Q, What is the difference between a ‘Regulated loan’ and an ‘Unregulated loan’?
A, Regulated loans are on a property you are living in or are going to live in.
- They are regulated by the Financial Conduct Authority
- They are secured by first legal charges against property that is currently or will be occupied by the borrower’s close family
- the borrower or family will occupy at least 40% of the property on a residential basis
An Unregulated loan is:
- A first charge loan on a commercial property
- A first charge loan on a property being used as an investment
- A second charge loan on a borrower’s home that is over £25,000 and for business purposes
Q, Who gives the advice for regulated mortgage contracts?
A, Thistle is directly authorised by the Financial Conduct Authority and all our consultants are fully qualified to give advice on the regulated products we offer. Thistle can source a product and advise the client directly or we can supply you with full evidence research so you can advise your client, with authority, on the product Thistle has sourced. The choice is yours.
Q, Do you reduce my procuration fee if Thistle gives the advice?
A, No. Thistle pays 50% of all Broker Fee’s and Lender Procuration Fees, whether Thistle is advising or not.
Q, What can I use a mortgage for?
A, Usually, mortgages are used to buy a home, but you can use the funds for other things. These include debt consolidation, home improvements, remortgaging a home, or renovation finance.
Q, What can I use a bridging loan for?
A, You can use bridging finance for many things including:
- Purchasing a new property
- Expanding property portfolios,
- Carrying out refurbishments
- Developing unmortgageable properties, where traditional mortgages would not be approved
- Raising capital to help buy assets
- Raising money to cover tax liabilities
- Providing short-term cash flow
Q, What is Commercial Finance?
A, Commercial finance is funding raised or used for business purposes. For example, a commercial mortgage for a business to purchase its own premises, where a sitting tenant wishes to buy the property from which it trades (trading business mortgage). Alternatively, an investor purchasing commercial or multiple residential properties for rental return and future investment. Or raising capital, secured or unsecured, to inject working capital into a business for growth or business development.
Q, How do I work with Thistle to provide my client with the right financial product?
A, Thistle will act on your behalf, either directly or as your back office, co-ordinating every step in the process with you, the broker, the client and the lender. We adapt to your business model, delivering a bespoke service.
Q, Does Thistle offer face to face support to its introducers?
A, Absolutely, Thistle’s operating model is centred on the delivering the highest quality service. We are more than happy to meet our introducers to get to know their business. We will continue to meet regularly to ensure that we achieve the service level agreements our brokers demand. Thistle also understands that some brokers and introducers will not have the time to meet frequently and in these instances we provide full telephone support.
Q, If I have a problem or need to escalate an issue, can I speak with a director?
A, Thistle directors are always on hand to assist and all our introducers and brokers have full contact details. We actively encourage our business partners to call and speak with our directors, should there be a need.
To find out more, call 0131 2854778 to arrange a meeting and discuss our services in more detail.