenders across the market but not deals that you can only obtain by going direct to a lender. A list of the lenders is available on request. In circumstances where you are looking to increase existing borrowing, the following options, on which we may not be able to advise, may be more appropriate:

  • A further advance from your existing lender
  • A second charge mortgage
  • An unsecured loan

Insurance

We recommend products based on a fair and personal analysis for term assurance, critical illness, income protection, family income and non-profit whole of life. We recommend buildings and contents insurance based on an analysis of products from Ageas, AXA, RSA, UK General and Zurich.

The Cost of our Services

Mortgages

We will charge you a fee of up to £749 upon receipt of a mortgage offer for our services. A typical fee for a standard mortgage is £499 and a Boost mortgage is £749. If your case is more complicated, for example you are releasing equity or have adverse credit, you may be charged the full £749. Your broker will clearly explain the fee you’ll be charged after your appointment, and you won’t be charged until you receive a mortgage offer from a lender.

We may also receive commission from the lender or insurer of any products you take out. You will receive a personalised illustration (ESIS) when considering a particular mortgage, which will tell you about any fees relating to it, and the commission we will be paid. You have the right to ask for information on the variation in levels of commission payable by mortgage lenders. You also have the right to request an illustration for any mortgage we offer.

Insurance

We arrange the policy with the insurer on your behalf. You do not pay us a fee for doing this. We receive commission from the insurer which is a percentage of the total annual premium. You will receive a quotation that will tell you about any other fees relating to a particular insurance contract. 

We have no direct or indirect holding, voting rights or capital in any insurance undertakings. Aviva Insurance Limited has an indirect holding representing 18% of the voting rights and capital in our firm.

Refund of fees

Where a fee has become due, and you subsequently cancel or withdraw at any time prior to completion, in order to cover our administration costs, the fee will still be due, and if already paid you will not receive a refund.

Complaints

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

Write to

18 Crucifix Lane, London, SE1 3JW

Email

complaints@tembomoney.com

Telephone

020 3386 9333

If we do not resolve the complaint to your satisfaction, you may also contact The Financial Ombudsman Service who can be contacted at: The Financial Ombudsman Service, Exchange Tower, London, E14 9SR. Telephone: 0800 0234567 Email: complaint.info@financial-ombudsman.org.uk

Regulation

We are authorised and regulated by the Financial Conduct Authority. Tembo Money Limited's Financial Services Register number is 952652. The FCA is an independent watchdog that regulates financial services. Tembo Money Limited's permitted business is advising and arranging regulated mortgage contracts (some of which may be Buy to Let finance) and 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 111 6768.

In most cases, advising on and arranging Buy to Let mortgages is not regulated by the Financial Conduct Authority. However, where you or a close relative intend to occupy the property, or if you or a close relative have lived in the property before then these are likely to be regulated by the Financial Conduct Authority.

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 will depend on the type of business and the circumstances of the claim.

Residential Mortgage

Advising and arranging is covered up to a maximum limit of £85,000.

Insurance

Advising and arranging is covered for 100% of the claim with no upper limit for long term insurance and 90% of the claim with no upper limit for all other types of cover.

BTL Mortgage

Most BTL mortgages are not covered by the FSCS. However if a close family member will be renting the property then you may be covered by the FSCS. Further information about compensation scheme arrangements is available from the FSCS