Terms of Business / IDD

This document should be read and acted upon only in conjunction with all other literature issued by the firm including the firms IDD. Mortgage applicants must disclose all present credit arrangements and all other financial commitments they may have (e.g. child maintenance etc) and advise of any adverse debt / payments history which may adversely affect the outcome of any formal mortgage application. First mortgage should be immediately advised of any change in the applicants circumstances ( e.g. change of employment, salary etc ) that would have an impact on the application. Applicants must discharge themselves from any present mortgage before a new mortgage can be released unless they have written permission from both their existing lender and their new lender to the contrary.

Client Responsibilities Regarding The Lenders Formal Offer Of Mortgage Loan

This document provides an in principal confirmation of the applicants suitability for mortgage lending purposes based on the information provided by the named applicants being confirmed in references etc. However, this document does not constitute a formal offer of loan which will be issued by the chosen lenders following a successful application. When you receive a formal offer of mortgage loan please read the terms and conditions very carefully. Once the mortgage offer has been signed and returned to the lenders it will be assumed that all the terms and conditions contained within have been fully read and understood by the applicant/s and are therefore entirely suitable for them even if these do not match with the original quote provided or mortgage applied for. Although it is common industry practice for many people to offer for property based on an in principal lending proposition prior to formally applying for a mortgage, all applicants who offer for property are advised to instruct their solicitors NOT to complete the final missives on any home purchase or submit themselves to this or any other financial commitment related to their mortgage application until an acceptable detailed formal offer of loan specific to the property in question has been issued and then signed and returned by the applicant to the lender as first mortgage shop / first mortgage direct will not be held liable whatsoever for any direct or consequential losses incurred by the applicant should there be any delay and / or non issue of a formal offer of loan. Once received, the applicant must take extra special care to read and fully understand the terms and conditions of the lenders formal offer of loan and if in any doubt about the offer of loan should immediately consult with their first mortgage advisor to ensure that this is exactly what they require. In keeping with standard industry practice, once the formal mortgage application has been completed, first mortgage shop/first mortgage direct and/or the applicants chosen lender are entitled to decline or offer alternative mortgage facilities at their sole discretion.

Mortgage Affordabilty

Although first mortgage may provide help in your decision as to whether you can afford any mortgage arranged through us, it will always remain the clients sole / final responsibility to decide whether they can afford both the initial and long term mortgage costs, taking into full account the rise and fall of interest rates in the market place and / or the impact of any discounted or fixed rate period expiring. The client should therefore work out their net disposable income after all existing debts and commitments have been paid including the proposed mortgage payments, insurances, food, entertainment / hobbies, travel and utilities etc to establish their ability to repay the long term rate on any mortgage arranged through first mortgage. Only after having completed this exercise and then being absolutely sure of your ability to meet the regular long term mortgage payments should you, the applicant, sign any mortgage offer of loan arranged through first mortgage. Although first mortgage may provide help for you to decide if you can afford said mortgage, First Mortgage will not be liable for any losses that could result should your sole decision as to your ability to afford the mortgage prove incorrect.

Mortgages Past Retirement

First mortgage shop / first mortgage direct take the view that it is most unlikely to be beneficial for any mortgage applicant to take a mortgage past their known retirement date due to the difficulties likely to be encountered in affording the repayments on a pension when the applicants income can be expected to drop. Although first mortgage may be able to arrange mortgages past retirement this is not to be interpreted as a recommendation for the client to take up such an offer, with any applicant who chooses to take their mortgage past retirement doing so entirely at their own volition and financial risk with first mortgage shop / first mortgage direct taking no responsibility for the applicants decision in this respect.

Mortgage Payments Promise

If, having applied for a mortgage through first mortgage you are then offered a like for like mortgage with a lower initial offer / long term interest rate than the mortgage applied for through us, we will request that the original lender applied to match the alternative offer failing which, as your agent, arrange for the transfer of mortgage completion to your preferred lender through our agency with them. Additionally, we will refund TWICE the first years payments difference when your mortgage is finally completed through first mortgage. To claim on this mortgage promise simply provide a copy of the alternative mortgage offered at least 7 days prior to completion of the original mortgage applied for through first mortgage. Any alternative mortgage offered must have been available to the general public on the date mortgage application papers were completed at first mortgage.

Insurance Premiums Promise

If, having applied for insurances through first mortgage you are then offered like for like insurance cover with both lower initial offer / long term premium rates than quoted on the insurances applied for through us, we will request that the original insurers match the alternative insurance offer failing which, as your agent, arrange for the transfer of your insurances to your preferred insurer through our agency with them. Additionally, we will refund TWICE the first years premiums difference when your mortgage and insurances are finally completed through first mortgage. To claim on this insurance promise simply provide a copy of the alternative insurance offered at least 7 days prior to going on cover with the original insurance applied for through first mortgage. Any alternative insurance offered must have been available to the general public on the date insurance application papers were completed at first mortgage.

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