Mortgage Advice Terms of Business - Nova
Mortgage Advice Terms of Business

Terms of Business

Mortgage/Loan – Initial evaluation stage: No charge

  • We will consider your financial circumstances and requirements then provide you with information, on the most competitive lender and product options suited to you for your property finance;
  • We will provide you with an Illustration or ESIS document (European Standardised Information Sheet) to outline in writing all the features and costs associated with any mortgage or loan we recommend;
  • We will arrange an initial decision in principle with the recommended lender. This means the lender confirms they are willing to lend subject to receipt of a satisfactory valuation and all supporting application documentation;
  • If required, we will make a recommendation to you for a solicitors’ firm to facilitate the legal work required for your property purchase.

Mortgage/Loan – Processing stage: £250.00 administration fee

  • On receipt of your application fee we will start the process of completing the application form and collating it with any other documentation required by the lender and then submit to this to them on your behalf;
  • We will communicate to you in a timely fashion any other supporting information the lender requires in conjunction with your application;
  • We will check documentation you supply is consistent with the expectations and requirements of the lender;
  • We will ensure the lender application is monitored and progressing, for example checking that valuations are instructed, and lenders are working within their published service timescales;
  • We will update you fully on the progress of the application until the lender issues the formal loan offer.

Mortgage/Loan – Mortgage Offer stage: £500.00

  • We will check the loan offer to ensure it is correct. At this point our offer fee, for successfully securing you the offer from the lender, becomes payable;
  • We will assist you if required with meeting any offer conditions such as arranging property insurance;
  • We will liaise with your legal representative to ensure they have received a copy of the offer and assist them where needed;
  • We will liaise with the lender if any offer amendments are needed, for example if there is a change to the purchase price or mortgage amount required;
  • We will continue to monitor and assist with your application until your purchase or refinance is successfully completed.

Insurance – Advising and Arranging: No charge

  • We do not charge a fee for advising and arranging insurance policies. We will receive commission from the Insurer we place your business with.
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