Terms of Business Agreement

Terms of Business Mortgages & Insurance

Our Status

Liquid Expat Mortgages (LEM) is a trading style of Liquid Complete Limited who is authorised and regulated by the Financial Conduct Authority, firm reference number 685425. You can check this on the Financial Services Register by visiting www.fca.org.uk/register. Our permitted business includes advising on and arranging mortgages, credit broking, consumer buy-to-let mortgages and insurance contracts.

Our Insurance Services

We advise on insurance products including life assurance, income protection and critical illness cover, and we make introductions to specialist brokerage firms or insurers to facilitate appropriate advice and cover. We also provide information on property insurance without advice sourced from a single supplier. We act as agent of the insurance provider.

Terminology

The terminology and wording used in these Terms of Business refers to conventional mortgage products. We do however consider alternative finance options for you which are Sharia compliant mortgage alternatives and which use different terminology and wording associated with conventional mortgages given that these alternative finance products do not technically loan money nor do they charge interest. If you decide to use alternative finance, the terminology and wording used will be explained to you in the documentation used and provided by the specific finance provider and you will need to exclusively rely upon the advice given to you by your legal advisor that you instruct, to understand the nature of these financial products and how they are structured differently to a conventional mortgage.

Our Mortgage Services

Our mortgage services include, but are not limited to:

1. introducing appropriate mortgage products to investors for their property investments, given their financial position.
2. negotiating terms with the lending source.
3. providing periodic market updates and information on finance deals that could be of interest to investors; and
4. providing specific advice on methods of re-financing existing property that may result in savings or release equity for additional purchases.
5. We provide advice on first and second charge mortgages from the whole market excluding direct deals.

We aim to provide professional and informed recommendations to you and this will include the consideration of conventional mortgage finance together with Sharia compliant Buy to Let and Residential mortgage alternative finance options which are typically described within the industry as Buy to Let purchase plans or Home purchase plans. We will always attempt to use wording adopted by the Finance provider in an attempt to ensure that the product is understandable but you must always rely ultimately on the advice given to you by your instructed legal advisor, to understand the nature of these financial products and how they are structured differently to a conventional mortgage.

Please note that Liquid Expat Mortgages do NOT advise on existing, unsecured, or commercial loans, which may meet your requirements.

Please note that Liquid Expat Mortgages has no control over the timescale relating to mortgage applications being processed with the lender and mortgage offers being issued nor the legal process and CANNOT accept any responsibility nor liability should your application not be processed prior to current Stamp Duty Land Tax rules expiring on 31st March 2021 or any extension of that date.

Our Lending Sources

Any person, company, society, partnership, institution, or body, including agents acting on their behalf, willing to lend to you.

Our charges – Mortgages

We also receive a procuration fee from the lender product provider on completion of the mortgage.

Refund Policy

50% of the application preparation and submission fee will be refundable if we are unable to source finance for you. However, no refund will be made and if we are unable to source finance for you due to incorrect information being provided by you or on your behalf or not having full disclosure of information from you or on your behalf to generate the pre-approval.

Our charges – Insurance

In respect of insurance protection, we are remunerated by commission, paid by the insurance provider based on a percentage of the policy premium.

Our Overdue Charges

We reserve the right to charge interest daily at the equivalent rate of 10% per annum on overdue charges.

On-going services

We do not provide any ongoing services. However, we may contact you again, in the following circumstances, –

• End of discounted or fixed rate period alerts
• Relevant market updates.
• Relevant new product availability updates.

Mortgage Offers

Any mortgage offer obtained from a lending source is subject to the individual terms and conditions of the Lender.
If you choose an interest only mortgage product it is essential that you make your own arrangements to repay the capital element of the loan at the end of the term of the mortgage. No payments that you make will reduce the amount of capital loaned to you by the Lender and we do not organise any method of repayment of the initial loan on your behalf and it remains your sole responsibility to ensure that the capital element of the loan is repaid at the end of the term of the loan.

Please note that in organising a mortgage on your behalf on your chosen property we can only deal with that specific instruction and that specific product. We cannot be held responsible for any future dealing with that product in relation to your chosen property including the possibility of changing or refinancing that product. Accordingly, we accept no liability should you encounter any difficulty or problem in the future with that product in relation to your chosen property. For the avoidance of any doubt we cannot be held responsible for any future dealings relating to your chosen property or any product secured against it beyond arranging the initial mortgage product.

Law and Jurisdiction

This agreement is subject to English Law and the exclusive jurisdiction of the courts of England.

Language

English
Customers’ ability to read, speak and understand English
To confirm, it is a requirement that all applicants must be able to read, speak and understand English to a level that they are fully aware of all obligations and requirements when entering any UK financing arrangement with any finance provider.

All matters relating to this agreement and our services will be communicated in English and unless advised to the contrary we are entitled to assume that you have read and fully understand all correspondence and documents provided to you. In the event the lender cannot translate your supporting documentation that is in a foreign language, they may well request this is translated into English via an accredited translation company, which will be at your own cost.

Cantonese
英文語言能力須知
所有申請人必須有足夠能力完全明白、閱讀及理解英文以便處理任何融資相關資料及文件
關於本協議及我們的服務/免責聲明。 有關的所有事項均將以英語傳達,除非有相反的建議,否則我們有權假定您已閱讀並完全理解提供給您的所有信函和文件。如果出借人無法翻譯您的外語支持文件，則他們很可能會要求由認可的翻譯公司將其翻譯成英文，這需要您自付費用。

Mandarin
英文语言能力须知
所有申请人必须有足够能力完全明白，阅读及理解英文以便处理任何融资相关资料及文件
关于本协议及我们的服务/免责声明。有关的所有事项均将以英语传达，除非有相反的建议，否则我们有权假定您已阅读并完全理解提供给您的所有信函和文件。如果出借人无法翻译您的外语支持文件，则他们很可能会要求由认可的翻译公司将其翻译成英文，这需要您自付费用。

Anti-money Laundering

We are required by law to verify the identity of all our clients. No application will be made on your behalf until such verification has been obtained.

Complaints

It is our intention to provide you with a high level of client service at all times. Should we not meet your expectations we have a complaints procedure, which is explained below. Should you wish to make a complaint please contact The Complaints Director, Mr Stuart Marshall either: in writing: Suite 4b, Link 665 Business Centre, Todd Hall Road, Rossendale, BB4 5HU, United Kingdom, by telephone: +44 (0) 161 761 4771 or by email: stuart@liquidexpatmortgages.com.

Should you not be satisfied with our final response you may be entitled to refer the matter to the Financial Ombudsman Service which is our alternative dispute resolution provider, within six months of the date of our final response:

• The Financial Ombudsman Service, Exchange Tower, London, E14 9SR.
• Tel: 0800 023 4567 or +44 20 7964 1000. Email: complaint.info@financial-ombudsman.org.uk
• Website: www.financial-ombudsman.org.uk for further information.

Financial Services Compensation Scheme

We are covered by the Financial Services Compensation Scheme. You may be entitled to compensation from the scheme if we cannot meet our obligations. This depends on the type of business and the circumstances of the claim.

• Mortgage advising and arranging is covered for up to £50,000.
• Insurance advising and arranging is covered for 90% of the claim, without any upper limit.
• For insurance covering death or incapacity of the policyholder due to injury, sickness, or infirmity cover is up to 100% of the claim without any upper limit.

Further information about compensation scheme arrangements is available from the Financial Services Compensation Scheme (http://www.fscs.org.uk).

Warnings

• Think carefully before securing debts against your home.
• Your home may be repossessed if you do not keep up with the repayments on your mortgage.
• Higher Lending Charges apply to 100% Mortgage Deals.
• If you decide to purchase off plan, you need to ensure that you take legal advice prior to reservation and exchange of contracts, to ensure that you fully understand the risks, including developer delays, completions timescales being brought forward, mortgage financing not being available at the time of requirement, market conditions and change of personal circumstances.
• Please note that Liquid Expat Mortgages has no control over the timescale relating to mortgage applications being processed with the lender and mortgage offers being issued nor the legal process and CANNOT accept any responsibility nor liability should your application not be processed prior to current Stamp Duty Land Tax rules expiring on 31st March 2021 or any extension of that date.
• Your chosen Lender, may decide to instruct their own legal representative. If this is the case, your own legal fees may be slighter higher than normal, due to the cost of your solicitor dealing with the Lenders Solicitor. When opting for Sharia finance, the providers often have their own legal representatives and your legal fees can often be increased to reflect additional legal work required. It is your responsibility to ensure you are satisfied with your chosen legal representative’s costs and their terms and business.
• If we are sourcing a Buy-To-Let mortgage for you for a property that neither you nor a family member intend to occupy (or have occupied in the past) this will be a non-regulated product and will not fall within the FOS Scheme detailed above. Unless both the lender and we have been advised and specifically approved that you or a family member intend to live in the property (or have previously lived in the property) this will be a non-regulated product and will not fall within the FOS scheme detailed above.
• If you take out an interest only mortgage it is your responsibility to ensure that you make your own arrangements to repay the loan at the end of the term as any payments made to the Lender will not reduce the amount of loan borrowed and we do not accept any responsibility in relation to capital repayments in relation to interest only mortgages.

Unregulated Services

Some buy-to-let mortgages and all commercial mortgages are not regulated by the Financial Conduct Authority nor covered by the Financial Services Compensation Scheme.

Your duty to disclose information

It is essential and fundamental to the provision of services to you that the information that you provide to us at all stages of the advice process is as accurate as practicably possible to ensure that you receive appropriate advice and recommendations. If you are a consumer and enter into a contract of insurance wholly for non-business purposes, you are under a legal duty to take reasonable care not to misrepresent information to insurers. If you misrepresent information deliberately, recklessly, or carelessly respond to insurer questions then a claim under the policy may not be paid. If you are a commercial customer, entering into a contract of insurance by way of business, it is your responsibility to provide complete and accurate information to insurers when you take out an insurance policy, throughout the life of the policy, and when you renew your insurance. It is important that you ensure that all statements that are on proposal forms, claim forms and other documents such as statement of fact are full and accurate. Please note that if you fail to disclose any material information to your insurers, this could invalidate your insurance cover and could mean that part or all of a claim may not be paid.

Conflicts of Interest

If we, or one of our clients or providers become aware of any potential conflict of interest with regard to business we are transacting for you we will notify you and obtain your consent before we carry out your instructions and we will inform you of how we intend to ensure that you are treated fairly.

Confidentiality and Data Protection

Please refer to our Data Protection Notice and website Privacy Policy.

Commencement, Cancellation and Termination

Commencement

These terms apply upon receipt of your payment of your £395 application fee. Until this is received, no contract for services exists with you. Any indicative lending options provided to you do not constitute any obligation from either LEM or the Lender to provide you financing and remain subject to: your status, market conditions, due diligence, underwriting approval, valuation and satisfactory documentation being provided.

Cancellation or Termination

Mortgages

Notwithstanding cancellation or termination of our services you will remain liable for fees due for the services that we have provided to you.

If you proceed with your mortgage application directly with a lender that we have sourced and introduced to you, you will remain liable to pay our fees in full as quoted and payment will be due to us when any mortgage offer is issued by the lender. You also confirm that we may process such fee payment from any credit or debit card details provided to us by you.

Insurance

Your policy document will detail your rights to cancel your insurance once you have taken it out depending on the type of policy you have purchased.

All Business

If we are unable to continue providing services to you, we will notify you. No fees or commissions earned in respect of business already conducted will be refundable.

Client Money

We are not authorised to hold client money and will only accept payments in settlement of our invoiced fees or disbursements.

Our Disclaimer

You are reminded that your home or investment property may be repossessed if mortgage payments are not kept up to date. We do NOT give financial, currency, tax or legal advice and confirm that You have taken such advice from an appropriate third party in relation to either a conventional mortgage or a Diminishing Musharaka Finance Product (DMPF) and the potential taxes that we do not give advice on include (not exclusively) income tax, stamp duty & Capital Gains Tax (CGT). The loans sourced by us are available only to creditworthy person(s) aged 21 years or older and terms of the loan are subject to individual credit status. The financial institution offering the mortgage loan product reserves the right to determine the eligibility for the loan and may revise terms during the course of an application without notice. Furthermore, financial institutions may decide to withdraw their loans altogether. While we use reasonable efforts to include accurate and up to date information within our correspondence with you, we do not accept any liability or responsibility for any errors or omissions in our correspondence in relation to the mortgage loan product issued by the financial institution. We cannot and do not guarantee that finance or particular finance terms will be available to individuals.

If you miss a payment on any form of credit agreement anywhere in the world or misrepresent your financial circumstances, the Decision in Principle may be invalidated.

We will accept no financial liability whatsoever and will not pay out on any financial losses you may incur in respect of late, delayed, cancelled or aborted property transactions, which includes, any penalties or losses you may incur by any third parties associated with your transaction when you have agreed to purchase a property off plan.

Credit Checks

Some lenders will require a credit check before l issuing a pre-approval. Please be aware that this may occur and may leave a footprint on you credit record. If you specifically do not wish for this to happen without your express permission, then please tell us before we proceed with your enquiry. Email info@liquidexpatmortgages.com or respond to your consultant.

Data Protection Notice

This notice provides you with information concerning our collection and use of personal data. If you have any queries regarding this statement, please do not hesitate to contact us.

Legal basis

Necessary to contract
We collect, control, and process your personal information because this is necessary to provide you with information, answer any queries you that may have and for the provision of our services to you. We will process your data as outlined below in order to advise and arrange mortgages and/or insurance protection. Our services are fully outlined in our terms of business and to include ongoing updates, for example, contact when a discounted or fixed rate period on the mortgage we have arranged for you comes to an end.

Consent for processing of sensitive data
We may also request or process sensitive personal data, but only if it relates specifically to the services that you instruct us to provide.

Sensitive personal data:

• Racial or ethnic origin
• Political opinions
• Religious or philosophical beliefs
• Trade union membership
• Genetic data
• Biometric data
• Data concerning health
• Data concerning sex life or sexual orientation

We will discuss with you the need for the provision of sensitive data before you provide this information. The subsequent provision of sensitive personal data will be taken as consent to this processing. It is your decision as to whether or not you choose to provide us with any personal information. If you choose not to, we may not be able to advise you.

Legitimate Interests
On occasion we may communicate with you if you have given us your contact details in order to make you aware of new products and services. For example, if we have been unable to obtain a loan or insurance that you requested or required then we may contact you when a new suitable product becomes available.

Consent to marketing
We will only send you marketing information if you have given informed consent for us to do this unless it is information that we consider to be covered by legitimate interests.

Doing business with us

In order to communicate with you about our services we will initially require your contact details including personal email addresses. When we undertake mortgage and insurance advice or arrangement services we will record and store your personal data within our systems. Details of the third-party processors and controllers with whom we share data are listed below.

Sharing your data

In order to fulfil our obligations under any contract for services we will need to share your data with third party Data Controllers and Data Processors.

Data Controllers

This will include

• Product and service providers in relation to mortgages and insurance
• The Financial Ombudsman Service
• Any other regulators where so required.
• Our compliance monitoring service provisions.
• Bookkeeping, accounting and reconciliation services
• The Financial Conduct Authority

We also use external Data Processors that will hold information for the following purposes:

• Secure file sharing
• Client management
• Communications
• Dissemination of information
• Data backup
• Research

All external processors are only permitted to process your data in line with our instructions.

We will not share your personal information in any other circumstances than those necessary for the provision of services to you or where we are required to do so by law. Otherwise we will not share your personal information with any third party without your express authority except if our business is sold or where we are required to do so by law.

Marketing
The information we collect about you is used solely for the purposes for which it was provided. We will not share your data with third parties for marketing purposes.

Your rights

Under data protection law you have the right to ask us for a copy of the information we hold about you, and to have any inaccuracies corrected or removed. You may also ask us to delete all personal data held by us or any controller or processor with which we have shared your data.

Contact

Address: Liquid Expat Mortgages, Suite 4b, Link 665 Business Centre, Todd Hall Road, Rossendale, BB4 5HU, United Kingdom.
Telephone: +44 (0)161 761 4771

Where we store your Personal Data
All the data that we collect is stored on our local servers at our UK office or with our listed processors under contract normally within the EU. Where data is stored outside the EU we ensure that this is in an adequate jurisdiction and protected; data stored in the US is with providers signed up to the EU-US Privacy Shield.

Download the Terms of Business

You can download a PDF copy of the Terms of Business using the download button below.