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Understanding you and your Mortgage & Protection Needs
Date of Fact FindFace to Face Meeting
Non Face to Face Meeting
Client 1 Name Client 2 Name
Contact Details (phone number, email address)
Contact Details (phone number, email address)
Preferred Contact Method
Home Preferred Contact Method
Home
Work Work
Email Email
Post Post
Buyer Type Home Owner First Time Buyer Buy to Let
Framework for our meeting: What do you want to get from the meeting? What do you know about our firm and myself? How to we deliver solutions to you? Understanding more about your needs Which solutions suit you the best? What can we expect from each other?
Adviser Name
Firm Name
Version 1.0 – November 2015
1
ContentsSection 1a – Your expectations and perceptions...........................................................................................3
Section 1b – Your requirements...........................................................................................................................4
Mortgage Purpose.................................................................................................................................................4
Mortgage Loan.......................................................................................................................................................4
Mortgage Term......................................................................................................................................................4
Mortgage Repayment..........................................................................................................................................4
Your Budget............................................................................................................................................................5
Mortgage Product..................................................................................................................................................5
Mortgage lenders & features............................................................................................................................5
Protecting you and your home.........................................................................................................................6
Section 2 - Your financial situation.....................................................................................................................6
Initial costs..............................................................................................................................................................6
Deposit and Anti-Money Laundering Requests...........................................................................................6
Mortgage expenditure.........................................................................................................................................7
Existing financial commitments.......................................................................................................................9
Other financial commitments.........................................................................................................................10
Income & Salary..................................................................................................................................................11
Existing protection & lump sum arrangements from policies and work benefits.........................12
Existing Pensions.................................................................................................................................................13
Existing Investments..........................................................................................................................................14
Section 3 - Your future plans...............................................................................................................................15
Potential changes - Lifestyle...........................................................................................................................15
Potential changes – Mortgage........................................................................................................................15
Section 4 – Perceptions versus actual needs................................................................................................16
Mortgage purpose...............................................................................................................................................16
Mortgage loan......................................................................................................................................................16
Mortgage term.....................................................................................................................................................16
Mortgage repayment.........................................................................................................................................17
Your budget...........................................................................................................................................................17
Mortgage Product................................................................................................................................................17
Mortgage lenders & features..........................................................................................................................18
Section 5 – Hard facts............................................................................................................................................19
Section 6 – Protecting you and your mortgage............................................................................................23
Section 7 – Appendices.........................................................................................................................................24
Section 8 – Key Contact Details.........................................................................................................................28
2
Section 1a – Your expectations and perceptions
What has prompted you to come and see me now?
Tell me about your current situation? (family, work, home)
What are your thoughts about what you feel you need? (initial thoughts about your situation and requirements)
What is important to you & why? (e.g. mortgage repayment goals, lifestyle, certainty – peace of mind)
What plans do you have for the future? (thoughts on changing situation, job, family, other finances)
What services do you expect from me?
3
Section 1b – Your requirementsMortgage Purpose
What is the loan for? Purchase Remortgage Debt Consolidation
Buy to Let Let to Buy Further AdvanceSecond Home Secured Other
Notes
Mortgage Loan
Purchase prices for the new loanEstimated value of the propertyAmount of loan required
Amount of deposit
How long do you plan to be in this property?
Client 1 Client 2Have you ever had a mortgage on a property which has been repossessed or voluntarily surrendered?
Yes No Yes No
Mortgage TermDetails
When would you like to have your mortgage paid off by and why?
Specific dateSpecific ageBy retirement dateAs soon as affordableDon’t knowWhen Inheritance receivedOther
This would mean a term of... years
Mortgage Repayment
Do you have a view on how you would like to repay your mortgage?
Repayment Part & PartInterest only No preference
If Part & Part – amount on Interest Only and Repayment
Interest
Only£ Repaymen
t £
4
How are you expecting to repay your mortgage?
Monthly repayment Downsize Savings plan
Lump sum(s) Inheritance Other (provide details below)Pension Overpayments
Details
Your BudgetYour monthly budget for the mortgage and associated costs
£
Mortgage Product
What type of mortgage product are you looking for and how long?
Fixed Capped No preferenceTracker Discount
Don’t knowVariable Other
Years No Preference Don’t know
Why?
Are you hoping to purchase a property via a special purchase scheme? Yes No Don’t know
If ‘YES’ - under which scheme are you purchasing?
Help to Buy equity New Buy
Shared Ownership Help to Buy mortgage guarantees
Mortgage lenders & features
Are there any specific lenders you wish to include / exclude as part of my research and Why?
Are there any specific mortgage features you feel you want and need?Essential?
Low payments in the early yearsAssistance with feesNo early repayment chargesA cash lump sum at the outset of the loan Ability to make regular overpayments Ability to make lump sum payments Take advantage of variations in interest ratesStability of payments Linked to Bank of England base rateAbility to budgetFlexible payment arrangements
5
Protecting you and your home
How are you planning to protect your home and your possessions?Buildings (compulsory)ContentsOther
How are you planning to protect your income that funds your mortgage and lifestyle costs?
FullyPartiallyDon’t know
How are you planning to repay your mortgage if you become ill or die?FullyPartiallyDon’t know
Section 2 - Your financial situationInitial costs
Type Estimated?Stamp Duty £Legal fees/Land registry £Estate Agent £Removal costs £Mortgage valuation £Mortgage lenders arrangement fee £Early repayment fee on existing loan(s) £High lending charge £Mortgage advice / implementation fee £
Total £
Where is this being funded from?
Deposit and Anti-Money Laundering Requests
What is the source of your deposit?
Savings (and how accrued) £Family Gift (how much and from whom) £Equity £Other £
Total £
Details (including evidence you can provide)
6
Mortgage expenditure Record in this section all net monthly expenditure (not deducted from salaries at source)
Red = Essential Black - Non-EssentialPlease indicate if new mortgage costs are exact or estimated.Monthly Costs (£) Current New Mortgage Exact? Estimate
d?Rent (including shared ownership & service charges)Main residential mortgage
Buy to lets
Council Tax
Water
Gas/Electricity
Oil/Propane/Solid fuel
Land line/Broadband
Mobile phones
Sky/TV package/TV licence
Food/Grocery shop
Window cleaning
Appliance servicing/warranties
Gas/utility insurance/contracts
Holidays/Travel
Childcare
Maintenance
Petrol/Diesel
Car Insurance/Road tax
Vehicle maintenance
Buildings & Contents
Life covers / PMI / Dental Plans
Deposit accounts
ISA’s/ Other savings
Endowments/Pensions
Gym memberships/Sports/Hobbies
Theatre/Cinema
Eating out, Drinking & Smoking
Birthdays, anniversaries & Christmas
Clothes
Pets
Hairdressers, Barbers, Manicures etc
Regular prescriptions
Catalogue payments
Student loans/tuition cost
7
Ongoing credit commitmentsCharity donationsUnion fees
Pay Day Loans
House maintenance
Other
Monthly emergency fund
Total Essential monthly outgoings
Total Non Essential monthly outgoings
Total Outgoings
Net Income £ Outgoings £
8
Existing financial commitments
Do you have any mortgages? Yes No
Who owns it?
Mortgage 1 Mortgage 2Client 1 Client 1Client 2 Client 2
Other OtherIs this the main mortgage for your current address? Yes No Yes No
Mortgage lender *Mortgage account numberProduct typeInterest rateProduct end dateOutstanding balance
Repayment basisRepayment Repayment
Interest only Interest OnlyPart and part Part and part
Start dateMortgage end dateOutstanding mortgage termCurrent monthly paymentMortgage to be repaid? Yes No Yes NoIf yes, do penalties apply to the mortgage? Yes No Yes No
Penalty amountExpiry date
Who owns it?
Mortgage 3 Mortgage 4Client 1 Client 1Client 2 Client 2
Other OtherMortgage lender *Mortgage account numberProduct typeInterest rateProduct end dateOutstanding balance
Repayment basisRepayment Repayment
Interest only Interest OnlyPart and part Part and part
Start dateMortgage end dateOutstanding mortgage termCurrent monthly payment
Mortgage to be repaid? Yes No Yes NoIf yes, do penalties apply to the mortgage? Yes No Yes No
Penalty amountExpiry date
For Professional Landlords please attach full details. This can be a spreadsheet or other listing. 9
Other financial commitmentsClient 1 Client 2
Do you have any financial commitments (include nil balances and those being repaid)
Yes No Yes No
Who owns it?
Commitment 1 Commitment 2Client 1 Client 1Client 2 Client 2
Other OtherDetailsCredit Card, Store Card, Personal Loan, Hire Purchase, Student loan, Lease, OtherProvider nameAmount outstandingMonthly paymentInterest rate (if known)Years / months left on contract (if applicable)Commitment to be repaid? Yes No Yes No
If yes, do penalties apply? Yes No Yes NoPenalty amount
Expiry date
Who owns it?
Commitment 3 Commitment 4Client 1 Client 1Client 2 Client 2
Other OtherCredit Card, Store Card, Personal Loan, Hire Purchase, Student loan, Lease, OtherProvider nameAmount outstandingMonthly paymentInterest rate (if known)Years / months left on contract (if applicable)Commitment to be repaid? Yes No Yes NoIf yes, do penalties apply? Yes No Yes No
Penalty amountExpiry date
Who owns it?
Commitment 5 Commitment 6Client 1 Client 1Client 2 Client 2
Other OtherCredit Card, Store Card, Personal Loan, Hire Purchase, Student loan, Lease, OtherProvider nameAmount outstandingMonthly paymentInterest rate (if known)Years / months left on contract (if applicable)Commitment to be repaid? Yes No Yes NoIf yes, do penalties apply? Yes No Yes No
10
Penalty amountExpiry date
Client 1 Client 2Have you ever had any Credit difficulties (e.g. Late payments, missed payments, defaults, CCJs, bankruptcy)
Yes No Yes No
If yes, complete Adverse Credit appendix
Are you adding any of your unsecured debts to the new mortgage?
Yes No Yes No
If yes, follow Debt Consolidation guidance
Income & Salary
Employed Client 1 Client 2Gross annual income from main employmentRegular overtime
Guaranteed bonus
Regular bonus
Commission
Allowances
Self Employed Client 1 Client 2Share of net profit & latest period endingShare of net profit & latest period endingShare of net profit & latest period endingSA302 HMRC confirmed total income
Other Income Client 1 Client 2State Benefits
Pension Income
Rental Income
Other relevant Income
Total gross amount
11
Deductions from pay slips Client 1 Client 2Monthly deduction amount
Pension
Childcare vouchers
Student loan
Union fees / charities
Other
Other details
Client 1 Client 2Total NET monthly verified income
Is there anything else that should be taken into account in respect of your income (including specific Self Employed details)?
Existing protection & lump sum arrangements from policies and work benefits
Your lump sum policies and protection in the event of death - amount Client 1 Client 2Life assurance
Mortgage protection
Pension funds on death
State benefits
Death in Service
Sub total
Your income producing policies in the event of death - amount Client 1 Client 2Family Income Benefit
Insurance policy providers Buildings Insurance Contents Insurance
12
Total available to you from your savings and investments Client 1 Client 2ISAStocks and sharesBank / Building societyOther
Sub total
Total income available to you in the event of being unable to work Client 1 Client 2Monthly sick pay from employerIncome protection policiesAccident, sickness & unemployment policiesState benefits (ESA)Other
Sub total
Total lump sums available in the event of suffering a serious or critical illness Client 1 Client 2Critical illness policiesOther cash
Sub total
Existing Pensions Client 1 Client 2
Pension 1 Pension 1Description ProviderValue Monthly contributionRetirement age
Pension 2 Pension 2Description ProviderValue Monthly contributionRetirement age
Client 1 Client 2Pension 3 Pension 3
13
Description ProviderValue Monthly contributionRetirement age
Purpose of Pensions
Existing Investments Client 1 Client 2
Investment 1 Investment 1Description ProviderValue Regular paymentMaturity End date
Investment 2 Investment 2Description ProviderValue Regular paymentMaturity End date
Investment 3 Investment 3Description ProviderValue Regular paymentMaturity End date
Purpose of Investments
14
Section 3 - Your future plansPotential changes - Lifestyle
Client 1 Client 2Do you anticipate any significant changes in your income?
Yes No Yes No
Change type Increase Decrease Increase
Decrease
How much?When?Why?
Do you anticipate any significant changes in your expenditure?
Yes No Yes No
Change type Increase Decrease Increase
Decrease
How much?When?Why?
Potential changes – MortgageClient 1 Client 2
Are you likely to receive a capital lump sum during the mortgage term?
Yes No Yes No
How much?
When?
Client 1 Client 2Do you expect to make regular overpayments? Yes No Yes No
How much?When?
How would you cope if your mortgage repayment next month went up by £100 or £200? How would you afford this increase?
How would it affect you if your mortgage repayment changed several times a year? Could you afford this?
Do you want certainty about the amount of mortgage repayment for a period of time? If so, how much and for how long?
15
Section 4 – Perceptions versus actual needsMortgage purpose
You initially wanted the loan for
Purchase We have determined that you actually need a loan for
PurchaseBuy to Let Buy to LetSecond Home Second HomeRemortgage RemortgageLet to Buy Let to BuySecured SecuredDebt Consolidation Debt ConsolidationFurther Advance Further AdvanceOther Other
The reason for this…
Mortgage loan
You initially wanted to borrow... We have determined that you actually need to borrow...
You originally estimated your deposit as... We have determined that you actually need a deposit of...
The reason for this…
Mortgage term
Your preferred mortgage term was... We have determined that the most suitable mortgage term for you is...
The reason for this…
16
Mortgage repayment
Your original preferred repayment method was
Repayment We have determined that your most suitable repayment method is
RepaymentInterest Only Interest OnlyPart and Part Part and PartDon’t know
The reason for this…
Your budget
Your initial estimated monthly budget for your mortgage and associated costs was... Your actual monthly budget is...
The reasons for this…
Mortgage Product
Your original preferred mortgage product was
Fixed We have determined that the most suitable mortgage product for you is
Fixed Tracker Tracker Variable Variable Capped Capped Discount Discount Other
OtherNo preference
You initially specified a term for this product as Years
We determined that the most suitable term for this product is
Years
No preference
Don’t know
17
The reason for this…
Mortgage lenders & features
You asked me to include or exclude the following lenders as part of my research...
We agreed to include offers from the following previously excluded lenders…
The reasons for this decision are…
Mortgage features you initially felt were essential to you were (in order priority order, 1 being highest)
We have determined that these are the essential features for your new mortgage (in priority order, 1 being highest)
Low payments in the early years Low payments in the early yearsAssistance with fees Assistance with feesNo extended early repayment charges No extended early repayment chargesA cash lump sum at the outset of the loan
A cash lump sum at the outset of the loan
Ability to make regular overpayments Ability to make regular overpayments Ability to make lump sum payments Ability to make lump sum payments Take advantage of variations in interest rates
Take advantage of variations in interest rates
Stability of payments Stability of payments Linked to Bank of England base rate Linked to Bank of England base rateAbility to budget Ability to budgetFlexible payment arrangements Flexible payment arrangements
The reason for this…
Client 1 Client 2Are you likely to receive a capital lump sum during the mortgage term?
Yes No Yes No
How much?
When?
18
Client 1 Client 2Have you indentified the client as vulnerable?Describe the nature of the vulnerability
Record the additional actions taken to address this vulnerability (e.g. presence of a third party at the meetings)
Explain how the recommendation solution takes this vulnerability into consideration
Section 5 – Hard factsPersonal details Client 1 Client 2Title – Mr, Mrs, Miss, Ms, OtherForenameMiddle name(s)SurnamePreferred namePrevious name/Maiden nameDate of name changeDate of birthGender Male Femal
e Male Female
Main employment Status Employed Self Employed
Employed
Self Employed
Contract Other Contract Other
OccupationProfession
al Clerical Professional Clerical
Skilled Manual Skilled Manual
Marital status
Smoker Yes No Yes No
Nationality
Visa details if applicable
Present at interview Yes No Yes No
Do you have dependents? Yes No Yes No
Dependent 1 Dependent 2TitleForenameMiddle name(s)SurnameRelationshipRelated to Client
1 Client 2 Both Client 1 Client 2
Both
Date of birthAge
19
Dependent 3 Dependant 4TitleForenameMiddle name(s)SurnameRelationshipRelated to Client
1 Client 2 Both Client 1 Client 2
Both
Date of birthAge
Current address Client 1 Client 2House number and street
Town / City
County
PostcodeHow long have you lived at this address? (Previous address if less than 3 years)
Residential status
Previous address Client 1 Client 2House number and street
Town / City
County
Postcode
Occupancy typeDate you moved into your previous addressHow long did you live at this address?
Residential status
Homeowner Homeowner Tenant Tenant
Living with family or friends Living with family or friends
New address Client 1 Client 2Present at interview Yes No Yes No
House number and street
Town / City
County
20
Postcode
Residential statusHomeowner Homeowner
Tenant Tenant
Living with family or friends Living with family or friends
21
Employments Client 1 Client 2National insurance numberTax office details
County
Employment status
Employed EmployedSelf employed Self employed
Unemployed UnemployedRetired Retired
Contractor ContractorAgency AgencyStudent Student
House person House personFull time or Part time Full time Part
time Full time Part time
Occupation
Main occupation Yes No Yes No
On probation Yes No Yes No
Probation end date
Preferred retirement date
Employer name
Nature of business
Employer address
Start date
End date
Length of service
Other Employment Client 1 Client 2
Full time or part time Full time Part time Full time Part
timeOccupationMain occupation Yes No Yes No
On probation Yes No Yes No
Probation end datePreferred retirement date
Employer name
Nature of business
Employer address
Start date
End date
Length of service
22
Self Employed Client 1 Client 2
Business nameWhat is the nature of your business / occupationYear established
Partner / Sole Trader PartnerSole
Trader
Partner Sole Trader
What % of the shares in this business do you own?How long have you owned / part owned this business?
Notes
23
Section 6 – Protecting you and your mortgageTell me about your lifestyle? (hobbies, home, holidays, children)
Tell me about plans you have for the future (future house move, jobs, retirement, etc.)
In an IDEAL world, if your income stopped yesterday,
what impact would you want this to have on your
ability to remain in your home?
What things could happen to affect your ability to maintain your mortgage?
What are the CHANCES that any of these things could happen?
(Use Risk Calculator - www.riskreality.co.uk/intrinsic )
What RISKS do you want to resolve, and in what order?
Repay the Mortgage Loan on deathRepay the Mortgage Loan on diagnosis of a Critical Illness
Continue to make mortgage payments on illness, disability or redundancy
Priority Priority Priority(High Medium Low) (High Medium Low) (High Medium Low)
Client 1 Client 1 Client 1
Client 2 Client 2 Client 2
24
Section 7 – Appendices Adverse Credit details
Client 1 Client 2Have you missed more than 2 consecutive credit card or store card payments in the last 3 years?
Yes No Yes No
Details
Are you currently or have you ever been in arrears with your rent, mortgage payments or other loans?
Yes No Yes No
Details
Have you been bankrupt? Yes No Yes No
Details
Have you ever had a County Court Judgement (CCJ) against you?
Yes No Yes No
Details
Have you ever made arrangements with creditors (Individual Voluntary Agreement)?
Yes No Yes No
Details
Have you been declined a mortgage on any property in the last 5 years?
Yes No Yes No
25
Details
Existing Life Protection policiesLife Protection policies Policy 1 Policy 2Owner Client 1 Client 2 Joint Client 1 Client 2 Joint ProviderPolicy type (LTA, DTA, WOL, FIB) Policy Number
Remaining Term
Sum Assured - Life £Lump Sum
£Lump Sum
Per annum Per annum
Sum Assured – Critical Illness Cover (if included)
£Lump Sum
£Lump Sum
Per annum Per annum
Life BasisSingle Life Single Life
Joint Life First Death Joint Life First DeathJoint Life Second Death Joint Life Second Death
Purpose of Policy Lifestyle Protection Lifestyle ProtectionMortgage Protection Mortgage Protection
Written in Trust Yes No Yes No
(If Endowment) – Maturity Value £ £Premium & Frequency £ per £ per
Details of Critical Illness Conditions covered
Existing Standalone Critical Illness policiesStand alone Critical Illness Policies
Policy 1 Policy 2
Owner Client 1 Client 2 Joint Client 1 Client 2 Joint
Policy type
Provider
Policy Number
Remaining Term
Sum Assured - £ £Purpose of Policy Lifestyle Protection Lifestyle Protection
26
Mortgage Protection Mortgage ProtectionPremium & Frequency £ per £ per
Renewal Date
Details of Critical Illness Conditions covered
Existing Mortgage Payment Protection or ASU policies
Mortgage Payment Protection or ASU policies
Policy 1 Policy 2
Owner Client 1 Client 2 Joint Client 1 Client 2 Joint
Policy TypeDisability Disability
Unemployment UnemploymentBoth Both
ProviderPolicy NumberBenefit Amount / FrequencyBenefit PeriodDeferred PeriodBenefit 2 Amount / FrequencyBenefit Period 2
Deferred Period 2Premium & Frequency £ per £ per
Renewal Date
PurposeLifestyle Lifestyle
Mortgage MortgageBoth Both
Existing Private Medical Insurance policiesPrivate Medical Insurance Policy 1 Policy 2
Owner Client 1 Client 2 Joint Client 1 Client 2 Joint
Cover Type
Family FamilySingle Single
Joint JointSingle Parent Single Parent
Employee benefit or Private Cover? Employee Private Yes No
ProviderPremium & Frequency £ per £ per
27
Existing Income Protection policies
Income Protection Policies
Policy 1 Policy 2
Owner Client 1 Client 2 Joint Client 1 Client 2 Joint
Income Protection Income Protection Group Income Protection Group Income Protection
Employers Benefit Employers BenefitMulti Benefit Multi Benefit
ProviderPolicy NumberStart DateBenefit 1 AmountDeferred Period weeks weeksBenefit 2 AmountDeferred Period weeks weeksBenefits Indexed? Yes No Yes NoWaiver of Premium included? Yes No Yes NoFrequency of Benefit PaymentsBenefits payable for
Term in Years Term in YearsUntil Age Until Age
Premium & Frequency £ per £ per
Renewal Date
Purpose Lifestyle LifestyleMortgage Mortgage
Existing Buildings & Contents policiesBuilding & Contents Policy 1 Policy 2
Cover Type Buildings Contents Buildings Content
s
Property Usage
Main Residence Main ResidenceBuy to Let Buy to Let
Overseas Property Overseas PropertyUK holiday home UK holiday home
Unoccupied UnoccupiedAccidental Damage cover included?
Yes No Yes No
Cover Amount £ £
Provider
Policy NumberPremium & Frequency £ per £ per
Renewal Date
29
Section 8 – Key Contact DetailsDetails of Client 1 Details of Client 2Client Name Client Name
Address Address
Email address Email addressHome Telephone
Home Telephone
Mobile MobileWork Telephone
Work Telephone
Details of Accountant Details of Solicitor
Name of Firm Name of FirmContact Name Contact Name
Address Address
Email address Email address
Telephone Telephone
Mobile Mobile
Website Website
Details of Introducer Other
Name of Firm Name of FirmContact Name Contact Name
Address Address
Email address Email address
Telephone Telephone
Mobile Mobile
Website Website
30