We do not charge any upfront advice or consultation fees. We will even process and help you obtain an ‘agreement in principle’ at no cost and with no obligation if you wanted us too. Our typical broker admin fee is £495 but payable only when we obtain for you a full mortgage offer acceptance. If a fee is to become payable then we will make you fully aware, in advance and upfront, and we will obtain your consent before proceeding. 

1. Right-Advice Mortgage Consultancy Ltd  – Privacy Notice

This Right-Advice Mortgage Consultancy Ltd privacy notice provides information on how we and any of our subsidiaries, and any 3rd party providers collect, use, secure, transfer and share your information. Right-Advice Mortgage Consultancy Ltd privacy are a mortgage and insurance intermediary firm and we will collect information directly from you. It should be noted that as part of the Financial Conduct Authority’s (FCA’s) regulatory process we are Appointed Representatives of Mortgage Intelligence Ltd and are required to enter your details onto their systems. Details of their Privacy Notice can be found at www.experiencemi.co.uk.

Right-Advice Mortgage Consultancy Ltd has its head office at:

177 Queensway, Bletchley, Milton Keynes, Buckinghamshire, MK2 2DZ

1.1. Methods of Collection

In our general conduct of business, we collect information relevant to the provision of mortgage and insurance intermediary advice from:

• yourself

• next of kin

• spouse / partner / family member

• Business associates

• Employers

• “Trusted” sources including:

  • Government / Land / Police registers

  • Credit / Default Agencies

  • Financial Institutions (Banks, Building Societies, Loan Agencies, Credit Card companies)

  • Insurance Companies

  • Law firms

  • Doctors

  • Through consent to third parties disclosing information about you to us that they have collected

Such information will generally be collected by us via the use of any of our standard forms, over the internet, via email, or through a telephone conversation with you. We may also collect personal information through our affiliates or suppliers.

In addition, you may choose to submit information directly to us via several methods, including:

• in response to marketing or other communications

• through social media

• by signing up for a product or service

• through participation in an offer, program or promotion

• in connection with an actual or potential business or employment relationship with us

You may also agree to third parties disclosing information about you to us that those third parties have collected.

We, our service providers and partners collect certain information by using automated means, such as cookies and web beacons, when you interact with our advertisements, mobile applications, or visit our websites, pages or other digital assets. The information we collect in this manner may include: IP address, browser type, operating system, referring URLs and information on actions taken or interaction with our digital assets.

We may use third-party web analytics services on our websites and mobile apps. The analytics providers that administer these services use technologies such as cookies and web beacons to help us analyse how visitors use our websites and apps.

1.2. Types of Information Collected.

Right-Advice Mortgage Consultancy Ltd will typically collect but are not limited to:

First Name

How many Dependants

Personal Loan Details

Marital Status

Middle Name

Dependants Age Range

Personal Debt Details

Salary

Surname

Photographic ID

Personal Expenditure

Accountant Details

Previous Name

Address Verification

Existing Mortgage Details

Previous employers details 

Date of birth

Bank Statements

Existing Insurance Details

Employers Address

Present Address

Credit Card Statements

Email Address

Employers Phone number

Residential Status

Mortgage Statements

Phone Numbers

Health

Previous Addresses

Proof of Deposit

New Property Details

Ethnicity

Landlord Details

Payslips

Solicitor Details

Credit Card Details

Nationality

Self Employed Accounts

Estate Agent Details

Bank Details

NI Number

Employers Name

New Mortgage Details

UK National

Criminal Offences /Convictions

New Insurance Details

Gender

Doctors Details

“Your Rights and Choices” section of this Privacy Notice specifies your ability to limit the usage of the information collected.

1.3. Purposes of Collection

Generally, we will collect, use and hold your information for the purposes of:

• Carrying out electronic checks, including checks of your identity, using data from third parties we will use EID checks.

• Undertaking our regulatory responsibility for assessing the suitability of advice

• Dealing with lenders and providers to assist in providing a product or service

• Providing relevant information on mortgage and insurance products and related services that may be of interest

• Processing payments / transactions including: Accounting, Authorisation, Clearing, Chargebacks, Auditing, Billing, Reconciliation, Collection, Complaints, Enquiries, Credit Checks and related dispute resolution activities

• Protecting against and preventing fraud, money laundering, tax evasion, claims, other liabilities and managing risk exposure and agent /franchise quality, integrity, compliance and security of business processes

• Operating, monitoring, evaluating and improving our products, services, websites, mobile applications, other digital assets and business:

  • Developing new products and services

  • Managing communications, assessing effectiveness and optimising advertising

  • Functionality of our websites, mobile applications and other digital assets

• Enforcing our other legal rights as may be required by applicable laws and regulations or requested by any judicial process or governmental agency having or claiming jurisdiction over us or our affiliates.

• Complying with industry standards and Right-Advice Mortgage Consultancy Ltd policies

1.4. Lawful basis of processing

Right-Advice Mortgage Consultancy Ltd processes your information under the following basis:

• Performance of a contract: where you enter into a contract with us and we need to process your information as part of this contract

• Legitimate interests: some information is processed by us as part of our legitimate interests which include fraud, risk assessment, due diligence, network and information security, suppressions and managing opting out of communications , profiling , direct marketing, monitoring, web analytics, cloud storage, acquisitions, updating customer details, and other core products and services provided by the data controller

• Public interest: some information is processed in accordance with public interest

• Consent: where we process information under consent we will seek your clear and unambiguous consent prior to processing your data

1.5. Information We Share

We do not sell or otherwise disclose personal information we collect about you, except as described in this Privacy Notice or as indicated via a consent process at the time the data is collected. We share the information we collect with, but not limited to:

• Vetted affiliates / Financial Institutions / Insurance Companies / Mortgage Companies for business facilitation to provide required services, such as mortgages, insurance cover etc.

• Vetted affiliates for the purpose of conducting consumer research

• Formally contracted service providers to perform services on our behalf:

• Hosting Datacentres, Infrastructure, Applications (Development / Support) , Cloud Services (Software as a Service – SaaS, Platform as a Service – PaaS , Infrastructure as a Service – IaaS)

• Helpdesk, Call Centres etc.

We contractually require these service providers to safeguard the privacy and security of personal information they process on our behalf and authorise them to use or disclose the information only as necessary to perform services on our behalf or comply with legal requirements

• Law firms

• Auditors

• Our Network Principal Mortgage Intelligence Ltd

• Credit agencies, Land Registry Office, Her Majesty’s Revenue and Customs (HMRC), Financial Conduct Authority (FCA) and other relevant regulatory bodies

• Additionally we may share information about you, if required legally, to prevent harm or financial / reputation loss, for investigation of suspected or actual fraudulent or illegal activities.

On websites, features can be accessed where we partner with other entities that are not affiliated with us. These include social networking, geo-location tools etc. are operated by third parties (indicated appropriately) who may use or share personal information in accordance with their own privacy policies. It is recommended that you review the third parties’ privacy policies if you use the relevant features.

We reserve the right to transfer your information in the event of a sale or transfer (wholly or partially) of our business or assets, with reasonable efforts for the acquirer to protect / use your information consistent with our Global Privacy Notice. You can exercise your rights to contact the acquiring entity with questions concerning the protection and processing of your information.

1.6. How long do we keep information for

We will keep information for a reasonable amount of time in order to perform the purposes listed above.

We only keep your information for as long as necessary. We generally keep personal information for 7 years after last contact with you. However, we reserve the right to keep information for longer if we feel that this is in the legitimate interests of Right-Advice Mortgage Consultancy Ltd

1.7. International Data Transfers

We and/or associated third parties may transfer the personal information collected about you to recipients in countries other than the country in which the information was originally collected. Those countries may not have the same data protection laws as the country in which you initially provided the information. When we transfer your information to other countries, we will protect that information as described in this Privacy Notice or as otherwise disclosed to you at the time the data is collected (e.g. via program specific privacy notice).

1.8. Profiling

For the purposes of business conduct, enhancement, identification of fraud, money laundering and other potential unauthorised activities, we may engage in profiling activities via direct use or anonymisation of sensitive personal information.

1.9. Direct Profiling

Direct profiling is engaged for the fair and lawful purposes, to allow us to undertake legal reporting as may be required by applicable laws, regulations, policies / standards or requested by any judicial process or governmental agency having or claiming jurisdiction over us or our affiliates; including, but not limited to:

• Background checks for customers

• Financial Viability analysis / reports

• Business partner / customer portfolio position, performance, risk positions

• Anti-money laundering

• Tax reporting

• Credit defaulting / exposure

1.10. Indirect Profiling

Indirect profiling via anonymisation of personal information is also used for preparing and furnishing aggregated data reports showing anonymised information, including, but not limited to, the following:

• Compilations, analyses, analytical and predictive models and rules, and other aggregated reports for the purpose of advising our partners / affiliates and servicing institutions, retailers and other customers regarding past and potential future patterns of service usage, spending, fraud, and other insights that may be extracted from this data.

• Compiling and communicating promotional and marketing information about products and services that we, our affiliates and other organisations that we have affiliations with have and that may be of interest to you.

• Conducting market research

• Facilitating our internal business operations, including the fulfilment of any legal requirements.

1.11. Your Rights and Choices

Your rights regarding the sensitive / personal information we maintain about you enable you to exercise choices about what personal information we collect from you, how we use that information, and how we communicate with you.

1.12. Access and Correction

You may have the right to:

• obtain confirmation that we hold personal information about you

• request access to and receive information about the personal information we maintain about you

• receive copies of the personal information we maintain about you

The right to access personal information may be limited in some circumstances by local law requirements.

To exercise these rights, please see details below of requirements:

1. Update and correct inaccuracies in your personal information

If you feel that the information we hold about you is incorrect or inaccurate you can contact us outlining the information you feel is incorrect or inaccurate.

If we refuse to correct your personal information, we will provide you with a written notice that sets out the reasons for our refusal (unless it would be unreasonable to provide those reasons) and provide you with a statement regarding the mechanisms available to you to make a complaint. We will provide you with access to information we hold about you.

1.13.2 Object to the processing of your personal information

If you would like to object to any processing of your information by us you can contact us outlining what processing of information you would like to object to.

1.13.2 Have the information blocked, anonymised or deleted.

If you would like us to delete, block or anonymise information we hold about you, you can contact us outlining what information you would like deleted, blocked or anonymised.

To update your preferences, ask us to remove your information from our mailing lists or submit a request to access, update, correct or delete your personal information, please contact us as specified in the “How To Contact Us” section below.

1.14. Opting out of processing

You can opt out of collection of personal information by automated means e.g. when visiting our website or third-party websites and interacting with our adverts, by using the Cookie Consent tool displayed in the website (the browser you use may provide options on how to opt out of receiving certain types of cookies). However, without cookies you may not be able to use all of the website features and/or online services.

[AR FIRM] operate a cookie policy. Some of our service providers and partners may collect information about your online activities over time and across third-party websites to customise and target our adverts.

You can at any time tell us not to send you marketing communications by:

• e-mail admin@right-advice.co.uk

• unsubscribing via the “unsubscribe link” within the marketing e-mails you receive from us, or

• contacting [AR FIRM] as indicated below.

1.15.  Withdrawal of consent

If we obtain your information by consent you have the right to withdraw any consent you previously provided to us.

If we process your information under legitimate interest you can object at any time on legitimate grounds, to the processing of your personal information.

Right-Advice Mortgage Consultancy Ltd will apply your preferences going forward. Doing so will mean that you cannot take advantage of certain Right-Advice Mortgage Consultancy Ltd and affiliate products, services and promotions.

The right to consent removal may be limited in some circumstances by local law requirements and you will be informed appropriately.

1.  How to Contact Us / Complaints and Feedback

If you:

• believe we fall short of your expectations in processing your personal information

• wish to make a complaint about a breach of your personal information, applicable privacy laws / principles or have a concern about our privacy practices

• would like access and/or update information or preferences you provided to us,

Please e-mail us at: admin@right-advice.co.uk

Or write to us at:

Right-Advice Mortgage Consultancy Ltd

177 Queensway, Bletchley Milton Keynes, Buckinghamshire, MK2 2DZ

To assist us in responding to your request, please give full details of the issue. We attempt to review and respond to all complaints within a reasonable time.

If we cannot for lawful reasons complete your request we will explain this to you to the extent that we lawfully can.

1. How We Protect Personal Information

The security of your personal information is very important and we are committed to protecting the information we collect. We maintain administrative, technical and physical safeguards designed to protect the personal information you provide or we collect against accidental, unlawful or unauthorised destruction, loss, alteration, access, disclosure or use.

We use SSL encryption on our website from which we transfer certain personal information.

We store personal information only for as long as it is necessary for the fulfilment of the purpose for which the personal information was collected, unless otherwise required or authorised by applicable law. We take measures to destroy or permanently de-identify personal information if required by law or if the personal information is no longer required for the purpose for which we collected it.

1.  Review and Updates

This privacy notice may be updated from time to time and you should review it on a regular basis.

Mortgage Glossary
 
There is a lot of ‘jargon’ used in the mortgage industry. We have tried to provide you with a comprehensive explanation of all the terminology that you may come across during the mortgage process.

APRC
APRC stands for the Annual Percentage Rate of Charge. The APRC is the total cost of the credit to the consumer, expressed as an annual percentage of the total amount of credit.
 
Arrangement Fee
These are usually charged by the lender when arranging a loan on certain products.
 
Bank of England Base Rate
The Bank of England Base Rate determines how much other banks and building societies pay for the loans that they take out from the Bank of England. These base rates will in turn affect the interest rate paid for loans including the loan on your mortgage.
 
Bridging Loan
This is a temporary loan which enables you to complete the purchase of your property before completing the sale of your existing house. A typical example of when you may need one would be if you wanted to buy a second property before you’d sold your first.
 
Booking Fee
These are usually charged by the lender when arranging a loan on certain products.
 
Buy To Let
This is a type of mortgage used to buy property that will be used solely for the purposes of renting to a third party i.e. you as the owner never intend to live there.
 
Buy to Let Mortgages are NOT regulated by the Financial Conduct Authority.
Capital and Interest
This is simply another term for capital repayment.
 
Capital Repayment
There are two ways of repaying a mortgage either by the capital repayment or interest only route. With a capital repayment mortgage, the capital and interest elements of the loan are paid off with each monthly instalment, with the balance reducing over the length of the loan.
Therefore by the end of the mortgage term, assuming all mortgage payments are made, you have paid off the balance in full and you therefore own your property outright.
 
Capped Rate Mortgage
This is a type of loan where a maximum rate of interest is set at the start of the mortgage term. During the capped rate period the interest rate can fall below the capped rate but will never rise above it.
What this means for you the borrower is that you know how high the mortgage payments could rise but are guaranteed the rate will not go any higher, therefore making home loan budgeting easier.
 
Commercial Mortgages
This is a mortgage used by businesses for the purpose of purchasing their own business premises or for financing for investment purposes.
For example, you would need to apply for a commercial mortgage when investing in commercial property or purchase commercial property for investment purposes.
 
Commercial Mortgages are NOT regulated by the Financial Conduct Authority.
 
Completion
This is the point at which the money to buy your new property is released to the seller, ownership is then transferred to you and you become a proud home owner!
 
Conveyancing
This is the legal process involved when buying or selling property. Most people use a solicitor or a licensed conveyancer when buying or selling a property because there’s quite a lot of detailed work to do when transferring ownership of a property. If you are obtaining a mortgage your lender will insist that you use a solicitor.
 
Decreasing Term Assurance
Decreasing Term Life Insurance (sometimes called mortgage protection assurance) is where the sum assured decreases over the term of the policy. This type of policy is typically purchased by people who want to protect their repayment mortgage in the event of death.
As the outstanding mortgage balance reduces every year, so does the level of insurance. The purpose of this type of plan is to repay any capital you owe if you died.
 
Deposit
A deposit is the term used for the monies that you use as a down-payment on a property that you intend to buy.
 
Disbursements
These are the fees your solicitor has to pay on your behalf (e.g. Stamp Duty, Land Registry fees and search fees) which will be added to your conveyancing bill from the solicitor on completion of the buying or selling of a property.
 
Discount Rate
A discounted rate mortgage offers you reduced repayments for a given term. This interest rate is discounted from the published lender standard variable rate, for an agreed period from the start of the mortgage.
What this means for you the borrower is that you are guaranteed to pay a set amount below the standard variable rate for the period of the discount. The standard rate can go up and down, but the discount amount remains fixed during the agreed period.
 
Early Redemption Charge
If you pay off your mortgage in full or make overpayments in excess of the amount agreed by your lender at the outset you may be asked to pay an early repayment charge by your lender.
This charge is raised in order to recover any losses or costs incurred by your lender as a result of your early payment.
 
Endowment Mortgage
An endowment mortgage is a type of interest only mortgage designed to repay the mortgage, subject to investment returns. They usually have two parts, the first is a monthly interest payment to the mortgage lender and the second, a monthly payment into an endowment policy that is mainly invested in stocks and shares.
What this means is that you are only paying off the interest on the loan during the term on the mortgage so the balance of your mortgage never changes. The mortgage is designed to be repaid at the end of the term with the proceeds of the endowment policy, subject to investment returns
 
Equity
This is the positive difference between the value of your property and the amount of any outstanding loans secured against it.
For example if your home was worth £300,000 and the mortgage on your property was £100,000 your equity would be £200,000.
 
Exchange of Contracts
This is the stage in England, Wales and N.Ireland when both the buyer and seller have legally committed themselves to the sale and purchase of a property and are legally bound to complete the transfer.
 
First Time Buyer Mortgage
There are mortgages available exclusively for first time buyers and can have some special features such as; assistance towards legal fees, cash backs and free valuations.
 
First Time Buyer
This is the term for a person taking out their very first mortgage.
 
Fixed Rate
This is a mortgage rate where the interest rate is agreed at the start of the mortgage and will not change during the term of the fixed rate.
So you know exactly how much your monthly payment will be each month during the fixed rate period.
 
Freehold
When you have the freehold on a property this means that you solely own the property and the land it is situated on.
 
Gazumping
This rather unfortunate state of affairs occurs when another potential buyer puts in a higher offer for a property after your offer on the same property has been accepted.
This means that your offer is then rejected. This can happen because under English law, the seller is not legally committed to go ahead with the sale until the point at which contracts are exchanged.
 
Higher Lending Charge
This is the term used for insurance for the lender for you defaulting on your payments when your property is worth less than the loan or in some cases this charge is payable when you are only able to pay a small deposit. There are many mortgages that do not carry this charge and based on your situation it is possible that this type of charge can be avoided altogether.
 
Interest Charges
These are the charges made on a loan, calculated as a percentage of the total amount that you borrowed on your mortgage.
 
Interest Only
There are two types of mortgage, interest only or capital repayment. With an interest only mortgage the balance of your mortgage stays the same throughout the mortgage term.
Interest and sometimes a premium in a suitable investment vehicle are paid monthly. At the end of the term, the proceeds from the investment vehicle are intended to repay the mortgage. This amount will depend on the performance of the investment vehicle.
If you do choose an interest only mortgage you are responsible for ensuring that you have sufficient funds available to repay your mortgage at the end of the term.
 
Leasehold
This is a system used mainly in England where you own the property for a set period before handing back ownership to the freeholder. When you hold a leasehold on a property, it remains the property of the freeholder.
A leasehold will set out the details of obligations of the leaseholder for repairs and maintenance of the property.
 
Legal Fees
These are the fees charged by a solicitor or other qualified individual to carry out the legal work associated with buying a property.
 
Level Term Assurance
This is a life assurance policy which will repay your mortgage should you die during the term of the loan. The amount repaid is set as the balance of your mortgage at the start of your loan; this doesn’t change during the term of the mortgage. Should you survive, there will be no benefit.
It is very important to understand the concept that if you are to live until the end of the term, your policy will expire and no payment will be made.
 
Mortgage Rate
In a nutshell this is the interest rate on a mortgage loan.
Mortgages
This is the term used for the type of loan used to buy a property.
 
Mortgagee
This is the creditor or lender i.e. your bank or building society, that lends you the money for your mortgage.
 
Mortgagor
This is the person who borrows money, usually to buy a property.
 
Negative Equity
This situation occurs when a mortgage is greater than the actual value of the property. This can occur due to a decline in the value of the property after it is purchased.
For example, if the mortgage on the property is £300,000 but the value of the property is only £270,000 then a negative equity situation has occurred.
 
Offer of Loan
This is the formal document approving the mortgage you have requested. This document details the terms and conditions that will apply during the whole term of your mortgage.
 
Remortgaging
This is the term used when moving your mortgage from one lender to another without actually moving house. You may do this to save money.
This might be possible by switching to another mortgage product with the same lender or by switching your mortgage to a competitor. But remember, if you move lenders, the saving you make on the interest rate you pay may be partially or wholly eaten up by the transaction charges associated with moving your loan.
So, if you are thinking about remortgaging it is advisable to do your sums carefully and take good advice from a mortgage adviser. If you don’t do your homework properly you could face the equivalent of several months’ mortgage payments which would effectively wipe out any of the benefits of remortgaging.
 
Right to Buy Mortgages
These are mortgages specifically tailored for public sector tenants who qualify to buy their home under the Government’s Right-to-Buy scheme. You may be eligible to qualify to buy your council home if you are a secure tenant of either; a London Borough council, a district council, a non-charitable housing association, or a housing action trust.
Discounted rates are usually offered to council tenants for their homes. So if you are a council tenant wanting to buy your home, the rate you will pay will depend upon how long you have lived there. The amount of discount you will receive is roughly in proportion to the number of years you have been paying rent.
 
Searches
These are the enquiries made, usually by your solicitor, at the Land Registry, the Land Charges Register and Local Authorities to ensure there is nothing to cause concern about title to the land and the property you intend to buy.
 
Self Building Scheme
This is a package for people looking to build their home themselves.
 
Stamp Duty
This is a charge levied by the government on house purchases. There is a sliding scale of stamp duty depending upon the value of the property you are buying. Your mortgage broker can provide more information on the amount you will have to pay when purchasing your property.
 
Subject to Contract
This is the provisional agreement made between the buyer and the seller, before contracts on a property are actually exchanged. This allows either side to back out of the agreed sale without any financial penalty.
 
Survey
This is an evaluation of the condition and value of a property, carried out by an approved surveyor and paid for by the buyer.
 
Term
This is the length of time over which your mortgage loan is repaid.
 
Title
This is the legal right to the ownership of your property.
 
Title Deeds
These are the legal documents showing the ownership of your property.
 
Tracker Mortgages
This is a variable rate mortgage where the interest rate is linked directly to the Bank of England Base Rate. Therefore when the Base Rate changes, the rate on your tracker mortgage changes by the same amount. For example, if the Base Rate increases by 0.25% then your mortgage payments will increase by the same amount.
 
Transfer Deeds
This is the legal document which transfers ownership of registered land from the seller to the buyer.
 
Valuation
This is an independent assessment of the value of a property carried out by an approved surveyor and paid for by you the customer. All lenders insist that a valuation is carried out on a property. The valuation is used by the bank or building society to decide how much they are willing to lend you.
 
Variable Rate
This rate can go down as well as up during the course of your mortgage and is usually based on The Bank of England Base Rate, but can also be based on the lender’s own standard variable rate that they can determine.