Terms of Business – Henry Dannell

These Terms of Business, the Client Agreement and our Privacy Notice explain the basis under which we will supply our services to you and how we will process your personal data. We refer to these documents together as the “Agreement” between us.

WHO ARE WE AND WHAT DO WE DO?

Henry Dannell is a trading style of Henry Dannell Private Clients Limited. Henry Dannell is a finance brokerage that provides unbiased, independent residential and commercial mortgage advice and protection insurance advice.

Henry Dannell Private Clients Limited is authorised and regulated by the Financial Conduct Authority (FCA Number 943626).

Henry Dannell Private Clients Limited is Registered in England and Wales, Registration No. 12002019. Henry Dannell is a trading style of Henry Dannell Private Clients Limited, Registered and Trading Address: First Floor, Tabard Works, 6-12 Tabard Street, London SE1 4JU.

Henry Dannell Private Clients Limited is a member of the National Association of Commercial Finance Brokers (NACFB). We adopt a strict Code of Practice and Minimum Standards set by the Association.

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:

Mortgages, including Buy to Let, Commercial and Later Life
Personal and Family Protection – for example, a Life Insurance or Critical Illness Plan
Inheritance Tax Mitigation Insurance – for example, Gift Inter Vivos or Whole of Life Second Death Policies
Business Insurance – for example, Key Person Insurance, Relevant Life or Shareholder Protection

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 and related information relevant to your individual circumstances. If, after due consideration, you would like to accept any or all of our recommendations, we will then implement them and arrange any products and/or related services on your behalf.

Further details about these and other related services we provide are contained in the pages below. This also confirms their typical cost and how they can be paid for.

IMPORTANT INFORMATION

Before you consider our services in more detail, we would like to draw your attention to the following important information:

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 upon request.

We will not advise you if you are experiencing difficulties managing debt. Free help and advice about managing your debts is available by contacting the Money and Pensions Service via its website: www.moneyandpensionsservice.org.uk

INFORMATION ABOUT OUR MORTGAGE SERVICES

Whose products do we offer?

We are not limited in the range of mortgages we will consider for you. We offer both first and second charge mortgages, but not deals you can only obtain by going directly to a lender.

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 or an unsecured loan (e.g. a personal loan).

For those seeking a Retirement Interest Only Mortgage, a Lifetime Mortgage may be available and more appropriate for your needs.

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

For establishing your needs, undertaking research, making a recommendation, submitting an application and progressing your application, we may be paid a procuration fee (commission) by the product provider. Where we receive this commission from the product provider, we will tell you what commission we expect to receive. Any fee payable by the product provider is due on mortgage drawdown (completion). We reserve the right to charge you a fee for our Services, which will be explained to you and agreed prior to commencing the Services we have agreed to provide. Under current legislation, our Services are not subject to VAT, but should this change in future, and where VAT becomes due, we will notify you before conducting any further work.

For clarity and transparency, our standard fee structure is as follows:

Residential and Buy to Let

Purchases and Remortgages

£749.00
£500.00 is payable upon submission of your mortgage application (application fee)
The remaining £249.00 is payable upon mortgage drawdown (completion)

Product Transfers (Rate Switches)

£249.00, which is payable upon submission of your mortgage application (application fee)

Bespoke Mortgages (where the best solution for you is with a product provider that does not pay a commission)

0.50% of the loan amount
0.25% is payable upon receipt of a mortgage offer
The remaining 0.25% is payable upon mortgage drawdown (completion)
£999.00 application fee, which is payable upon submission of your mortgage application

For our bespoke service, where the 0.50% fee is applicable, by way of example, should we apply for a mortgage for you to the value of £1,000,000.00, the 0.50% fee would equate to £5,000.00. This is chargeable on top of the £999.00 application fee.

Bridging Loans (Regulated and Unregulated), Buy to Let Property Portfolio Lending (four or more properties), True Commercial Lending (four or more properties) and Development Finance

Refund of Fees (“Non-Utilisation Fee”)

Should we carry out our Services to the point of securing a proceedable offer from the lender, and should you choose not to proceed with that offer, there will be a ‘Non-Utilisation Fee’ charged. This fee will be equivalent to 25% of the procuration fee that we would have received from the lender, had you moved forward with the proceedable offer. This fee is chargeable upon receipt of the offer.

Buy to Let Property Portfolio Lending (less than four properties) and True Commercial Lending

One Property

£750.00
£500.00 is payable upon submission of your application (application fee)
The remaining £250.00 is payable upon drawdown (completion)

Two to Three Properties

£1,000.00
£700.00 is payable upon submission of your application (application fee)
The remaining £300.00 is payable upon drawdown (completion)

Expatriate and Non-Resident (UK) Services

£999.00
Payable upon submission of your application (application fee)

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.

For Later Life mortgages, should you decide to proceed with our Services, we charge an advice fee of £1,295.00, which is payable upon the completion of your mortgage. This advice fee is a ‘fee for life’ and is only payable upon completion of the first Later Life mortgage we process for you.

INFORMATION ABOUT OUR INSURANCE SERVICES

Protection Insurance

We are insurance intermediaries who offer products from a range of insurers based on a fair and personal analysis of the market for: Personal and Family Insurance, Inheritance Tax Mitigation Insurance and Business Insurance.

How much do we charge for our insurance services?

We do not usually charge 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.

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 OUR OTHER RELATED SERVICES

Credit Broking

We are also Credit Brokers. This means that if you require a loan other than a mortgage (e.g. 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 proceed or not.

Other Specialist Services

With your permission, we may refer you to another firm for areas of business that we do not advise on.

PRIVACY AND DATA PROTECTION

Henry Dannell is committed to protecting the privacy and security of your personal information. Our Privacy Notice describes how we collect and use personal information about you in accordance with data protection law. A copy of our Privacy Notice is available upon request.

WHAT HAPPENS IF YOU 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 Policy, 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, Henry Dannell Private Clients, First Floor, Tabard Works, 6-12 Tabard Street, London SE1 4JU; or by email: info@henrydannell.co.uk; or by telephone: 0204 5999 444.

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 the point that it becomes necessary.

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

The Financial Ombudsman Service

Exchange Tower

London

E14 9SR

Telephone: 0800 023 4567 or 0300 123 9123

Email: complaint.info@financial-ombudsman.org.uk

Website: www.financial-ombudsman.org.uk

ARE WE COVERED BY THE FINANCIAL SERVICES COMPENSATION SCHEME (FSCS)?

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 (correct at time of publication):

Long Term Insurance Contracts

Arranging and advising on long term insurance contracts (e.g. a Life Insurance or Critical Illness Policy) is covered for 100% of the claim, without upper limit.

General Insurance Contracts

Arranging and advising on compulsory classes of insurance (e.g. Employers Liability), Professional Indemnity Insurance, and general insurance contracts that pay out on death or incapacity due to injury, sickness, or infirmity (e.g. an Accident and Sickness Policy) are 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.

Mortgages

Arranging and advising on mortgages 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