Welcome to Prospect Tree Mortgages Ltd.

Who are we and what do we do?

We are a firm of Independent Mortgage and Protection Advisers and we believe in establishing and maintaining long term relationships so we can navigate our clients through their financial journey.

We are an appointed representative of TenetConnect Services Limited, which is authorised and regulated by the Financial Conduct Authority (FCA). The FCA is the independent regulator of financial services in the United Kingdom. TenetConnect Services Limited is entered on the Financial Services Register (www.fca.org.uk/register) under reference 150643.

​Who is TenetConnect Services Limited?

TenetConnect Services Limited is wholly owned by Tenet Limited, which is a wholly owned subsidiary of Tenet Group Limited (‘TGL’), a leading distributor of financial products and services in the UK. TGL is majority owned by the following corporate shareholders; AEGON UK Distribution Holdings Ltd (22%), Aviva Life & Pensions UK Limited (23%), Aviva Life Holdings UK Ltd (24%) and Standard Life Aberdeen PLC (25%). Aviva Life & Pensions UK Limited and Aviva Life Holdings UK Ltd are both companies within the Aviva plc group.

Their address is: TenetConnect Services Limited, 5 Lister Hill, Horsforth, Leeds, LS18 5AZ. Tel: 01132 390011.

To find out more about TenetConnect Services Limited and the support and backing they provide us with, please visit their website www.tenetgroup.co.uk/consumer

Appointment: Tenet is authorised and regulated by the Financial Conduct Authority (FCA). As we are an Appointed Representative of Tenet, we are exempt from having to obtain direct authorisation from the FCA in order to provide you with regulated financial advice. Accordingly, through Tenet’s authorisation, we are authorised by Tenet to act on its behalf as its agent to undertake certain authorised regulated activities and enter into this Agreement. Where Tenet has authorised us under the terms of our agreement with it to undertake regulated activity it shall be responsible for that advice and be entitled to receive all fees, charges, commissions and any other fee income on behalf of its agents in relation to that advice and shall retain and distribute the income to its agents under the terms of that agreement. You are able to check with Tenet directly whether we are authorised to advise you in respect of any particular transaction to which this Agreement applies. If we are not authorised by Tenet to provide certain advice, Tenet shall not be liable for that advice. 
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​What can we do for you?

Our mainstream service is to act on your behalf for the purpose of arranging and advising on the following:
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For all the services described above we will complete a detailed fact find so we can understand your circumstances, specific needs and objectives to determine if these services are suitable for you. We will then undertake research in order to provide a personal recommendation(s) and related information relevant to your individual circumstances. If, after due consideration you would like to accept any or all of our recommendation(s), we will then implement them and arrange any products and/or related services on your behalf. 

Ultimately, whichever type or level of service you require from us we will act in your best interests at all times.

Further details about these and other related services we provide are contained in the pages below. This also confirms the typical cost of our services and how we get paid for them.​

Important information

Before you consider our services in more detail we would like to draw your attention to the following important information:
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When we have discussed and agreed with you the services that we are to provide we will confirm this to you in a Client Agreement. This will describe the scope and specific services to be provided, the cost and how it can be paid for. A copy of our standard Client Agreement is available on request.
 
We will not advise you if you are experiencing difficulties managing debts. Free help and advice about managing your debts is available by contacting the Money and Pensions Service via its website: www.moneyadviceservice.org.uk

Information about our mortgage services

Whose products do we offer?

We offer a comprehensive range of mortgage products from across the market for first and second charge mortgages. We do not offer deals that you can only obtain by going direct to a lender. To review the list of lenders we offer mortgages from, please refer to the appendix attached. 

For those seeking to increase their existing borrowing, alternative finance options may be available and more appropriate for your needs. For example, a further advance from your existing lender, a second charge mortgage or an unsecured loan (e.g. a personal loan). 

How much will you have to pay for our mortgage services?

For establishing your needs, undertaking research, making a recommendation and obtaining you an offer of mortgage, we charge a fee of £399. Our fee only becomes payable when you are in receipt of your mortgage offer. The fee is not refundable if you do not proceed with the property transaction. There will be no fee in respect of arranging a product transfer on your behalf.

For more complex cases, for example, adverse credit history, history of mortgage arrears, Individual Voluntary Arrangement (IVA), bankruptcy, County Court Judgement (CCJ), self-employment or Buy to Let we charge a fee of £499.  If clients have more than one such complication factor in their circumstances then our fee will typically be £999 and include a non-refundable pre-application charge of £499 with the balance of £500 becoming due on completion.  We will confirm to you at the outset what fees will be charged. 

If you choose to proceed with our recommendation and the mortgage goes ahead, we will also be paid commission from the lender for arranging the mortgage on your behalf. 

The amount of commission we receive varies from lender to lender. Information about the range of commissions available to us from the mortgage products we recommend is available on request.

You will receive a personalised illustration when considering a particular mortgage. This will highlight the key facts about the mortgage product, including any fees relating to it and the amount of any commission due to us from the mortgage lender.

Information about our Equity Release services

Whose products do we offer?

Equity release products are either lifetime mortgages or home reversion plans. We offer a comprehensive range of equity release products from across the market but not deals that you can only obtain by going direct to a lender.

How much will you have to pay for our equity release services?

For establishing your needs, undertaking research and making a recommendation, we charge a fee of £1,295. 

Our fee only becomes payable when your mortgage completes. There will be no fee should you not proceed with your transaction for any reason.

If you choose to proceed with our recommendation and your lifetime mortgage / home reversion plan goes ahead, we will also be paid commission from the company that lends you money or buys your home.

​You will receive a personalised illustration when considering a particular equity release product. This will highlight the key facts about the lifetime mortgage or home reversion plan including any fees relating to it.

Information about our insurance services

Personal and Family Protection

We are insurance intermediaries who offer products based on a fair and personal analysis of the market for Life Assurance, Critical Illness Cover, and Income Protection Insurance.
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General Insurance

We are insurance intermediaries who offer products based on a fair and personal analysis of the market for Buildings & Contents, Accident Sickness & Unemployment and Private Medical Insurance.
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How much do we charge for our insurance services?

Typically we will not charge you a fee for advice and arranging an insurance product. We will receive commission from the insurer and this is reflected in the premium amount you pay to them. The amount of commission we receive will vary depending on the type of contract, term of the cover and the premium amount.

We will tell you how much commission we expect to receive before we transact business for you. You will receive a quotation, which will tell you about any other fees relating to any particular insurance policy we arrange for you.

You also have the option to pay for our insurance services by way of a fee. The amount we charge will depend on the amount and complexity of the work required. Our standard rate of £150 per hour will apply and is charged in 15 minute intervals. For example if we spent 3 hours and 30 minutes preparing a recommendation and arranging the insurance product for you, our fee would be £525 (exc. VAT).  Our fee becomes payable when we provide you with our recommendation(s).  If you opt for this method of paying for your advice, the commission given up will serve to reduce the premium paid for your insurance policy throughout its term.

Our advisers may also receive periodic bonus payments for achieving sales targets related to the volume of insurance contracts they arrange. This does not affect the amount of commission we receive from product providers for arranging an insurance contract on your behalf.  

We are not otherwise permitted to receive or retain any financial inducements, significant gifts or hospitality from insurance product providers, for arranging insurance contracts on your behalf.

Information about credit checks

Prospect Tree Mortgages work with a company called Check My File. To take advantage of their service you must create an account with Check My File on their website to access your credit report. Check My File is free for 30 days and then £14.99 a month – cancel online anytime. We recommend creating a trial account and cancelling before your free trial ends to ensure you are not charged.

Prospect Tree Mortgages may receive a small fee from Check My File which helps keep our service free to use.

Information about our other related services

Non-Advised Services
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We will tell you how we get paid and the amount before we carry out any business for you.
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Credit Broking

We are also credit brokers. This means that if you require a loan other than a mortgage (for example, a personal loan), we can refer you to a specialist third party who can discuss your specific needs with you. We will not advise you on this type of borrowing and you will need to make up your own mind whether to go ahead or not.

What happens if I have a complaint?

​If you are unhappy with the service you have received or a product we have arranged on your behalf, a copy of our complaints procedure, which sets out how we will handle your complaint, is available upon request.

If you would like to make a complaint please contact us either in writing to: Complaints, TenetConnect Services Limited, 5 Lister Hill, Horsforth, Leeds, LS18 5AZ; or by e-mail: complaints@tenetgroup.co.uk; or by telephone: 0113 2390011.

If we are unable to settle your complaint or you are unhappy with our response, the Financial Ombudsman Service may be able to help. We will explain how at that point.

If you require further information about the Financial Ombudsman Service you can contact them directly:

​Tel: 0800 0234567
Website: www.financial-ombudsman.org.uk

Are we covered by the financial services compensation scheme?

Yes, we are covered by the FSCS. You may be entitled to compensation from the scheme if we are unable to meet our obligations. This will depend on the type of business and the circumstances of the claim. The FSCS only pays compensation for financial loss and the limits are per person per firm, and per claim category, as listed below: 

Long Term Insurance Contracts:

Arranging and advising on long term insurance contracts (e.g. a life insurance policy, personal pension or annuity) is covered for 100% of the claim without upper limit.

General Insurance Contracts:

Arranging and advising on long term insurance contracts (e.g. a life insurance policy, personal pension or annuity) is covered for 100% of the claim without upper limit. Arranging and advising on other types of general insurance contracts (e.g. Building and Contents) is covered for 90% of the claim without upper limit.

Arranging and advising on other types of general insurance contracts (e.g. Building and Contents) is covered for 90% of the claim without upper limit.

Mortgage Products:
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Arranging and advising on mortgage products is covered up to a maximum limit of £85,000 per person per firm.

Further information about the FSCS is available from their website: www.fscs.org.uk

A mortgage is a loan secured against your home or property. Your home or property may be repossessed if you do not keep up repayments on your mortgage or any other debt secured on it. Click here to see our fee info.

Think carefully before securing debts against your home or property. The financial conduct authority does not regulate most forms of buy to let mortgage.

Prospect Tree Mortgages LTD is the appointed representative of TenetConnect Services Ltd, which is authorised and regulated by the Financial Conduct Authority. TenetConnect Services Ltd is entered on the Financial Services Register (www.fca.org.uk/register) under reference 150643.

Prospect Tree Mortgages Ltd is registered in England and Wales under reference 10112043. Registered Office Address: Acorn Barn, Wembdon Business Park, Smeeth, Ashford, Kent, TN25 6SZ.

The information contained within this website is subject to the UK regulatory regime and is therefore primarily targeted at consumers based in the UK.

Copyright 2018. Prospect Tree Mortgages Ltd. All rights reserved.