INFORMATION ABOUT THE SERVICES WE PROVIDE
CLIENT AGREEMENT AND INITIAL DISCLOSURE DOCUMENT
Willows Finance Limited Brocastle, Bridgend, CF35 5AS
Authorised and regulated by the Financial Conduct Authority, Firm Reference Number 670052
Willows Finance Limited is registered in England and Wales under company number 6678545
This document sets out the services we provide. It is important that you understand the information
offered, so please inform us if you would like us to explain any point further. Please call Willows Finance
Limited if you have any questions on 01656766158.
Which Products do we Offer
We offer first and second charge regulated mortgage contracts for business or personal use.
You should be aware that there may be other finance options available to you such as a remortgage, a
further advance with your first charge lender, or an unsecured loan.
Whose Products will be Offered
We are a broker using a representative panel of lenders who specialise in second charge mortgages.
We are a broker using a limited number of lenders for first charge mortgage products. We can provide you
with a list of these lenders on request.
Which Service will be Provided
We provide an advised mortgage broking service.
We will be providing you with sufficient information in relation to the mortgage we offer you in order for
you to make an informed borrowing decision, but if you are in any doubt, you should seek independent
financial advice as we only offer a limited range of products and as we are not independent financial
advisors. Free sources of debt advice are available from the Money Advice Service
please contact us for a hard copy.
will receive a copy of. An example of that can be found here
The Cost of our Services
When your loan has completed a broker fee will be charged.
We charge a fee for our broking services. Our average fee is approximately 4.9%. Depending on the
complexity of your circumstances and amount of work done we may need to charge a higher fee. We will let
you know what the fee is before you decide whether to proceed with the loan.
Our fee will not be more than 15 %, and normally ranges between £0 and £2,995. For example, on a loan of
£50,000 a £2,995 (6%) fee will be charged.
If you have chosen to pay this fee upfront, then you will need to make payment at completion of your
mortgage. If you have chosen to add this to your mortgage it will be incorporated within the monthly
repayment and interest will be charged on it. The amount of the broker fee will be contained in the
European Standardised Information Sheet (‘ESIS’) and the Mortgage Agreement, which will be sent to you
before you make a decision on whether to proceed. We may also receive a commission from the lender for
introducing you to them. Any commission is paid directly to us by the lender and does not alter the terms
described in your Mortgage Agreement. Where you were introduced to us by a third party, we may pay a
commission to the third party that introduced your details to us, but this won’t cost you anything extra. We
do not charge a fee for providing advice.
We may receive a commission from the lender for introducing you to them. Any commission is paid directly
to us by the lender and does not alter the terms described in your Mortgage Agreement.
Where you were introduced to us by a third party, we may pay a commission to the third party that
introduced your details to us, but this won’t cost you anything extra.
The Mortgage Offer
Your mortgage offer will be set out in your Mortgage Agreement and is based on you providing accurate
and complete information. Changes to any of the information provided, including the valuation report,
could alter the mortgage offered.
You will also receive an ESIS that shows the key features of the mortgage being offered to you, including the
term, interest rate, repayments and total amount payable as well as details of the lender. The ESIS is an
important document and you need to read its contents carefully.
Once completed, a mortgage cannot be cancelled. However, you can cancel at any point up to completion
and you will have sufficient time to consider your decision. There will be no charge payable by you where
you cancel your application before completion.
It is important to maintain repayments on your mortgage, on time and in full. The consequences of missing
payments or underpaying are explained in the Mortgage Agreement and can include default charges and, in
extreme circumstances, repossession of your property. This can also affect your credit rating and your
ability to obtain credit in the future.
You may be using your mortgage to pay off other debts, including some unsecured credit. The repayments
on your new loan may be lower than the combined monthly repayments on your other debts, but over a
longer term you could end up paying more interest overall. Think carefully before securing a loan against
your home. It is important to note the difference between secured and unsecured credit; your home may
be repossessed if you do not keep up repayments on a secured loan.
We do not give advice on or arrange insurance products. You will still have to pay your loan if you lose your
job or if illness prevents you working. You should consider the affordability of your loan if your income falls
and protecting yourself against unforeseen circumstances.
Please be aware that your home may be repossessed if you do not keep up repayments on a mortgage.
If you wish to register a complaint, please contact us in writing at Willows Finance Limited, Brocastle,
Bridgend, CF35 5AS, or by telephone on 01656 766158
If you cannot settle your complaint with us, you may be entitled to refer it to the Financial Ombudsman
Financial Services Compensation Scheme
Our mortgage advice service is covered by the Financial Services Compensation Scheme, which means
you may be entitled to compensation from the scheme if we cannot meet our obligations. Further
information on the scheme can be found at www.fscs.org.uk.
After you have applied for a mortgage and we have successfully processed your information you will
receive a Mortgage Agreement. You will have a reflection period of up to seven days during which to
consider the implications of entering into the Mortgage Agreement. Please feel free to contact us with
any questions you may have in this time. As soon as you decide to proceed, you should sign and return
the Mortgage Agreement to us.