Terms of Business
Terms of Business for Sean Couch t/a Dublin Mortgage Company and EDUC Mortgages. 3 Redgray Court, Farrenboley Hill, Dundrum , Dublin 14.
These Terms of Business set out the general terms under which our firm will provide business services to you and the respective duties and responsibilities of both the firm and you in relation to such services. Please ensure that you read these terms thoroughly and if you have any queries we will be happy to clarify them. If any material changes are made to these terms we will notify you.
Authorisation with the Central Bank of Ireland:
Sean Couch t/a Dublin Mortgage Company and EDUC Mortgages is regulated and authorised by the Central Bank of Ireland Registration Number C38590 as an insurance intermediary registered under the European Communities (Insurance Mediation) Regulations, 2005; as a Multi-Agency Intermediary/Authorised Advisor authorised under the Investment Intermediaries Act, 1995 and as a Mortgage Intermediary authorised under the Consumer Credit Act, 1995. Copies of our regulatory authorisations are available on request. The Central Bank of Ireland holds registers of regulated firms. You may contact the Central Bank of Ireland on 1890 777 777 or alternatively visit their website at www.centralbank.ie to verify our credentials.
Codes of Conduct:
Sean Couch t/a Dublin Mortgage Company and EDUC Mortgages is subject to the Consumer Protection Code, Minimum Competency Code and Fitness & Probity Standards which offer protection to consumers. These Codes can be found on the Central Bank’s website www.centralbank.ie.
Our principal business is to provide advice and arrange transactions on behalf of clients in relation to Mortgages, Investments, Life & Pensions Products. A full list of Insurers, Product Producers and Lending Agencies with which we Hold appointments with is as follows
K.B.C Bank Ireland plc.
Ulster Bank Ireland Ltd.
Permanent tsb plc.
Haven Mortgages Limited. (Broker division of A.I.B and E.B.S Building Society)
Pepper Money and Pepper Asset Servicing
Home Choice Loans.
Dublin City Council.
Galway County Council.
Cork City Council.
Kilkenny County Council.
IFG Investment and Mortgage Services.
Sean Couch t/a Dublin Mortgage Company and EDUC Mortgages acts as an Independent Broker which means that: a) the principal regulated activities of the firm are provided on the basis of a fair analysis of the market; and b) you have the option to pay in full for our services by means of a fee.
Fair Analysis The concept of fair analysis is derived from the Insurance Mediation Directive. It describes the extent of the choice of products and providers offered by an intermediary within a particular category of life assurance, general insurance, mortgages, and/ or a specialist area. The number of contracts and providers considered must be sufficiently large to enable an intermediary to recommend a product that would be adequate to meet a client’s needs.
In order to ensure that the number of contracts and providers is sufficiently large to constitute a fair analysis of the market, we will consider the following criteria:
- the needs of the customer,
- the number of providers in the market that deal with brokers,
- the market share of each of those providers,
- the number of relevant products available from each provider,
- the availability of information about the products,
- the quality of the product and service provided by the provider, cost, and
- any other relevant consideration.
Through the lenders or other undertakings with which we hold an agency for, Sean Couch t/a Dublin Mortgage Company and EDUC Mortgages can provide advice on and arrange mortgage products from the following range: fixed and variable rate mortgages, tracker mortgages, interest only mortgages, negative equity mortgages, self-build mortgages, pension mortgages and residential investment property mortgages.
Sean Couch t/a Dublin Mortgaeg Company and EDUC Mortgages provides mortgage advice on a fair analysis basis (providing services on the basis of a sufficiently large number of contracts and product producers available on the market to enable the firm to make a recommendation, in accordance with professional criteria, regarding which contract would be adequate to meet your needs.
We will need to collect sufficient information from you before we can offer any advice on housing loans. This is due to the fact that a key issue in relation to mortgage advice is affordability.
Life & Pensions:
Sean Couch t/a Dublin Mortgage Company and EDUC Mortgages provides life assurance and pensions on a fair analysis basis i.e. providing services on the basis of a sufficiently large number of contracts and product producers available on the market to enable us to make a recommendation, in accordance with professional criteria, regarding which contract would be adequate to meet your needs.
We will provide assistance to you for any queries you may have in relation to the policies or in the event of a claim during the life of the policies and we will explain to you the various restrictions, conditions and exclusions attached to your policy. However, it is your responsibility to read the policy documents, literature and brochures to ensure that you understand the nature of the policy cover; particularly in relation to Serious Illness Policies.
With regards to Serious/Critical Illness Insurance Policies, it is our policy to explain to you a) the meaning of disability /Serious and Critical illness as defined in the policy; b) the benefits available under the policy; c) the general exclusions that we will explain clearly to you the restrictions, conditions and general exclusions that attach to that policy.
Disclosure of Information:
Any failure to disclose material information may invalidate your claim and render your policy void.
Sean Couch t/a Dublin Mortgage Company and EDUC Mortgages.is remunerated by commission and other payments from product producers or lenders on the completion of business. You may choose to pay in full for our services by means of a fee. Where we receive recurring commission, this forms part of the remuneration for initial advice provided.
Where you choose to pay in full for our service by fee, we will notify you in writing in advance and agree the scale of fees to be charged.
If we receive commission from a product provider, this will be offset against our fees.
Sean Couch t/a Dublin Mortgaeg Company and EDUC Mortgages is remunerated by commission from lenders on completion of business. Details of this remuneration are available on request. This commission is paid by the mortgage lender.
Please note that lenders may charge specific fees in certain circumstances and if this applies, these fees will be specified in your Loan Offer. You have the right to pay a fee separately and not include it in the loan. Typically, this situation arises in relation to specialist lending.
Regular Reviews It is in your best interests that you review, on a regular basis, the products which we have arranged for you. As your circumstances change, your needs will change. You must advise us of those changes and request a review of the relevant policy so that we can ensure that you are provided with up to date advice and products best suited to your needs. Failure to contact us in relation to changes in your circumstances or failure to request a review, may result in you having insufficient insurance cover and/or inappropriate investments.
Conflicts of interest It is the policy of our firm to avoid conflicts of interest in providing services to you. However, where an unavoidable conflict of interest arises we will advise you of this in writing before providing you with any service.
Product producers may withdraw benefits or cover in the event of default on payments due under policies of insurance or other products arranged for you. We would refer you to policy documents or product terms for the details of such provisions.
Mortgage lenders may seek early repayment of a loan and interest if you default on your repayments. Your home is at risk if you do not maintain your agreed repayments.
We ask that you make any complaint against our firm, relating to services provided by us, in writing. We will acknowledge your complaint within 5 business days and we will fully investigate it. On completion of our investigation, we will provide you with a written report of the outcome. In the event that you are still dissatisfied with our handling of or response to your complaint, you are entitled to refer the matter to the Financial Services Ombudsman or the Pensions Ombudsman. A full copy of our complaints procedure is available on request.
Data Protection Sean Couch t/a Dublin Mortgage Company and EDUC Mortgages complies with the requirements of the Data Protection Acts, 1988 and 2003.
Investor Compensation Scheme:
Sean Couch t/a Dublin Mortgaeg Company and EDUC Mortgages is a members of the Investor Compensation Scheme operated by the Investor Compensation Company Ltd. The Investor Compensation Act, 1998 provides for the establishment of a compensation scheme and the payment, in certain circumstances, of compensation to certain clients (known as eligible investors) of authorised investment firms, as defined in that Act.
The Investor Compensation Company Ltd. (ICCL) was established under the 1998 Act to operate such a compensation scheme and our firm is a member of this scheme. Compensation may be payable where money or investment instruments owed or belonging to clients and held, administered or managed by the firm cannot be returned to those clients for the time being and where there is no reasonably foreseeable opportunity of the firm being able to do so.
A right to compensation will arise only:
If the client is an eligible investor as defined in the Act; and If it transpires that the firm is not in a position to return client money or investment instruments owned or belonging to the clients of the firm; and to the extent that the client’s loss is recognised for the purposes of the Act.
Where an entitlement to compensation is established, the compensation payable will be the lesser of: • 90% of the amount of the client’s loss which is recognised for the purposes of the Investor Compensation Act, 1998; or • Compensation of up to €20,000.
For further information, contact the Investor Compensation Company Ltd. at (01) 224 4955. Client Acknowledgement: I (the undersigned) acknowledge and confirm that I have been provided with a copy of these Terms of Business/
Best Advice: Sean Couch t/a Dublin Mortgage Company and EDUC Mortgages will endeavour to get you the cheapest product on the market from the panel of lenders and product providers we are authorised to advise on. This may not always be possible as you may not meet the lenders criteria.
EDUC Mortgage offer to INTO and IFUT Members:
EDUC mortgages will refund the cost of a valuation on completion of the mortgage and the issuing of the mortgage cheque by the lender.
EDUC mortgages will refund you €300 towards your legal fees on completion of the mortgage and issuing of your mortgage cheque by your lender.
EDUC will provide the first year’s life /mortgage protection insurance free of charge from the panel of Insurers we are authorised to advise on. You do not have to take out the Life / Mortgage protection policy with EDUC mortgages but should you choose to arrange the insurance with another provider you will not qualify for the first year’s free cover.
At the end of the first year you can choose to continue paying for the policy or take out an alternative policy with EDUC mortgages or another provider. You do not have to continue the policy after the first year. It should be noted that generally it is a requirement of your mortgage that you have at least a mortgage protection policy in place at all times to cover your outstanding mortgage for the remaining term of the mortgage.
The above offers are in addition to any offers provided by the lenders directly.
I/ We confirm that we have being given the EDUC terms of business and disclaimer from the INTO/ IFUT and accept same.
I/We also authorise EDUC mortgages to confirm our/my membership of the INTO/IFUT in order to avail of the INTO/IFUT offer. I/We authorise the INTO/IFUT to confirm our/my membership with EDUC mortgages.
I / We confirm our instruction to research new mortgage arrangements and/or insurance/pension/investment products on my/our behalf. I/We understand that the EDUC Mortgages does not guarantee me/us access to the lowest cost mortgage or insurance/ pension/ investment product in the market. The mortgage options and or insurance/ pension/ investment product options made available to me / us will be based on my / our circumstances and individual lender or product provider criteria.
I/we acknowledge that I have being provided with a Copy of the above terms of business.