Our Mortgage & Insurance Proposition
Mortgages
Whose products do we offer?
Mortgages
We offer a comprehensive range of products from across the market but not deals that you only obtain by going direct to a lender.
Second Charges Mortgages
If you are purchasing a property with the help of a shared equity loan, our advice will also cover the shared equity second charge. However, we do not advise on any other second charge mortgages. If you need a second charge mortgage we will refer you to a master broker for second charges, who will be able to advise you.
Which service will we provide you with?
We will advise and make a recommendation for you on a first charge mortgage after we have assessed your needs.
You may request an illustration from us for any regulated mortgage contract we are able to offer you whenever we provide you with information specific to the amount you want to borrow following assessment of your needs and circumstances.
Alternative finance options
If you are looking to increase borrowing secured on a property that you already have a mortgage on, the following alternative finance options may be available and may be more appropriate:
- A further advance from your existing lender
- A second charge
- An unsecured loan
The Openwork Partnership does not offer advice on unsecured lending or second charges.
What will you have to pay us for our services?
- An initial enquiry is at our expense.
- A Consultation fee of £297.50 payable in advance.
- A Sourcing fee of £497.50 payable in advance prior to sourcing.
- An Application fee of £147.50 payable on application.
- We will also receive commission from the lender.
If you would like to know the range of commission payable from our lenders, please ask for a list. You will receive an illustration when considering a particular mortgage, which will tell you about any fees relating to it. It is important that you read and understand the illustration.
Our refund policy for mortgage fees
A refund of the Sourcing fee only, if all material facts are fully disclosed and no suitable lender can be found. No refund if you decide not to proceed with the loan or the lender declined the case due to non-disclosed material fact.
Insurance
Whose products do we offer?
We can only offer products from a limited number of insurers for life assurance, critical illness cover, income protection, household insurance, accident, sickness and unemployment insurance and cash lump sum accident protection.
Which service will we provide you with?
We are an insurance intermediary representing you, not any insurer. We will provide you with a personal recommendation after we have assessed your needs, limited to the insurance products available to us.
What will you have to pay us for our services?
We arrange the policy with the insurer on your behalf, you do not pay us a fee for doing this. We receive commission from the insurer which is a percentage of the total annual premium. This mean that if you purchase one of these products, we will receive commission in addition to any adviser charges/ fees you may have been or will be paying The Openwork Partnership for investment-related services. The amount of commission will be disclosed separately should you purchase one of these protection products.
You will receive a quotation which will tell you about any fees relating to any particular insurance policy.
Buy to Let
A Buy to Let mortgage taken out for the purpose of business is not regulated by the Financial Conduct Authority (FCA).
Who regulates us?
We are an appointed representative of The Openwork Partnership, a trading style of Openwork Limited, Washington House, Lydiard Fields, Swindon, SN5 8UB, which is authorised and regulated by the Financial Conduct Authority, 12 Endeavour Square, London, E20 1JN.