Terms of Business - October 2023
Our Terms of Business document outlines the services we provide. It is an important document, so please make sure you take time to read it carefully. If there is anything that you are unsure about, do not hesitate to get in touch with your adviser. When you click “Accept”, it means you agree to these terms.
Who we are
We are Better.co.uk, a trading name for Trussle Lab Ltd, a company registered in England and Wales under company number 09459339. We are authorised and regulated by the Financial Conduct Authority (FCA), under firm reference number 924229. You can check this (and our permitted activities) on the Financial Services Register by visiting the FCA website. Our head office is Albion Mills, 18 East Tenter Street, London, E1 8DN. You can contact us at this postal address, by email at [email protected] or by calling your dedicated mortgage adviser.
Our Services
We offer full advice and recommendations to you. This means we will:
Explain all parts of the mortgage and protection, or secured loan if applicable, journey to you.
Get to know you, and understand your needs, preferences and circumstances.
Identify your lifestyle and financial expectations over the life of the mortgage or secured loan.
Explore your needs and raise any contradictions which we will discuss to clearly establish your needs and priorities.
Advise and recommend products that are appropriate for you.
Help you with the process to secure your mortgage or secured loan and, where applicable, protection product.
Continue to monitor your mortgage or secured loan to review whether you are on the most appropriate deal for your circumstances based on the information you give us.
Our recommendations will be supported by:
An explanation of the implications of the particular product features both now and in the future, including changes to the interest rate.
An explanation of the costs associated with the recommended product and the impact of adding any of these to the mortgage or secured loan.
An explanation of the next steps and timescales including any administration needed, such as underwriting or a valuation.
Advice on how and who you need to contact for help or support throughout the process.
A report confirming why the recommendation has been made.
Illustrations and other relevant information.
It is important for us to maintain contact with you throughout the financial life cycle of products which Better.co.uk may arrange for you. It is your responsibility to make sure that your contact details are correct and kept up to date. All advice we give is based on the information you provide to us and verified using your documentation and independent checks carried out by third parties (including, for example, employers, credit referencing agencies, accountants or financial institutions). Advice is based on financial products available at the point in time you submit your application. You should know that financial products are subject to change and depend on availability from mortgage lenders and protection providers. We can't always guarantee we will be able to help you with your mortgage application depending on your credit history and circumstances.
Mortgage Monitoring Service
As part of our service, we will check your current mortgage deal against other deals on the market to see whether there is another deal available which would better suit your needs. We will email you periodically to keep you updated on your deal, and if we find a more appropriate deal for your needs based on the information you have given us. You will benefit from this service on completion of your mortgage application with us but can get in touch should you want to stop this service and end your relationship with Better.co.uk. If you choose to end your relationship with us, we will close your account but may retain certain data required based on our regulatory requirements. To learn more about how we use your information, please read our Privacy Policy.
Mortgages we offer
We offer a range of first charge mortgages from a selection of over 90 lenders. The lenders we work with have been chosen based on their service performance and the speed at which they can produce a mortgage offer. Our selection of lenders will be reviewed at regular intervals and may change. (If you would like to view a full up to date list of lenders we work with, then please ask your adviser). If we are recommending a Buy to Let mortgage for you, it is important to understand that not all Buy to Let mortgages are regulated by the FCA. We will confirm to you if any product we are recommending is not regulated.
Secured Loans (Also known as second charge mortgages)
We also advise on a range of secured loan products if we deem that is the best option for you. We do this from a selection of secured loan lenders that have been chosen by us based on their offerings.Our selection of these lenders will also be reviewed at regular intervals and may change. (If you would like to view a full up to date list of lenders we work with, then please ask your adviser).
Alternative options
We do not offer advice on Commercial Lending or unsecured lending. If you need these types of loans, we will refer you to a specialist broker. Where we identify other products and services that could be of interest to you, we will make sure you are aware of them in accordance with our Privacy Policy.
Insurance & Protection
It is important to consider insurance and protection when taking out a mortgage. We will speak to you about this and give you the option to be referred to a protection specialist for advice.
We provide advice & recommendation on a tied panel under the Mortgage Advice Bureau of some of the largest providers in the UK that includes;
Legal & General
Royal London
Aviva
LV
Vitality
Zurich
AIG
We do not charge a fee for our service. We receive a commission from the Provider for arranging the policy. The details of commission paid by Providers is detailed in the information you receive. As part of Better.co.uk understanding your protection requirements we need some medical information and details on your lifestyle and hobbies. You can refuse to provide us with this information, but it will mean that we are unable to recommend you to our panel.
Home Insurance
It is important to consider buildings and contents insurance when taking out a mortgage. We can refer you to a specialist for advice. We are working with Uinsure to provide this service to you.
Uinsure
The XYZ Building,
2 Hardman Blvd,
Manchester,
M3 3AQ
We do not charge you a fee for this service. We receive a percentage of the commission earned by the specialist should you choose to purchase buildings and/or contents insurance through Uinsure. If you would like any further details, please email [email protected]
Your application
We aim to be able to help all our customers, however we may be unable or refuse to proceed with an application if:
your chosen product is no longer available and where an alternative product cannot be sourced/provided;
there has been a pricing or product description error by the lender and where an alternative product cannot be sourced/provided;
your required documentation cannot be verified;
we believe that you are unlikely to be suitable for a mortgage or secured loan product that we can provide;
your application has been declined by the Lender;
the application appears to be for purposes that do not fit within the scope of our service (including as set out in these terms);
The application appears to be for an address outside of the United Kingdom.
We will let you know if we are able to process your application.
We will communicate primarily with the Main Applicant on all joint applications. However we may communicate with both applicants when necessary. By signing up to our service you agree to us disclosing application data to all applicants without restriction or prejudice.
By engaging with our team to provide you with our services, you give us permission to act on your behalf in liaising with the mortgage or secured loan provider and any other third parties involved in the application process. As an intermediary, we never own the products you buy or transact through us. All purchases will therefore be registered in the name(s) of the client(s) and we will forward you all documents showing ownership of your purchases, as soon as it is practicable after we receive them. In some cases, the product provider will send the documentation directly to you.
Our authority to act on your behalf in accordance with these Terms of Business can be terminated at any time by either side in writing, without prior notice and without penalty. This will be effective from the date the notification is received. However, if transactions already initiated remain outstanding, the notification will only be affected once these have been completed.
We cannot guarantee that your application will be considered or accepted by a mortgage or secured loan provider and we will have no responsibility for ensuring that the mortgage or secured loan is entered into or fulfilled.
Other than helping you to get a great mortgage deal, we will not be involved in your purchase process. You will be responsible for providing all necessary details of the mortgage product and mortgage provider to your solicitor or conveyancing practitioner.
You may withdraw your mortgage or secured loan application at any time before your loan has been entered by contacting us using the details provided above. Please note any non-refundable lender fees already paid may not be refunded if you cancel an application. Certain protection and insurance contracts allow you the right to cancel after a contract has been put in force. Prior to you entering into a contract of protection or insurance we will provide you with specific details should this apply, including: the duration; conditions, practical instructions and any costs for exercising such cancellation rights, together with the consequences of not exercising it.
Your duty of disclosure
Any advice provided is based on your personal financial circumstances and objectives. It is important that the information you provide is both accurate and honest, and a true reflection of your circumstances. It is your responsibility to provide information in this way to a provider or organisation that provides products and services recommended for you. Failure to disclose relevant information, or change of circumstances, to a provider may result in your chosen plan or product being invalidated.
We strongly recommend that any information provided is checked thoroughly prior to submission.
Fees and Costs
For a secured loan, we will charge a fee of £2,995 of which £195 will be charged upfront and for the remainder you’ll have the option for it to be added to the loan, or to pay us on completion of your loan.
You will receive a mortgage illustration once we have found the right mortgage deal for you, which will list any fees the lender will charge you, as well as the amount of commission that Better.co.uk will receive from the lender.
A list of commission fees payable by the mortgage lender or protection provider is available upon request.
We do not offer a refund of fees paid by you to the lender.
Who regulates us
Better.co.uk is a trading name of Trussle Lab Ltd which is authorised and regulated by the Financial Conduct Authority. You can check this on the Financial Services Register by visiting the FCA website.
Our head office is Albion Mills, 18 East Tenter Street, London, E1 8DN. You can contact us at this postal address, by email at [email protected] or by calling your dedicated mortgage adviser.
Trussle Lab Limited’s FCA registration number is 924229
Better.co.uk’s permitted business is advising and arranging mortgages, insurance and secured loans.
Better.co.uk is authorised and regulated by the FCA in respect of consumer credit activities. You can check this on the FCA’s Register by visiting register.fca.org.uk or by contacting the FCA on 0800 111 6768.
If the mortgage we arrange for you is a regulated mortgage contract, our advice to you, the information we disclose and any mortgage offer you receive is subject to FCA regulation and you will have the full protection of the Financial Services Act 2012 in our dealings with you. Please be aware that most business mortgages, buy-to-let mortgages, loans for timeshare purposes and non-regulated investment accounts (i.e. deposit, or current accounts) do not fall under the Financial Conduct Authority's umbrella of protection.
Addressing Financial Crime
The FCA, as part of our responsibility to ensure the integrity of the UK Financial Services market, requires us to have adequate systems and controls in place to prevent and reduce the risk of Financial Crime.
All transactions relating to our services are covered by, and adhere to, the Money Laundering Regulations and Proceeds of Crime Act.
Our responsibilities include verifying the identity and address of our customers, documents that support the application, and assessing the plausibility of all applications. Identity verification checks may include electronic searches through the Electronic Identification Verification Service, electoral roll and use of credit reference agencies.
We will also require proof of your income and expenditure, and source of any deposit funds to further satisfy these requirements.
Your adviser will confirm what documentation is required.
Are we covered by the Financial Services Compensation Scheme (FSCS)?
We are covered by the FSCS. 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 100% of the claim up to £85,000, so the maximum compensation is £85,000.
Further information about compensation scheme arrangements is available from the Financial Services Compensation Scheme (FSCS).
Data Protection and privacy
We are the data controller for your personal data (which means we decide what information we collect, what it is used for and who to share it with). To read more about how we use your information, please read our Privacy Policy.
Internet Privacy Statement and use of our site
We will do our best to ensure that the content of our website is accurate and up to date; however we cannot guarantee that our site, or any content on it, will be free from errors or omissions.
You are responsible for keeping your own devices, internet connection and software secure. We recommend you take sensible precautionary measures, such as installing an anti-virus and making sure you have the latest versions and security patches installed.
The content on our site is provided for general information only. It is not intended to amount to advice on which you should rely. You must obtain appropriate separate advice (whether provided by us through our mortgage services or through another person) before taking, or refraining from, any action based on the content on our site.
Although we make reasonable efforts to update the information on our site, we make no representations, warranties or guarantees, whether expressed or implied, that the content on our site is accurate, complete or up to date.
If you are not happy with our service
You can contact us if you have a complaint about your Better.co.uk adviser or the service you received.
Our number one priority is to provide customers with the highest level of service. However, we know that sometimes things do not go as planned.
Customer feedback helps us understand where things have gone wrong and gives us the opportunity to put them right. It also helps us to understand where we need to improve our product and services.
If you have a complaint about your adviser or the mortgage advice you have received from your adviser, please contact your adviser, or Better.co.uk:
In writing: Complaints Team, Albion Mills, 18 East Tenter Street, London, E1 8DN.
Email: [email protected]
If you cannot settle your complaint with us, you may be entitled to refer it to the Financial Ombudsman Service (FOS).
Further information on the services provided by the FOS can be found on their website financial-ombudsman.org.uk or alternatively:
In writing: The Financial Ombudsman Service, Exchange Tower, London, E14 9SR
By phone: 0800 023 4567 or 0300 123 9123
Email: [email protected]
You can find out more about your rights and what to do if you have a complaint here.
For any query or complaint related to how your personal data has been processed, please refer to our Privacy Policy.
Intellectual Property
We are the owner or the licensee of, and reserve all rights to, all intellectual property rights attributable to our website and its contents. This includes copyright works and trademarks, which may or may not be registered. If you are in any doubt about whether you can use anything on our website, please contact us for clarification.
General
If any provision of these Terms of Business is found to be invalid or unenforceable in whole or in part, the validity of the other provisions of these Terms and the remainder of the provision in question will not be affected.
These Terms supersede all proposals, prior discussions and representations (whether oral or written) between us relating to our appointment as your agent in connection with the arranging and administration of your mortgage. These Terms constitute an offer by us to act on your behalf in the arranging and administration of your mortgage.
We prefer our clients to give us instructions in writing, to aid clarification and avoid future misunderstandings. We will accept oral instructions provided they are confirmed in writing.
We may assign or transfer this contract to another entity. This will not affect your rights or our obligations to you under this contract.
These Terms and all our agreements provided are governed and construed in accordance with the laws of England and Wales and you agree that any dispute (including any non-contractual dispute) arising out of your agreement to use our services shall be subject to the exclusive jurisdiction of the English courts. The language in which this contract will be interpreted, and in which all communications will be conducted, will be English. The Contracts (Rights of Third Parties) Act 1999 will not apply to these Terms of Business.
Amendments
We may change these Terms and our site at any time, so please check this page from time to time.
