Manor Mortgages is pleased to announce that the successful trial of this process has been completed with only minor amendments.

In certain circumstances we are only able, or willing, to transact a mortgage where the lender deals with us directly. To facilitate this we will perform an execution only process with the client’s offer being issued under our name. However we will only contact the client by letter, unless a processing situation arises when, of course, we will telephone and resolve.

The adviser remains responsible for the mortgage advice and all the compliance in exactly the same way as normal, and client ownership remains with the adviser.

The adviser will simply complete and sign the “client transfer checklist” which, together with ID and KFI, are the only items required to process the case, in addition to our specific underwriting requirements.

Once submitted, Manor will take over the whole process through to completion, keeping the adviser informed throughout. The only point at which the adviser needs to become involved again is where the advice has changed, ie a new product.

Upon receipt of the case, letters are sent to both the adviser and the client which clarifies the whole process. In addition we provide the client with IDD, DMD, KFI, EX-ON DEC to fulfil our regulatory requirements. Specimens of these letters are available on our website. www.manormortgages.com

Obviously the extra work and responsibility involves additional cost to ourselves which will result in an additional fee to the client. This meets TCF requirements as it is completely transparent and is providing additional expertise to produce a successful outcome to the mortgage application.

This fee, and the proc fee we receive, are split 50/50 with the adviser. In addition we pay £100 for panel solicitors even though they are compulsory within the process. Not applicable where lenders’ free legal apply.

Execution only sits well with the Product Research and Placement Service and alongside the Introduce Only Service. It also allows us to work in the whole of market where we have developed excellent relationships with underwriters in Halifax and Abbey to name just two.