Our Terms of Business
Helping you to understand our fees
Your time is valuable to us, and as such we believe in being fully transparent and upfront in our terms, i.e. what our service will cost you. We refund any commission to you,. Any commission to be received/refunded will be fully visible on the lenders offer letter, as well as our commission disclosure document.
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Initial Consultation FREE
1. We will consider your financial circumstances and requirements
2. We will consider the different product options that may be suitable for your needs such as Commercial loan, Commercial mortgage, bridging finance, and/or development finance.
3. Once interest is confirmed, we will review our Terms of Business, and answer any questions you might have
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Finance Loan Appraisal Fee £499
1. On receipt of your Appraisal fee we will start the process of reviewing your detailed financials and credit history and property details. We will approach a number of lenders based on their criteria to get an outline lending proposal from them.
2. we will evaluate the proposal(s) and make the recommendation based on your specific needs such as overall cost, speed, etc
3. We will communicate to you in a timely fashion and request any other supporting information the lender requires in conjunction with your finance needs;
4. We will review our recommendation summary, and the reasons why with you as well as any commission that is to be rebated.
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Finance Loan Arrangement Fee 1.25% of finance amount
1. On signed agreement on our recommendation summary, we will make an application to the recommended lender, collating any additional documentation they may require
2. 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;
3. We will update you fully on the progress of the application until the lender issues the formal loan offer. We will check the loan offer to ensure it is correct;
4. We will assist you if required with meeting any offer conditions such as arranging property insurance;
5. We will liaise with your legal representative to ensure they have received a copy of the offer and assist them where needed;
6. 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;
7. We will continue to monitor and assist with your application until your purchase or refinance is successfully completed.
8. At this point our completion fee, for successfully completing the offer from the lender, becomes payable.
Note: We refund any commission due from the lender. There is a minimum fee of £1250.
Collabot finance works for you, the client and not the lender. We offer an advice and recommendation service, where we identify your needs, and come up with financial solutions, rather than just securing the cheapest mortgage for you. Ideally the two are aligned.
Depending on your particular circumstances, We may be able to offer you a fixed price service, or cap our fees. As such, please do not hesitate to give us a call, Remember – our initial consultation is fee.
In addition, we run promotions throught the year, where our customers may be able to receive discounts upto 25% of our fees. As such please do not hesitate to signup to our newsletter.
What Documentation do we require to support your Application
To comply with Anti-money laundering and various other regulations – we need the following information for each borrower to validate your identity and support your application.
- Identity (Passport preferred or a UK/EU Photo Driving Licence).
- Last 3 months personal bank statements.
- Residential address proof less than 2 months old (if this does not appear on the bank statements).
- Evidence of income e.g. latest payslip, SA302 (Tax year overview & Tax Calculation) or accounts.
- Proof of deposit (purchases).
- Credit Report – If you do not have, please review checkmyfile (Free for 30 days, £14.99 thereafter)
- Last two-year Company Accounts (P&L, Balance sheet)
- Asset & Liability statement for each major shareholder/Director
A lender may have additional requirements over and beyond what we have specified. We will liaise with you nearer the time.