Terms of Business for Non-Regulated Services
Who are we?
Searchlight Finance Ltd is authorised and regulated by the FCA (Financial Conduct Authority), registration number 743220. You can check this on the FCA’s website fca.org.uk/register or by contacting the FCA on 0800 111 6768.
This document relates solely to Investment Buy-to-Let Finance, Unregulated Bridging Finance and Development Finance that are not regulated by the Financial Conduct Authority (“FCA”). Use this information to decide if this service is right for you.
Whose products do we offer?
We offer a comprehensive range of secured property finance from across the market, but not finance that you can only obtain by going directly to the lender.
Which service will we provide you with?
We will advise and make a recommendation for you after we have assessed your needs.
We do not give tax advice. By placing an application with us we expect you to have carried out your own research and taken professional advice from an independent tax adviser. By accepting our conditions, you confirm that we have not provided any type of tax advice to you.
What you will have to pay for this service?
For new clients £100 is payable on acceptance of Terms of Business (TOB) to carry out an initial assessment including searches. In addition, the following fees are payable on application for new clients and on offer for existing:
• BTL – Non portfolio landlord £400.
• BTL – Portfolio landlord £500.
• BTL – Ex pat/foreign national £600.
• Commercial Property and Bridging Finance up to 1% of the loan amount. £500 on acceptance of TOB with the balance payable on offer but may be deferred to Completion.
If additional work is required further fees may be payable. This includes business plans, more than two applicants, change of property or a complex application. You will always be notified in advance if an additional fee is needed.
In addition to the above we will also be paid a procuration fee from the lender. You will receive an illustration which will tell you about any fees relating to the finance.
We may reduce our fees depending on the amount of business you give us and as a thank you for your referrals.
Refund of fees
Our fee is non-refundable, should your application be discontinued for any other reason including but not limited to circumstances where:
• we are unable to secure a formal finance offer as a result of inaccurate information provided by you about your personal circumstances, the proposed property details, materially inaccurate information which we have relied or your non-disclosure or non-provision of relevant information as required by the lender.
• we can secure a suitable finance offer for any mortgage which would reasonably enable your transaction to proceed.
• you choose to withdraw from the property transaction or terminate the mortgage application process.
• the vendor withdraws from the transaction.
At our discretion we may transfer part or all the fee to a future application with us.
What to do if you have a complaint?
If you wish to register a complaint, please contact us: in writing at Searchlight Finance Ltd, 98 King Street, Knutsford, Cheshire, WA16 6HQ or by phone on 01565 654005 or email firstname.lastname@example.org
If you cannot settle your complaint with us, you will not be entitled to refer it to The Financial Ombudsman Service. Investment Buy-to-Let Finances, Unregulated Bridging Finance and Development Finance are not regulated by the Financial Conduct Authority so you will have no recourse under the Financial Services Compensation Scheme.