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Terms of Business

Terms of Business for Investment BTL Mortgages, Commercial and Development finance

Who are we?

Searchlight Finance Ltd (Searchlight) are mortgage and insurance advisers authorised and regulated by the FCA (Financial Conduct Authority), registration number 743220. You can check this on the FCA’s website www.fca.org.uk/register or by contacting the FCA on 0800 111 6768.

This document explains the service we offer and how you will pay for it. Our service and permitted business include advising and arranging mortgages and insurance products as stated below. Our status means we will look at all the lenders available to us in the marketplace, but not deals that you can only obtain by going direct to a Lender and we will help to find you the most competitive and suitable Buy to Let Mortgage, Commercial, Development Finance and Bridging Finance. In addition to any fees we charge, we may receive a commission from the lender.

Tax Advice

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.

Fee Structure

Not all applications are the same so why should our fees? The fee is to cover the work we do for you:

  • £100 for setting up the records for a new client. This is a one-off payment:
  • £500 for sourcing a suitable BTL product, application to the lender and all calls/emails and paperwork involved;
  • For complex BTL, commercial and bridging applications further fees may be payable up to 1% of the amount borrowed but we will always inform you in advance (see *) ;
  • Multiple mortgage applications to the same lender and large mortgages may be discounted;
  • We will discount/waive fees when we can, as a thank you for your loyalty and referrals;

We will confirm the fee payable before any application and it is due before we commence work.

FEE REFUND GUARANTEE – If we are unable to obtain an acceptable decision in principle based on the information you have provided the fee will be refunded to you.

*The fees quoted are for applications up to two applicants. Should more specialist requirements be needed, we will advise you in writing if a different fee scale will apply before proceeding with an application. e.g. This may happen for new portfolio mortgage clients, corporate shareholders three or more applicants, the application is complex, or the lender does not pay commission.

Insurance – Advising and Arranging: No charge

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

Privacy & Data Notice

A privacy notice will be issued separately from the terms of business. Being open and transparent and providing accessible information to you about how we will use your personal data is a key element of the EU General Data Protection Regulation (GDPR).

This privacy notice details:

The lawful basis for processing data, who we are, how we use the information about you, marketing consent, what information is collected, why the personal data is required, our data retention periods and individual’s rights to personal data. More detailed information can be obtained on request. 

You must be confident you understand how your data will be processed.

Restrictions and Legal Jurisdiction

Please be aware that the FCA does not regulate most Buy to Let, Commercial, Development Finance and Bridging Finance. Where they do fall under regulation we will notify you of that fact.

We are committed however to providing the same high standards even when dealing with your requirements for non- regulated products. This agreement will be governed by and construed in accordance with the laws of England and Wales and any dispute will be subject to the exclusive jurisdiction of the courts of England and Wales.

Payment of Fees

By faster payment to Searchlight Finance Ltd. Bank details will be on the invoice.

What to do if you have a complaint

If you wish to register a complaint, please write to 98 King Street Knutsford Cheshire WA16 6HQ or call. If we cannot settle your complaint you may be entitled to refer it to the Financial Ombudsman Service.

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. Insurance advising and arranging are covered for 90% of the claim, without any upper limit. Regulated Mortgage advising and arranging are covered up to a maximum limit of £50,000.

Searchlight Finance Limited is registered in England and Wales No.07929050 Searchlight Finance Limited is authorised and regulated by the Financial Conduct Authority and is entered on the Financial Services Register (http://www.fca.org.uk/register) under reference 743220. The FCA do not regulate Business Buy to Let Mortgages or most Commercial Mortgages and Bridging Finance. ICO Number Z3109319. Your property may be repossessed if you do not keep up repayments on a mortgage or any debt secured on it.

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