These Terms of Business applicable from 24/09/2020 and set out the general terms under which we will provide business services to you and the respective duties and responsibilities of both ourselves 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 and Codes of Conduct
Distilled Financial Services Ltd t/a Daft Mortgages is regulated by the Central Bank of Ireland. You can check our authorisation on Central Bank of Ireland registers at www.centralbank.ie or by calling them on 1890 777 777 to verify our credentials. Our reference code is C185923. We are also subject to the Consumer Protection Code, Minimum Competency Code and Fitness & Probity Standards which offer protection to consumers. These Codes can also be found on the Central Bank’s website.
We are a Mortgage Credit Intermediary. Our principal business is to introduce you to one of our Mortgage Partners, where they will advise you on the requirements for your mortgage.
At present we have an agency with Permanent tsb, separately we have an agency with 2 Mortgage Intermediaries, Stephen Hamilton Financial Services Limited T/a Mortgageline and Broker Assist Ltd t/a Lending Hand & Lending Hand Mortgages which gives you access to the following lenders;
Bank of Ireland
Finance Ireland Credit Solutions DAC
Haven Mortgages Limited
KBC Bank Ireland plc
Ulster Bank Ireland Dac
Permanent tsb plc.
Seniors Money Mortgages (Ireland) Dac
The lenders need to collect sufficient information from you before they can give you advise on a mortgage. This is due to the fact that a key issue in relation to mortgage advice is affordability. Such information should be produced promptly upon their request. Where the creditor is unable to carry out an assessment of creditworthiness because the consumer chooses not to provide the information or verification necessary for an assessment of creditworthiness, the credit cannot be granted.
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.
Disclosure of information
To assist us in providing you with a comprehensive service and to keep our records as up-to date, please notify us of any changes to your personal circumstances, e.g. name change, change of address, etc.
Daft Mortgages is remunerated by commission and other payments from our partners on the completion of your business. We may receive up to 1% (or whatever maximum is applicable) of the loan for introducing your mortgage to our partners. The actual amount of commission will be disclosed at a later stage in the ESIS (European Standardised Information Sheet) which will be forwarded to you at loan offer stage by the lender. A summary of all arrangements for any fee, commission, other reward or remuneration paid or provided to us by our partners is available on our website. If you need further explanation on this information, please call us.
Conflicts of interest
It is the policy of Daft Mortgages 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. As per above we receive commission from our partners we have agencies with for the business you transact.
We have a complaints procedure in place which is available on request. Your complaint can be in writing, email, telephone or face to face. If your complaint is face to face or by phone, we will write to you to confirm our understanding of your complaint. We will acknowledge your complaint within 5 business days, advising you of the who is dealing with your complaint on behalf of the company. Please address any complaint to Daft Mortgages, 3rd Floor Latin Hall, Golden Lane, Dublin 8. If in the event, a complainant is dissatisfied with the outcome of our investigation, you are entitled to refer the matter to the Financial Services & Pensions Ombudsman, 3rd Floor, Lincoln House, Lincoln Place, Dublin 2, Lo call 01 5677000 email firstname.lastname@example.org
Daft Mortgages complies with the requirements of the Data Protection Regulation 1988-2018. Your data will be processed only in ways compatible with the purposes for which it was given. We will provide you with a separate Data Privacy Notice that outlines exactly how, what and where we use your data.
Daft Mortgages may update you via email or app notification on changes to your buying budget, because of changes in bank criteria or the Help to Buy incentive for example, when you agree to our terms of business online you also agree to us updating you as above.
We are members of the Investor Compensation Scheme. 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. Compensation may be payable where money or investment instruments owned 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 recognized 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 Co Ltd. at (01) 224 4955.
Governing Law and Business Succession
These Terms of Business shall be governed by and construed in all respects according to the laws of the Republic of Ireland and will be deemed to cover any successors in business to Daft Mortgages.