Our Terms of Business
Helping you to understand our fees
Your time is valuable to us, and as such we believe in being fully transparent and upfront in our terms, i.e. what our service will cost you. These are in addition to any commission that we may receive from the lender. Any commission received will be fully visible on the lenders offer letter, or the mortgage illustration document.
- Initial Consultation FREE
1. We will consider your financial circumstances and requirements then provide you with information, on the most competitive lender and product options suited to you for your property finance;
2. We will provide you with an Illustration or ESIS document (European Standardised Information Sheet) to outline in writing all the features and costs associated with any mortgage or loan we recommend;
3. We will arrange an initial decision in principle with the recommended lender. This means the lender confirms they are willing to lend subject to receipt of a satisfactory valuation and all supporting application documentation;
4. If required, we will make a recommendation to you for a solicitors’ firm to facilitate the legal work required for your property purchase.
- Mortgage Application Fee £199
1. On receipt of your application fee we will start the process of completing the application form and collating it with any other documentation required by the lender and then submit to this to them on your behalf;
2. We will communicate to you in a timely fashion any other supporting information the lender requires in conjunction with your application;
3. We will check documentation you supply is consistent with the expectations and requirements of the lender;
4. We will ensure the lender application is monitored and progressing, for example checking that valuations are instructed and lenders are working within their published service timescales;
5. We will update you fully on the progress of the application until the lender issues the formal loan offer.
- Mortgage Completion Fee 0.5% of loan Amount
1. We will check the loan offer to ensure it is correct;
2. We will assist you if required with meeting any offer conditions such as arranging property insurance;
3. We will liaise with your legal representative to ensure they have received a copy of the offer and assist them where needed;
4. We will liaise with the lender if any offer amendments are needed, for example if there is a change to the purchase price or mortgage amount required;
5. We will continue to monitor and assist with your application until your purchase or refinance is successfully completed.
6. At this point our completion fee, for successfully completing the offer from the lender, becomes payable.
*Example: The fee payable would be £ 750 for a loan size of £150000
*The minimum fee of £ 299 applies for standard applications and £699 for International applications. The mortgage completion fee quoted is for standard mortgage/loan transactions. Should more specialist requirements be needed, we will advise you in writing if a different fee scale will apply before proceeding with an application.
Collabot finance works for you, the client and not the lender. We offer an advice and recommendation service, where we identify your needs, and come up with financial solutions, rather than just securing the cheapest mortgage for you. Ideally the two are aligned.
Depending on your particular circumstances, We may be able to offer you a fixed price service, or cap our fees. As such, please do not hesitate to give us a call, Remember – our initial consultation is fee.
In addition, we run promotions throught the year, where our customers may be able to receive discounts upto 25% of our fees. As such please do not hesitate to signup to our newsletter.
We believe that the cost of obtaining insurance should not be a barrier, Hence, we do not charge for providing advice on Insurance products.
What Documentation do we require to support your Application
To comply with Anti-money laundering and various other regulations – we need the following information to validate your identity and support your application.
- Identity (Passport preferred or a UK/EU Photo Driving Licence).
- Last 3 months personal bank statements.
- Residential address proof less than 2 months old (if this does not appear on the bank statements).
- Evidence of income e.g. latest payslip, SA302 (Tax year overview & Tax Calculation) or accounts.
- Proof of deposit (purchases).
- Credit Report – If you do not have, please review checkmyfile (Free for 30 days, £14.99 thereafter)
- Last two-year Company Accounts (P&L, Balance sheet)
- Asset & Liability statement for each major shareholder/Director
A lender may have additional requirements over and beyond what we have specified. We will liaise with you nearer the time.