Terms of Business

TOB.JNSolution.Version 8.0 202503

 

● It is important that you read this document, as it sets out important information about us, our services, and the protection you have when engaging with us. If you are unsure about the information below, contact us immediately for further guidance.

● This document sets out the terms of business between our firm and its clients.

● These ‘Terms of Business’ apply until further notice and must be read in conjunction with the ‘Data Protection Consent Form’ and ‘Fee Agreement.  In case of any ambiguity between the documents, this ‘Terms of Business’ will take precedence.

● Either you or we can end these terms at any time without penalty, and this will not affect any outstanding transactions being carried out on your behalf.

 

 

Ownership and Authorisation

JN Solution is a trading name of JN Financial Consultation Limited, which is authorized and regulated by the Financial Conduct Authority (FCA). The FCA regulates financial services in the UK, and you can check our authorization and permitted activities on the Financial Services Register by visiting the FCA’s website as below:

www.fca.org.uk/firms/systems-reporting/register. 

Our Financial Services Register number is 969682.

 

Our services process

Step 1 – Your Goals

We establish your goals and aspirations for UK property ownership.

Step 2 – Understanding Your Requirements

We gather your personal and financial information and define your mortgage and protection needs.

Step 3 – Professional Research & Recommendation

We recommend suitable mortgage and insurance solutions and explain them clearly.

Step 4 – Application & Submission

We oversee your applications and liaise with lenders and providers to keep things moving smoothly.

Step 5 – Ongoing Review & Support

We remain available to support you with future mortgage reviews, product transfers and changes to your circumstances

 

 

Supporting our clients

We understand that sometimes, our clients may deal with circumstances that could mean they are potentially vulnerable. For example, change in health, caring for a family member, coping with losing a loved one, or your first language is not English, etc. There are many types of vulnerability, and your need for financial advice may change when you are vulnerable. If there is something you would like to discuss with your adviser, please ask for a copy of our support guide for vulnerable clients. This guide will help explain vulnerability and how we can support you. If you feel any of the circumstances in the guide apply to you, please talk to us.

 

Our Services Classification

For Mortgage services, we review various kinds of products from a comprehensive range of mortgages across the UK market. We will consider lenders we have access to before recommending a suitable mortgage product after assessing your personal needs and circumstances. This will include a detailed assessment of affordability.

 

When selecting a lender, we will not consider only those available to you by going directly to them. You can request a list of lenders from your adviser. Please ask for a copy of our lender's list.

 

Where you are increasing your borrowing, we will consider the merits of a new first-charge mortgage and securing this with an additional mortgage on a second-charge basis. You may have the option of a further advance from your existing lender; however, we will only consider this where we can deal directly with the lender on your behalf.

 

It may be in your best interests to explore this option and look at the further alternative of an unsecured loan, as these may be more appropriate for you.

 

For non-investment protection contracts, we are an intermediary. We will act on your behalf when advising and making recommendations with the top UK protection providers. We will do this based on a fair and personal analysis of insurers for life cover, income protection, and critical illness cover. There is a list of protection providers that we consider; if you would like to discuss this with your adviser, please ask for a copy of our protection providers list.

 

For general insurance contracts, we are an intermediary and will act on your behalf when recommending an insurer based on your demands and needs based on a fair market analysis. The insurers we consider will be listed when we conduct our research. You will be responsible for ensuring the policy meets your demands and needs for Building and/or Contents Insurance. For private medical insurance (PMI), currently, we only do individual PMI with the Exeter provider.

 

Data Protection

For details of our Data Protection policy, please see our Data Protection Consent Form, which will be provided separately.

 

Methods of Communication

Please advise us of the contact method that you prefer, and we will communicate with you via the following methods of communication:

Face-to-face meeting, Online Video Meeting or Call, Online Telephone Call, Telephone Call, E-mail, Post Letter, DHL, or UPS.

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Language

We provide Mandarin and English-speaking services to make you feel clear and comfortable.

Please note that all our communication and documents will be provided to you in English as default and documents will be provided to you in English. Please advise us if you need third-party Mandarin translation services.

 

The Costs of Our Mortgage and

Protection Services

 

● For the services of consultation only or viewing documents only

 

We offer each client a free consultation within 30 minutes of initial contact. This could be a face-to-face online meeting or telephone consultation or online chat.

 

A consultation fee will be charged over the initial 30-minute consultation. Our standard consultation charging rate is £40 for half an hour and £80 per hour.

 

An initial file review fee is £80 per hour per case.

 

If you instruct us to be your adviser after the consultation or file review, the consultation fee or file review fee could be deducted from your adviser fee or broker fee.

 

For example, suppose you only want to make a consultation or file review rather than proceed to our mortgage and services currently. In that case, we will charge £80 when you book our further consultation through face-to-face or online meeting or file review services within one hour beyond the initial consultation 30-minute meeting.

After that, if you decide to instruct us to act as your mortgage adviser and your adviser fee is £600, then we can deduct the £80 you have paid, and you only need to pay us the balance of your adviser fee, which is £600-£80=£520.

 

● For UK Domestic Mortgages

Some information regarding BTL mortgages should be disclosed in a separate document, the BTL Declaration Form, as the FCA does not regulate them.

 

Our fees range from £600 to £2000 for advising and implementing a UK domestic mortgage application.

 

£2000 – where the loan amount is equal to or less than £100,000

 

£1500 – where the mortgage is SPV BTL regardless of the loan amount.

 

£1250 – where the loan amount is more than £100,000 but less than £150,000. 

 

£1000 – where the loan amount is more than £150,000 but less than £200,000.

 

£800 – where the loan amount is more than £200,000 but less than £300,000.

 

£600 – where the loan amount is £300,000 or more.

 

We will provide a written confirmation before the commencement of any chargeable activity. This fee becomes payable upfront after we review all your basic documentation and before we start preparing the Fact-Find, KFI, Lending Proposal, Lending Indicative Term, AIP, and Application. This fee you paid covers our services for six months when you have signed our Fee Agreement and paid. For any additional inquiry or services over six months from the date you signed our Fee Agreement, there will be an additional services fee of £100.00 per month per case.

 

For example, your mortgage adviser fee, such as £600, covers six months of services counting from your signed Fee Agreement and pay date. However, it takes over six months to confirm the purchase of a property or prepare all documentation and information to meet the financial compliance and mortgage application requirements.

 

Suppose we have not provided you with a KFI, Lending Proposal, or Lending Indicative Term after six months. In that case, you confirm that the property has been found with all documentation and information and that you want to proceed with applying. Then, assume it will take at least another 2 months of service to get the offer. We will charge an extra 200 pounds per case for overtime service, and you can pay it when you get the offer. If we have provided KFI, Lending Proposal, or Lending Indicative Term and you decide to cancel the service after six months, follow our no-refund standard.

 

When considering a particular mortgage, you will receive an illustration explaining any related fees.

 

We will receive and retain the commission paid by the lender when your mortgage is completed. The commission varies depending on the Lender, product, or other permissible factors and will always be disclosed to you.

 

The lender will confirm this commission amount in the disclosure document, such as KFI, Lending Proposal, or Lending Indicative Term. You can request to view the commission rates from each of the lenders we considered when we made our recommendation.

 

The disclosure will also cover how the commission factor will not affect the arrangements and our recommendations. Such disclosures will be made in our Suitability Letter to demonstrate how and why our recommendation was made.

 

 

● For Product Transfer and Further Advance Service Fee

 

We will not charge our existing clients a fee to apply for a product transfer from an existing lender.

 

The fees above, ranging from £600 to £2000, will apply when a UK domestic client applies for further advances from an existing lender.

 

 

● For the Second-charge mortgage, Bridging Finance, Commercial Finance, Development Finance, and Overseas or Expat clients’ Mortgage Service Fee

 

A fee between 1% and 2.5% of the amount offered depends on the loan amount and difficulties for The Second-charge mortgage, Bridging finance, Commercial Finance, Development finance, and Overseas or Expat clients’ mortgages.

 

We will charge 2.5% of the amount offered per case if your loan is less than £200,000.

 

We will charge 2% of the amount offered per case if your loan equals or exceeds £200,000 and less than £300,000.

 

We will charge 1.5% of the amount offered per case if your loan equals or exceeds £300,000 and less than £500,000, but we will still charge 2% if you choose an international lender or private bank.

 

We will charge 1.35% of the amount offered per case if your loan amount is equal to or exceeds £500,000 and less than £800,000, but we will still charge 2% if you choose an international lender or private bank.

 

We will charge 1 % of the amount offered per case if your loan exceeds £800,000, but we will still charge 2% if you choose an international lender or private bank.

 

We will provide a written confirmation before the commencement of any chargeable activity. Half of this total fee becomes payable upfront after we review all your essential documentation and before we start preparing the Fact-Find, KFI, Lending Proposal, Lending Indicative Term, AIP, and Application. This fee you paid covers our services for six months when you have signed our Fee Agreement and paid. You could pay the rest of the balance when you get the offer. For any additional inquiry or services over six months from the date you signed our Fee Agreement, there will be an additional services fee of £100.00 per month per case.

 

For example, your loan amount is £80,000, the mortgage adviser fee is equal to 80,000*2.5%=£2000, and you paid £1000 upfront, covering six months, counting from your signed Fee Agreement and pay date. However, it takes over six months to confirm a property purchase or prepare all documentation and information to meet the financial compliance and mortgage application requirements. If we have not provided you with a KFI or Lending Proposal or Lending Indicative Term, after six months, you confirm that the property is found with all documentation and information, and you want to proceed to apply. Then, assume it will take at least another two months of service to get the offer. We will charge an extra £200 per case for overtime service, and you can pay it plus the balance of £1000 when you get the offer. If we have provided KFI, Lending Proposal, or Lending Indicative Term and you decide to cancel the service after six months, follow our no-refund standard.

 

When considering a particular mortgage, you will receive an indicative term or illustration that explains any related fees.

 

When your mortgage is completed, we will receive and retain a commission the lender pays. The commission varies depending on the Lender, product, or other permissible factors and will always be disclosed to you.

 

The lender will confirm this commission amount in the disclosure document, such as KFI, Lending Proposal, or Lending Indicative Term. You can request to view the commission rates from each of the lenders we considered when we made our recommendation.

 

The disclosure will also cover how the commission factor will not affect the arrangements and our recommendations. Such disclosures will be made in our Suitability Letter to demonstrate how and why our recommendation was made.

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● Refund of fees

 

Please note that the fee will still be charged, and there will be No Refund if you change your mind and decide not to proceed after you paid your payment during our mortgage and protection financial services, advice, and implementation process after you have signed the fee agreement and paid our adviser fee.

 

● For Non-Investment Protection and General Insurance Contracts

 

We do not charge a fee, as we will receive a commission from the provider/insurer after the policy has been placed at risk.

 

● Existing Client Discount:

 

We are committed to treating clients fairly.

 

Our research has shown that the time it takes to work with a new client is longer than that of an existing client, mainly related to getting to know them and advising them comprehensively. To reflect that and to reward the loyalty of our existing clients, we offer the following:

 

Discounts on implementation fees of 10%

An existing client is defined as:

A client who has implemented a mortgage business with your adviser in the last 3 years or a non-mortgage client who has a protection plan for which we received ongoing income (trail commission or fee) in the previous 12 months.

 

For example, if you are defined as our existing client, based on our adviser’s fee structure above, your adviser fee is £600. Then, you could get a 10% discount and pay a £540 adviser fee.

 

● Family Member Discount:

 

Retaining your wealth and passing it on as ethically as possible to the right people at the right time is the key point for all our clients. To help facilitate that, knowing as much about your big family unit as possible that is appropriate to your circumstances is beneficial so that we can help at that critical time. To assist with this, we also offer:

 

Discounts on implementation fees for family members and friends of 10%

A family member includes a person's parents, spouses, siblings, children, grandparents, and grandchildren, whether connected by birth, adoption, guardianship, marriage, civil partnership, or cohabitation.

 

For example, if you are defined as an existing client and introduce your family member to us, based on our adviser fee structure above, the adviser fee is £600. Then, your family members could get a 10% discount and pay a £540 adviser fee.

 

● Apply for multiple cases simultaneously for a Discount.

 

We are committed to treating clients fairly.

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To reflect and reward all our clients who are applying for multiple cases at the same time, we offer the following:

 

When you apply simultaneously for multiple cases, the case with a lower loan amount can be charged at half price based on our fee range above. 

 

For example, if you are a UK resident and you apply for three cases simultaneously, the loan amounts are £350k, £250k, and £100k. After the multiple cases simultaneous discount, your fees are £600+£800*50%+£1250*50%=£1625.

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Conflicts of Interest

We have a legal and regulatory obligation to take all appropriate steps to identify and prevent or manage conflicts of interest from arising.  Suppose any of our business interests or activities create a potential conflict. In that case, we will ensure we take appropriate steps to manage it by maintaining robust systems, controls, and staff training. If we cannot prevent it, we will fully disclose the general nature and/or sources of conflicts of interest and the steps taken to mitigate those risks.

Further details of our conflict-of-interest policy are available upon request.

 

Our Ethical Policy

We are committed to providing the highest standard of financial advice and implementation service possible. The interest of our customers is paramount to us, and to achieve this, we have designed our systems and procedures to place you at the heart of our business. In doing so, we will:

● be open, honest, and transparent in the way we deal with you

● not place our interests above yours

● communicate clearly, promptly, and without jargon

● seek your views and perceptions of our dealings with you to ensure they meet your expectations or to identify any required improvements.

 

Your Duty of Disclosure

Any advice we provide will be based on your financial circumstances and objectives. The information you give us must be both accurate and a true reflection of your current circumstances.

 

It is your responsibility to provide accurate information and documents to us and the provider (a provider being, for example, an organization that provides insurance, mortgage, or investment-related plans).

 

It is essential that all statements made on any proposal form or any additional documentation are complete and accurate.

 

Please be aware that if you fail to disclose any relevant information or any change of circumstances to us and a provider, your desired plan's terms may be invalidated (e.g., an insurance claim may not be paid). We strongly recommend that you check your information and documents thoroughly before submission.

 

Cancellation rights

Certain protection and insurance contracts allow you to cancel after a contract has been put in force. Prior to you entering a contract of protection or insurance, we will provide you with specific details should this apply, including its duration, conditions, practical instructions, and any costs for exercising it, together with the consequences of not exercising it.

 

We prefer our clients to give us instructions in signing our Terms of Business, Data Protection Consent Form, and Fee agreement to aid clarification and avoid future misunderstandings. 

 

Complaints

If you wish to register a complaint, please write to JN Financial Consultation Limited (Trading name: JN Solution), 82 Luctons Close, Loughton, Essex, IG10 3QN. Our contact number is 07756682290.

 

A summary of our internal complaints-handling procedures for the reasonable and prompt handling of complaints is available on request. If you cannot settle your complaint with us, you may be entitled to refer it to the Financial Ombudsman Service at www.financial-ombudsman.org.uk. The Financial Ombudsman Service contact details are:

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Address: Financial Ombudsman Service, Exchange Tower, London, E14 9SR Consumer helpline: 0800 023 4567 or 0300 123 9123
Switchboard: 0207 964 1000
Fax: 0207 964 1001

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

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The Financial Ombudsman Service is a free and easy-to-use service that settles complaints between consumers and businesses that provide financial services.

 

Compensation Scheme

If you make a complaint and we are unable to meet our liabilities, you may be entitled to compensation from the Financial Services Compensation Scheme.

Further information about the limits applicable to the different product types is available from the FSCS at http://www.fscs.org.uk/what-we-cover/products

 

Client Verification

We may be required to verify our clients' identities, obtain information about the purpose and nature of the business we conduct on their behalf, and ensure that the information we hold is up to date. For this purpose, we may use electronic identity verification systems and conduct these checks from time to time throughout our relationship, not just at the beginning.

 

Law

This agreement is governed and shall be construed by the Law of England, and the parties shall submit to the exclusive jurisdiction of the English Courts.

 

Force Majeure

JN Financial Consultation Limited (Trading name: JN Solution) shall not breach this Agreement and shall not incur any liability to you if there is any failure to perform its duties due to any circumstances reasonably beyond its control.

 

Termination

The authority to act on your behalf may be terminated at any time without penalty by either party giving 7 days’ notice in writing to that effect to the other but without prejudice to the completion of transactions already initiated. Any transactions effected before termination and a due proportion of any period charges for services shall be settled to that date.

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