PRIVACY & COOKIES POLICY

Exclusive fFnancial is part of the intermediary network called Openwork Limited ("We") are committed to protecting and respecting your privacy.

This policy (together with our terms of use and any other documents referred to on it) sets out the basis on which any personal data we collect from you, or that you provide to us, will be processed by us. Please read the following carefully to understand our views and practices regarding your personal data and how we will treat it. By visiting www.openwork.uk.com you are accepting and consenting to the practices described in this policy.

DATA PROTECTION

COLLECTING INFORMATION AND PROTECTING YOUR PRIVACY

Our aim is to offer advice that helps you plan your financial future. To provide such advice, we need to know about your personal situation and your Adviser may request sensitive and private information about you, for example, your income, current financial arrangements, health, family commitments and any legal proceedings you may be involved in. Much of the information you provide will, as part of your application, be passed to the company whose products you apply for and details of how they use your information are included in their data protection literature.

If you are unable or unwilling to provide some, or all, of this information your Adviser will be unable to provide you with advice suitable for your circumstances. We do not collect personal information from third parties.

Openwork is committed to protecting your privacy. As we would like you to be a lifetime client, we need to earn your trust and assure you that we will keep your personal information confidential and secure and only for as long as is necessary. The criteria we use to determine how long this period is can be obtained from Openwork’s Data Protection Officer at the address below.

We will use it with care and it will only be shared in the ways explained here, or if we are required to by Law or the Financial Conduct Authority (FCA).

Your personal information will only be held for as long as necessary and collected for the purposes of providing advice in respect of the range of products and services outlined in the Initial Disclosure Document or Client Proposition Brochure provided by your Adviser. In addition, we will make every effort to ensure that the information you provide is recorded accurately and that it is only passed to companies who comply with the General Data Protection Regulations (GDPR). If it is required to send your information abroad, we will only do so to countries within the European Union (EU) or to a third country that the EU has determined provides an adequate level of protection and where you are able to exercise your rights to access your personal information under the GDPR.

CONTROLLING AND USING YOUR PERSONAL INFORMATION

A Data Controller is someone who determines the purposes for and the manner in which your personal data should be processed. Openwork, its Appointed Representatives (your Adviser) and the companies whose products you buy are all Data Controllers. Your Adviser will have given you their contact details and Openwork’s contact details are shown below.

We use your information in a variety of ways:

  • To introduce you to a range of products and services offered by the companies we are associated with (or may be associated with in the future).

  • To help with administration.

  • To contact you with details of changes to products you have bought.

  • For business analysis and research.

  • For marketing products and services we think may be suitable for you (unless you ask us not to send you this information).

  • To comply with the Law and/or FCA requirements.

  • To verify your identity by searching publicly available records held by credit reference agencies.

  • To prevent fraud and money laundering we may pass your details to other companies, public bodies including the police or to an insurer’s database. Insurance companies can search databases for any relevant information that exists about you.

We therefore process your data because it is necessary for:

  • the performance of a contract to which you are a party.

  • compliance with legal obligations to which we as the controller are subject.

None of the information gathered about you will be used in automatic decision making.

YOUR HEALTH DETAILS

If you apply for some types of insurance (eg. life insurance, pensions, sickness etc.) you will be required to provide details of your health. Under the GDPR, this is regarded as sensitive personal data.

Your Adviser will have access to your medical details unless you prefer to complete a medical statement of health in private. If this is the case, please send it with your application marked for the attention of the “Consultant Medical Officer” in a sealed envelope.

We do need your explicit consent to collect and process your health details, which of course you may withdraw at any time.

MORTGAGE CREDIT CHECKING

If you apply for a mortgage your information will be passed to the lender, who will carry out a credit check. You will also have to provide details of any criminal convictions you may have had. These details will be passed to the lender to carry out any necessary checks.

MARKETING AND SHARING YOUR INFORMATION

The information you give us will be added to any other details we hold about you. Openwork will never sell your details to a third party, but we may share your information with carefully selected companies we are associated with. Therefore, we (or they) may contact you (by post, email, telephone or other appropriate means) to tell you about products, services or offers we believe may interest you. The products and services may not be related to financial services. You can ask us not to contact you for this reason, at any time, by writing to us at our Head Office. This will not affect your relationship with your Adviser.

We may have to pass your details to another Adviser if, for example your Adviser is ill or you need advice in a different product area. If your Adviser leaves we may pass your details to another Adviser so that we can continue to provide you with a high standard of service.

We may send your information to third parties that are carrying out work on our behalf.

YOUR DATA PROTECTION RIGHTS

You have certain rights under the GDPR. These include the right to:

  • Ask for a free copy of your personal information in a portable format.

  • Stop us sending you marketing material about products and services.

  • Have any incorrect information we hold about you corrected.

  • Ask us to restrict processing of your personal data.

As the processing of your personal information is necessary for a legal obligation placed upon us by the FCA and may be required for the establishment, exercise or defence of legal claims, we will not be able to permanently delete your personal information until the end of the period we have deemed necessary.

HOW TO GET MORE INFORMATION

If you would like further details on how we use your personal information or if you have any data protection queries, please write to:

The Data Protection Officer
Openwork Limited
Washington House
Lydiard Fields
Swindon SN5 8UB

You may receive more information about data protection from the companies that we have introduced you to.

We may record telephone calls so we can check we have acted on your instructions correctly and to ensure we are giving you appropriate service. We may also monitor calls for security and training purposes.

COMPLAINTS

If you have any complaints about the way we or your Adviser have handled your personal information, please contact the Data Protection Officer at the address given above.

You also have the right to refer your complaint to the Information Commissioner.

 

OPENWORK FOUNDATION 

The Openwork Foundation is currently part of Zurich Community Trust (UK) Ltd and takes data privacy very seriously. Please click here for details of their privacy policy and how they use any data you may provide to the Openwork Foundation.

 

COOKIES

Our website uses cookies to distinguish you from other users of our website. A cookie is a small file of letters and numbers that we put on your computer if you agree. Cookies contain information that is transferred to your computer's hard drive.

The cookies we use are ‘analytical’ cookies. They allow us to recognise and count the number of visitors and to see how visitors move around the site when they are using it. This helps us to improve the way our website works, for example by ensuring that users are finding what they are looking for easily.

You can find more information about the individual cookies we use and the purposes for which we use them in the table below:

Cookie Name

Expiration Time

Description

_ga

2 years

Used to distinguish users.

_gat

10 minutes

Used to throttle request rate.

These cookies do not record any personally identifiable information (PII).

You can block cookies by activating the setting on your browser that allows you to refuse the setting of all or some cookies. However, if you use your browser settings to block all cookies (including essential cookies) you may not be able to access all or parts of our site.

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  • United Kingdom

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  • England

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First home buyers – mortgage hunting

 

  1. THE DEPOSIT
    A Deposit is the down payment on your property. It provides you with some equity and the knowledge that if you sold in a good market you would get that back minus any professional fees you pay. 

SAVING A DEPOSIT

Even if you have landed that high paying job and know you can afford large repayments, a deposit proves that you are not someone who spends everything they earn on lifestyle and also proves that you have the ability to save and not spend should things get a bit tight over the years.  

A savings vehicles that has been identified is the ‘Lifetime ISA’ which is a government backed scheme provided by some savings/investment providers allowing you to save £4000 a year and the government would add a bonus of £1000 (or 25% of your total savings for that year). You will need to be between 18-39 years old. The ISA can be a cash or stocks and shares ISA or a mixture of both. Lifetime ISA’s once opened can be deposited into until you turn 50 years old and withdrawals can only be made to purchase a house or if you turn 60 years or you have a terminal illness with less than 12 months to live. For further information https://www.gov.uk/lifetime-isa

Some of you deposit can be gifted by your parents and grandparents. Refer to this government website for gifting allowances https://www.gov.uk/inheritance-tax/gifts

  1. THE MORTGAGE HUNT

Finding the right mortgage advisor is probably the most important thing you will do before anything else when applying for a mortgage. This person is the go-to person before, during and after purchasing a house (they are typically not just for one transaction).

Firstly, consider where and who you are dealing with regarding the mortgage advice you are being provided with. Is it important that the mortgage advisor is not employed by the company selling the property? 
Is it important that the mortgage advisor has a range of different lenders and products? 

Is the mortgage advisor face to face, Over the phone or even web based?

Consider the products available on the market – so Bank or mortgage advisor?
Is it important that there is no conflict of interest when buying the property between you, the estate agent (who works for the seller) and  mortgage advisor? 
These are questions you need to consider because once you have a mortgage its long-term debt in most cases and is the mortgage advisor going to help service your requirements in the future?

Secondly (other help available)

So, once you have saved a deposit say 5-10% of a property you can apply for a mortgage with some sense of optimism. There are some lenders that will lend up to 100% but in exceptional circumstances.

The government also has another scheme called ‘Help to buy’ where the government provides you with an equity loan of 20% to 40% of a  property value. In London, say you find a property for £400,000 and you have £20,000 (5%) The government would lend you £160,000 interest free for 6 years and you would need a mortgage of £220,000. The Help to buy equity loan needs to be repaid in 6 years’ time, so remember this as it is not well communicated on government websites. 

Some lenders also provide family based mortgages which offer guarantor and secured deposit type mortgages (family offset mortgages) . Speak to your mortgage advisor who should be well versed in such products.

  1. PUTTING AN OFFER IN
    The next step is actually putting the offer in and seeing if it gets accepted. That’s up to you and what you can afford now you are approved for a mortgage (plus any scheme or family assistance you may have chosen).

  2. . Be sure to read about different types of property because there are types of property that lenders won’t lend on, or require higher deposits such as brick builds, property with structural issues, some ex council properties, some high-rise properties and short lease hold properties. Ask your mortgage broker if you are unsure because they can advise you whether there are lenders who can help. 

  3. CHOOSING PROFESSIONALS

  4.  You will need to choose a Conveyancing Solicitor to undertake water, land registry, chancel searches among many other types of checks involving all the legal aspects of transferring the ownership of a property from a seller to a buyer and registering the mortgagor’s interest in the property. 
    They also normally arrange the payment of stamp duty to HMRC after completion (when funds have been transferred and keys handed over) 

Note: Prices differ depending on the complexity of the property. 

CHARTERED SURVEYOR: This is purely your decision and is recommended. You are able to get a condition report to check that the property is in good order, a full property survey detailing some searches and a home buyers survey.