1. Who are we?
Linear Financial Solutions (Linear) is a trading name of Linear Mortgage Network Limited (Company Number 05198588) whose registered office is at 2nd Floor, Gateway, Holgate Park Drive, York YO26 4GB.
Linear is an Appointed Representative of PRIMIS Mortgage Network (PRIMIS), a trading name of Advance Mortgage Funding Limited which is authorised and regulated by the Financial Conduct Authority (FAC).
Both Linear and PRIMIS appear on the Financial Services Register maintained by the FCA, accessible via the FAC website https://register.fca.org.uk/ under the following Firm Reference Numbers: Linear: FRN 408392 PRIMIS: FRN 305008. Alternatively, the FCA can be contacted by telephone on 0800 111 6768.
2. Our permitted business
In relation to business that is regulated by the FCA
Linear is authorised by PRIMIS to advise and make arrangement for customers in relation to first charge mortgages, equity release transactions, protection insurance and general insurance and to carry out credit broking.
In relation to Investment Buy to Let Mortgages
Buy to let mortgages take out on a property purchased for investment purposes are not regulated by the FCA where the purpose is to let out the property in return for a rental income. Linear is able to make arrangements in relation to investment buy to let mortgages. You should ensure that you read these terms of business to understand the potential consequences for you to buy to let mortgages not being regulated by the FCA.
3. What is the purpose of these Terms of Business?
These terms of business form the basis upon which you agree to engae Linear to assist you in connection with your mortgage, equity release and insurance needs. Together with the Customer Privacy Notice and E-marketing Consent that have also been provided to you (and which detail how Linear will use your personal information in the course of providing its service), these terms of business provide you with all relevant information regarding how Linear will perform its services for you.
4.The products and services offered by Linear
Products: we offer products from a range of insurers for Life Cover, Family Income Benefit, Income Protection Insurance, Household Insurance, Critical Illness Cover and non-investment Whole of Life Insurance.
We only offer Accident, Sickness and Unemployment Insurance from Paymentshield and L&G.
We only offer products from Vitality Life for Serious Illness Cover.
We only offer products from Aviva for Private Medical Insurance.
Services: we will advise you and provide you with a personal recommendation after we have accessed your needs for Life Cover, family income Benefit, Income Protection Insurance, Critical Illness Cover, Whole of Life Insurance, Household Insurance, Accident, sickness and Unemployment Insurance, Serious Illness Cover and Private Medical Insurance. We represent you and not the insurer in connection with the services we provide.
Products: we offer a comprehensive range of mortgage products from across the market but not deals that you can only obtain by going directly to the lender. We will provide you with a list of the lenders that we have access to.
Services: we will advise you in relation to a first charge mortgage and provide you with a personal recommendation after we have assessed your mortgage needs.
We do not offer second charges mortgage but can make a referral to a suitable firm to discuss your needs.
5. The cost of the services offered by Linear
We do not charge a fee for providing advice and recommendations in relation to insurance products. We will receive commission from the insurer; the amount of the commission will be a proportion of the premiums you pay for your insurance product.
Linear usually charges a fee for mortgage advice. The precise amount will depend on your circumstances but may range from £399 to £599 up to a maximum of 1% of the mortgage amount. The fee is payable when an application is submitted to a mortgage lender and is non-refundable.
We will also be paid a commission from the lender which will be disclosed to you. If an application is submitted to a lender via a packager we will be paid a commission by the packager and this will also be disclosed to you. If we made a referral in relation to second charge mortgage advice we will be paid a referral fee if the second charge mortgage completes and the amount of such referral fee will be disclosed to you.
You will receive a personalised Mortgage Illustration which will contain full details of the fees and charges connected with taking out a mortgage, including the fee that will be charged by Linear.
We will advise if it is appropriate to pay fees or charges in connection with the mortgage directly to the mortgage lender rather than adding them to the amount of the mortgage you borrow. We will not commit you to an application for a mortgage where a fee or any kind (whether receivable by Linear or any other party) is added to the mortgage amount unless you had positively decided to add such fees to the sums advanced.
6. Providing accurate information
It is your responsibility to provide complete and accurate information to Linear, or to any lender or insurance product provider, at every stage of the relationship. It is important that you ensure that all statements you make to Linear, or any lender or insurance product provider, are true and accurate. You must fully disclose all material information when requested to do so.
Advice provided by Linear will be based and rely on the information you provide. Linear is entitled to rely on the information you disclose to it as being representative of your situation, needs and circumstances. Linear cannot be held responsible for any consequences arising from the information held on your file becoming inaccurate due to a change in your circumstances, if you fail to inform us of such changes.
If you fail to disclose, or mispresent (whether by accident or intentionally) information to Linear, any lender or insurance product provider this could mean your application is delayed, declined or any insurance policy that has been arranged for you may not pay out as envisaged.
7. What to do if you have a complaint
Should you have cause to complain, please contact our Head Office at Linear Financial Solutions, Block A, Unit 5, Second Floor, Gatehead Business Park, New Delph Road, Delph, Oldham, OL3 SOE.
Alternatively, please contact:
Complaints Department, PRIMIS Mortgage Network
Newcastle House, Albany Court, Newcastle Business Park, Newcastle-upon-Tyne, NE4 7YB.
Telephone: 0191 233 4684
If we cannot settle your complaint to your satisfaction you may be entitled to refer the matter to the Financial Ombudsman Service. They can be contacted at: The Financial Ombudsman Service, Exchange Tower London E14 9SR
Telephone: 0800 023 4567
Website: www.financial-ombudsman.or .uk
8. Financial Services Compensation Scheme (FSCS)
PRIMIS maintains professional indemnity insurance which provides assurance for you in the unfortunate event that a mistake is made in relation to your mortgage and/or insurance arrangements. In the event of a financial failure of PRIMIS you may have access to the services of the FSCS – whether you will depends on the type of business and the circumstances of the claim.
Further information about the compensation scheme arrangements is available from the FSCS at
www.fscs.org.uk or by writing to the Financial Services Compensation Scheme, 10th Floor, Beaufort House, 15 St Botolph Street, London EC3A 7QU. Telephone 0800 678 1100 or 0207 741 4100.