How we get paid
On receiving an enquiry we will discuss with you (over the phone if you prefer), whether we are able to assist with meeting your needs and objectives. We will also discuss how we would be paid for our services should we be instructed to proceed. There is no charge for this preliminary conversation and no obligation on either side.
After the initial free consultation, we will agree with you whether you pay us a fee, or we are paid out of the cost of any financial product you buy (commission). Fees will usually be based on time spent and evaluated at a rate per hour calculated to recover our costs. Fees attract an additional VAT charge whereas commissions, under current legislation, do not. We will always tell you about any commission we earn, and it will be taken into account in working out our fee.
Commission is paid to an advising firm by the provider, i.e. the lender or the insurance company, for the successful placing of business. The commission is included within the provider's normal product charges, so there is nothing you need to pay us in addition. The amount of commission is based on a percentage of the premiums payable or loans agreed.
If you ask us to arrange a mortgage for you we normally charge a fee of 0.4% of the loan arranged, minimum of £199 - although in most circumstances – where we arrange the associated life cover, no charge will be made as the fee paid by the insurer is sufficient to cover our costs.
Whether we take our remuneration by way of commission or fees will be a matter of discussion and agreement, and no charges for fees will be made without prior notification in writing.