COMBINED MORTGAGE AND PROTECTION FACT FIND

Transcription

1 M & M Financial Services Ltd Maple House, 382 Kenton Road Harrow Middlesex HA3 8DP T: E: info@mandmgroup.co.uk W: COMBINED MORTGAGE AND PROTECTION FACT FIND To ensure that suitable advice is provided and recommendations are based on your current financial circumstances it is important that questions are answered as fully and accurately as possible. First Client Second Client Name(s): Address: Postcode: address: Tel No: Mobile No: Other No: Adviser: Date factfinding commenced: Data Factfind completed: Date of any updates: Page of 34 Financial Services Ltd, registered address of 27 Abercorn Gardens, Kenton, Harrow, Middlesex, HA3 0PB is incorporated and registered in England and Wales, registration number M & M Financial Services Ltd is authorised and regulated by Financial Conduct Authority registration number

2 Mortgage Customer Type; Customer High Net Worth X Mortgage Professional Business Lending Consumer Buy to Let Client Details: FIRST CLIENT SECOND CLIENT Title Surname First Name Previous Surname (if applicable) Date of Birth / / / / Age Smoker Relationship to other client Spouse / Engaged / Partner Other Spouse / Engaged / Partner Other Page of 34 Financial Services Ltd, registered address of 27 Abercorn Gardens, Kenton, Harrow, Middlesex, HA3 0PB is incorporated and registered in England and Wales, registration number M & M Financial Services Ltd is authorised and regulated by Financial Conduct Authority registration number

3 Name(s) Age/DOB Relationship Residence Dependants Current Residential Status Owner / Tenant / LWP / Other Owner / Tenant / LWP / Other If renting, amount of rent paid Are you on the electoral role at your current address Length of time at current address per week / month per week / month Yrs Mths Yrs Mths Previous Address (if less than 3 years, continue in notes section if more than one) Postcode Page of 34 Financial Services Ltd, registered address of 27 Abercorn Gardens, Kenton, Harrow, Middlesex, HA3 0PB is incorporated and registered in England and Wales, registration number M & M Financial Services Ltd is authorised and regulated by Financial Conduct Authority registration number

4 Detail here the client(s) objectives and priorities Does the client(s) have any special considerations or placed any limitations of the service they wish to receive? Wills Client 1 Client 2 Does the client have a will? When was it last reviewed? Are there any special considerations to be taken into account? Details (Lasting) Power of Attorney Do you have any arrangements in place Details: Page of 34 Financial Services Ltd, registered address of 27 Abercorn Gardens, Kenton, Harrow, Middlesex, HA3 0PB is incorporated and registered in England and Wales, registration number M & M Financial Services Ltd is authorised and regulated by Financial Conduct Authority registration number

5 Occupation Current employer Occupation / Job title Employment status Employed Self-employed Retired Employed Self-employed Retired If other give details Other Other If employed, on what basis? Permanent Temporary Contract Permanent Temporary Contract Time in current employment Details of probationary period If contract, specify term of contract Previous employer if less than 2 years, to include dates of employment (continue in additional notes section if more than one employer) Yrs Mths Yrs Mths Yrs Mths Yrs Mths Yrs Mths Yrs Mths Anticipated retirement age Page of 34 Financial Services Ltd, registered address of 27 Abercorn Gardens, Kenton, Harrow, Middlesex, HA3 0PB is incorporated and registered in England and Wales, registration number M & M Financial Services Ltd is authorised and regulated by Financial Conduct Authority registration number

6 Income - Employee Basic annual income Guaranteed overtime Guaranteed bonuses Non-guaranteed overtime Non-guaranteed bonuses Total gross income Total net income Is this consistent with income converter table? Page of 34 Financial Services Ltd, registered address of 27 Abercorn Gardens, Kenton, Harrow, Middlesex, HA3 0PB is incorporated and registered in England and Wales, registration number M & M Financial Services Ltd is authorised and regulated by Financial Conduct Authority registration number

7 Income - Self-Employed Number of years in business Yrs Mths Yrs Mths Net profit last year Net profit previous year Net profit year before that Are accounts available? Are SA302 s available Other Income Car allowance Investment income Rental income Pension State benefits (guaranteed) State benefits (reviewable) Maintenance Payments Other Total other income Page of 34 Financial Services Ltd, registered address of 27 Abercorn Gardens, Kenton, Harrow, Middlesex, HA3 0PB is incorporated and registered in England and Wales, registration number M & M Financial Services Ltd is authorised and regulated by Financial Conduct Authority registration number

8 Income Verification Has Income been verified? Method of verification Copies retained? Existing Credit / Hire Purchase / Leasing Contracts / Acting as Guarantor Client 1, 2 or joint Type of finance Finance provider Balance / Months o/s Monthly payment Purpose of credit / Guarantor Secured Repay with Mortgage Credit History FIRST CLIENT SECOND CLIENT Have you ever had a mortgage or loan application refused? Page of 34 Financial Services Ltd, registered address of 27 Abercorn Gardens, Kenton, Harrow, Middlesex, HA3 0PB is incorporated and registered in England and Wales, registration number M & M Financial Services Ltd is authorised and regulated by Financial Conduct Authority registration number

9 Have you ever had a judgement for (a guarantor) debt or loan default registered against you? Have you ever been declared bankrupt? Have you ever failed to keep up repayments under any previous or current mortgage? Have you ever failed to keep up repayments under any previous or current rental or loan agreement? If yes to any of the above, provide full details: Page of 34 Financial Services Ltd, registered address of 27 Abercorn Gardens, Kenton, Harrow, Middlesex, HA3 0PB is incorporated and registered in England and Wales, registration number M & M Financial Services Ltd is authorised and regulated by Financial Conduct Authority registration number

10 Assessment of Affordability CURRENT OR EXPECTED FUTURE EXPENDITURE AMOUNT Monthly or Annual Total of continuing loans/credit as above Council Tax Gas Electric Water Other utilities / energy costs Property maintenance / ground rent Buildings & Contents insurance Family Food & household costs (toiletries, etc) Child care costs Clothing TV, Broadband & telephone costs including subscriptions services, licences, etc Mobile Phone costs Regular subscriptions ie. newspaper, magazine, films, health club, golf, tennis, football, etc Car costs (excluding leasing above) to include; Insurance, Services, MOT, road tax, general maintenance/repairs, etc Car fuel costs 10

11 Transport Train, tram, bus, etc Pets food, insurance, grooming, etc Maintenance payments Regular school fees / contributions Other schooling costs ie. meals, uniform, outings, etc Insurances (other than B&C) ie, life, health, medical, dental, phone, etc Pension Contributions (non-salary deduction) Regular savings Tobacco or related products Social costs ie. meals out, drinks, theatre, etc Holiday(s) Other (details) Other future expected (detail) Total monthly expenditure Net monthly income (from income section) Net monthly disposable income (not including future mortgage costs) 11

12 Assets FIRST CLIENT SECOND CLIENT Property Any other assets* Total assets * details of other assets 12

13 Current Residential Mortgage FIRST CLIENT SECOND CLIENT Amount outstanding Term outstanding Yrs mths yrs mths Repayment type (if interest only, state repayment method) Lender Current monthly payment and interest rate % % Interest rate type End date for interest rate type / / / / Are there any early repayment charges payable If early repayment charges are payable, state figure Are you prepared to pay the early repayment charges Is the current mortgage portable to a new property If the current property is being sold, what is the sale price Is the current mortgage repaid in the event of death 13

14 Is the current mortgage repaid in the event of critical illness Is the current mortgage payment covered in the event of accident, sickness or redundancy Is buildings & contents insurance in place New Mortgage/Loan Category of client Home owner / first time buyer Purchase / remortgage / debt consolidation Reason for mortgage capital raising / shared ownership / right to buy / bridging loan / BTL / other Address of property to be mortgaged Is this your primary residence? If no, provide full details Price of property being purchased How much do you wish to borrow Amount of deposit Source of deposit Do you wish to add any other outstanding debts to the amount Preferred mortgage term and reason Are funds available to pay fees in connection with mortgage 14

15 Are any home improvements planned If yes, provide details and approximate cost If home improvements are not planned, confirm the reason for capital raising Does existing lender facilitate further advances If yes, was this option confirmed Reasons why client not pursuing 15

16 Property to be Mortgaged House type Detached / semi-detached / terraced House / bungalow / flat-apartment / Other Property Tenure Freehold / Leasehold If leasehold, how long is left on the lease yrs Number of bedrooms Floors in the building Year property was built Has the property been extended Is the property of a non-standard construction (ie. thatched roof, barn conversion etc) Shared Ownership What is the percentage to be purchased % Details of shared ownership body you are buying from 16

17 Attitude to Mortgage Repayment You prefer to accumulate savings to repay your mortgage when it is due. You understand there is a risk that your savings may not be sufficient to do so. You prefer to have the certainty that your mortgage loan is repaid at the end of the term. This means contracting a repayment mortgage that is designed to use each monthly payment to pay interest and pay back part of the capital outstanding. If you keep up your payments your entire loan will be repaid in full at the end of the mortgage term. You are not concerned with repaying the mortgage as you intend to sell the property before the end of the mortgage term and will clear the outstanding mortgage from the sale proceeds. 17

18 Interest Only Has an interest only loan in full or part been requested? If yes what are the reasons Method of capital repayment ie. investment vehicles, inheritance, etc Have any investment vehicles been reviewed for suitability? Details Payments into Retirement Do payments go into retirement? If yes, why is this? What will be the source(s) of income at that time? Does future income support repayments and expected future expenditure Debt Consolidation Why is existing unsecured loan(s) being added to the mortgage? Is the client(s) willing to potentially pay a greater amount over the term of the mortgage Has the client(s) had any difficulties with past repayments of the loan(s) If yes, when and have they negotiated any special arrangements with the creditor or should they consider this? NOTES 18

19 Key Information About The Type Of Mortgage Applicable To You In order to give you a high standard of service, we need to understand your requirements, attitudes and objectives to help us to provide you with a mortgage fitting your needs and relevant to your circumstances. State a reason where you answer Yes. 1. Might your income or expenditure change significantly within the foreseeable future? a. Income Approximate timescale / Amount / Reason: b. Expenditure Approximate timescale / Amount / Reason: 2. Do you have any plans to pay off some or all of the mortgage in the foreseeable future? Approximate Amount Approximate timescale / Amount / Reason: 3. Are you likely to move home within the foreseeable future (other than this transaction)? Larger / Smaller Approximate timescale / Amount / Reason: 4. Mortgage Requirements a. An upper limit on your mortgage costs for a specific period Reason and for how long: b. To fix your mortgage costs for a specific period Reason and for how long: c. A rate linked to the Bank of England base rate Reason and for how long: d. A discount on your mortgage repayments in the early years 19

20 Reason and for how long: e. Access to an initial cash sum (known as a cashback) Reason 20

21 5. Which of the following are important to you a. No early repayment charge on your mortgage at any point b. No early repayment charge overhang after selected rate ends c. No high lending charge d. Speed of mortgage completion e. Ability to add fees to the loan f. Ability to take repayment holidays g. Ability to make underpayments or overpayments h. Free legal fees i. No valuation fee j. Have valuations fees refunded Recommendation Lender Selected Product Details Do Affordability & Stress Tests meet lending criteria? Was roll up of fees requested and were implications discussed? Reason for the recommendation (meets lender s eligibility criteria) Dated 21

22 Is client proceeding with this recommendation? If not confirm reasons or detail execution only instructions Details of research conducted Retained on file 22

23 PROTECTION NEEDS Life Assurance Requirements for Lump sum (non-income) Client 1 Client 2 Joint Pay off mortgage Pay off other loans Funeral expenses Other House move Other (please enter) Total (A) Existing Cover What other lump sums could your clients get? Client 1 Client 2 Joint Existing Arrangements Mortgage Policies Other Insurance Employer Benefits Available Investments Total (B) Lump sum Shortfall (A - B) NOTES; 23

24 Ongoing Income Needs Client 1 Client 2 Joint Replace lost annual income or cover relevant expenditure Other Total Less any consideration to income in FIB = Required annual income x100 / % interest = (Less excess lump sum in above section of ) Lump sum to cover shortfall = TRUST Has the possibility of placing this in trust been considered and discussed? FAMILY INCOME BENEFIT REGULAR INCOME TO SPECIFIED DATE Existing arrangements in place? If so detail benefits and period to cover Amount required to replace income or relevant expenditure CLIENT 1 CLIENT 2 Shortfall 24

25 LIFE ASSURANCE DETIALS OF EXISTING ARRANGEMENTS Client: 1 / 2 / Joint Client: 1 / 2 / Joint Client: 1 / 2 / Joint Plan Type Provider Date Started To age or end date Premium Cover / Benefit Other features Has policy docs been seen and reviewed? CRITICAL ILLNESS Details of existing Private Arrangements Provider Date Started To age or end date Client: 1 / 2 / Joint Client: 1 / 2 / Joint Client: 1 / 2 / Joint Premium Cover / Benefit Other features Has policy docs been seen and reviewed? 25

26 Shortfall Analysis REASON FOR LUMP SUM CLIENT 1 CLIENT 2 JOINT Pay off Mortgage Years Income Pay off loans/credit Cards etc Other needs e.g. Childs education/ education TOTAL LESS EXISTING COVER (& SAVINGS) SHORTFALL NOTES 26

27 INCOME PROTECTION If you were unable to work due to sickness or accident, how much income would you require to maintain your standard of living? CLIENT 1 CLIENT 2 If you were unable to work for any length of time, what source of income would you have? Personal IPP Does/do client(s) hold any of the following; ASU Cash Co Sick pay State Benefits Details of existing Private Arrangements Type Provider Term / Age Deferment period Client: 1 / 2 / Joint Client: 1 / 2 / Joint Client: 1 / 2 / Joint Premium Benefit Has policy docs been seen and reviewed? SHORTFALL ANALYSIS CLIENT 1 Period (weeks) Private 27

28 Employer State Benefit Total Shortfall CLIENT 2 Period (weeks) Private Employer State Benefit Total Shortfall NOTES PRIVATE MEDICAL INSURANCE CLIENT 1 CLIENT 2 Do you have any private medical insurance (PMI)? Yes No Yes No If so, what is the name of the insurer Do you pay for this yourself or is it paid for by your employer? Self Employer Self Employer Details of Existing cover Protection whilst abroad? Yes No Yes No If frequent foreign travel are there any NHS reciprocal arrangements? Yes No Yes No 28

29 Do you have any form of hospital income benefit? Amount Any restrictions or exclusions Details: What is the scale or band of hospital that you pay for? Yes No Yes No Yes No Yes No Does this scale/band include outpatient treatment? Yes No Yes No Cost of current cover RESIDENTIAL - BUILDINGS AND CONTENTS Do you have Contents Insurance If so, what is the name of the insurer What is the Sum Assured on your existing cover or what is the required amount How many bedrooms does the property have Is the cover new for old or is this cover required Is Accidental damage included/required Any restrictions or exclusions? details What is your current level of premium Do you have Buildings Insurance What is the current rebuilding costs of your home Is Accidental damage included/required Any restrictions or exclusions details What is your current level of premium When was the property built Type of property ie. detached, semi, bungalow, flat, etc 29

30 Security inc. maintenance contracts Smoke alarms fitted Current excess Years no claims bonus NON-RESIDENTIAL - BUILDINGS AND CONTENTS Do you have Contents Insurance If so, what is the name of the insurer What is the Sum Assured on your existing cover or what is the required amount How many bedrooms does the property have Is the cover new for old or is this cover required Is Accidental damage included/required Any restrictions or exclusions? details What is your current level of premium Do you have Buildings Insurance What is the current rebuilding costs of your home Is Accidental damage included/required Any restrictions or exclusions details What is your current level of premium When was the property built Type of property ie. detached, semi, bungalow, flat, etc Security inc. maintenance contracts Smoke alarms fitted Current excess Years no claims bonus 30

31 Tenancy and type FURTHER INFO ADDITIONAL FACTFINDING NOTES Are any changes expected to the client(s) circumstances in the foreseeable future? 31

32 Mortgage Control Sheet The following points have been covered with the client(s): A B The different types of products and interest rate arrangements which might meet the application s needs (including what the client future repayments might be after any fixed or discounted period). The main repayment methods. C Ci Cii D E F G H I J Regarding interest only mortgages: The consequences of failing to make suitable arrangements to repay the mortgage. That it is the clients responsibility to ensure a repayment product is maintained, or they have the ability to repay the loan, for the duration of the mortgage. The consequences of early repayment of the mortgage, e.g. early repayment charges. Related insurance requirements, e.g. buildings, contents. Responsibility to ensure that all the necessary forms of insurance relating to the property and the mortgage are in place. Certain insurances may be a conditional of the mortgage. Itemisation of all costs, fees, etc associated with the mortgage. Whether the terms & conditions of the mortgage are portable to a new property. Credit reference agencies. K Any tax implications of the mortgage. L M N The likely cost and role of any higher lending fee. The possible consequences for the client s mortgage should their personal circumstances change, eg accident, sickness & redundancy, and the options open to them, eg. Mortgage Payment Protection Insurance. Redemption of existing mortgage, the associated costs and other possible consequences. 32

33 O P For joint applications, the concept of joint and several liabilities. The implications of adding fees and costs to the loan and/or debt consolidation. 33

34 Declarations I/we confirm that I/we have read the information contained herein and confirm that this information is correct. I/we give my/our consent that this information may be used for the purpose of arranging a mortgage, protection or general insurance product on my/our behalf. First Client Second Client Signature Date Signature Date If you would like us to keep in touch after we have arranged your mortgage and protection we shall need your permission. Please certify your authority for us to contact you with details of mortgages and offers which we believe are likely to be of interest to you by signing the declaration below: First Client Second Client Signature Date Signature Date 34