Intermediary Terms & Conditions

Terms of Business for Registered Intermediaries
These Terms of Business are effective from 13th May 2020

These Terms of Business define the basis of the business relationship between The Cambridge Building Society and each individual person or business (of whatever legal nature). They also include Conditions for the basis upon which The Cambridge may permit online access to information and services to Intermediaries who have been successfully registered.

Within these Terms of Business, the following definitions will apply:
• “We”, “us”, “our(s)” or The Cambridge means The Cambridge Building Society
• “You” or “your(s)” means the individual person or business (of whatever legal nature) who has applied to become a Registered Intermediary with The Cambridge, including: 

the individual natural person(s) who is/are Directors, Partners or Employees of the business; and 

if appropriate, as part of any mortgage network, club or group which has a written
agreement with The Cambridge to submit mortgage applications to us.

To obtain your Registered Intermediary status with us, you must confirm to us that you have read and understand these Terms of Business and that you accept them. You acknowledge and agree that your continued status as a Registered Intermediary is dependent upon your agreement to these Terms of Business.

1. Your obligations to us
1.1 We will only accept applications from Mortgage Intermediaries who are registered with the Financial Conduct Authority (FCA) or who are Appointed Representatives. This includes Intermediaries dealing with Consumer Buy to Lets. If your FCA registration is terminated (for whatever reason) in the future, you must advise us immediately.
1.2 You agree to provide us with accurate information when completing the online registration process.
1.3 You will inform us if you’ve:
• ever been deregistered or removed from a lender panel/network or mortgage
club; or
• ever been subject to any disciplinary action by your business of a nature that
might impair your integrity as a Mortgage Adviser/Introducer; or
• ever been subject to any regulatory sanction
1.4 You will maintain Professional Indemnity Insurance cover of at least £1 million and agree to provide us with a copy of your cover if requested.
1.5 Once your application has been accepted, you may submit mortgage business on behalf of your customers to us via the channels that we may make available to you (which may be paper-based or electronically).
1.6 You agree that you will verify and record the identity of all mortgage applicants in accordance with the Money Laundering Regulations 2007 (and any future amendments to them) before forwarding the application documentation to us.
1.7 If we allow you to submit financial or identity and address verification documentation (or other relevant paperwork) to us electronically, you confirm that the documents provided to us electronically are copies of original documents seen by you and that you can certify them as being such. You further agree to retain paper copies of those documents in your customer files in case we may request sight of them in the future. Please read the Declaration in the Application Form very carefully before signing and submitting your Application Form.
1.8 You agree that you will not make any statement or representation to the effect that you are acting as an Appointed Representative for us or as an agent on our behalf.
1.9 You agree that you will not make any statements about us of any nature which may have an adverse impact upon our reputation.
1.10 Prior to submitting your case online, you must inform all mortgage applicants that we will carry out a soft credit search on them and that if the application proceeds, a further full credit search will be made. If any applicant objects to this, you must not submit the application.
1.11 You agree that any Decision in Principle issued is not binding on either us or you. A Decision In Principle is only valid for 30 days after which time a revised approval must be obtained and a new credit search will be undertaken.
1.12 All submitted mortgage applications must be fully completed and include the required documentation and only after (where appropriate) full compliance with the pre-sale disclosure requirements contained within the FCA Rules relating to Regulated Mortgage Contracts. You must also take all reasonable steps to ensure that each mortgage application meets our current lending criteria as we will not accept any responsibility for delays caused by incomplete or inaccurate information supplied by you.
1.13 In accordance with industry best practice, we may request sight of your customer files, on reasonable notice, to audit your compliance with Regulated Mortgage Contract disclosure obligations by you.
1.14 You acknowledge that we may be obliged to report any adverse findings identified from an audit to the FCA.
1.15 You acknowledge that we may change our mortgage products, criteria and rates at any time without prior notice to you. You are aware that the product applied for will only be reserved once a fully completed Mortgage Application has been received by The Cambridge Building Society. 
1.16 You may not seek to circumvent our procedures and requirements for processing mortgage applications nor to influence our choice of valuers and solicitors should the application proceed.
1.17 On completion of a new mortgage advance your customer will become a member of The Cambridge and you acknowledge that we may enter into correspondence and communication with them without your knowledge or approval for the purposes of marketing, debt management and recovery and ongoing account maintenance.

2. Retirement Interest Only
We will only accept applications from Mortgage Intermediaries who are appropriately qualified to provide later life lending advice.

3. Use of your personal data
Only natural persons are subject to the Data Protection Act. We are registered with the Information Commissioner and will use your personal data to complete our assessment of your Intermediary Registration Form. We will not seek to obtain any sensitive personal data, only that which is relevant to your application.
Any data we hold about you and how you use our website may be used for management information purposes. It may also be shared with the management of your business (if relevant), the business for whom you are an Appointed Representative (if relevant) or the FCA.

4. Use of your customer’s personal data
We will use your customers personal data to assess their mortgage application and, if it is successful, in the ongoing maintenance of their mortgage account with us. Our Privacy Policy is available here, we ask that you review it. 

5. Our obligations to you
5.1 We will not ask you to hold customers monies in connection with a mortgage application at any time.
5.2 On completion of a new mortgage advance, further advance or product switch we will pay you a procuration fee in accordance with either our prevailing tariff (and as specified within any accepted Offer of Mortgage that we may issue), or in accordance with any agreed written terms that we may have entered into with any Network or Mortgage Club of which you are a member.
5.3 We will only ever pay procuration fees into a UK business bank account electronically and we will not pay procuration fees into a private bank account. From time to time we may ask you to provide evidence of your business bank account details for verification purposes.
5.4 We may immediately terminate your status as a Registered Intermediary if:
• you do not place any new mortgage applications with us during any 12 month period; or
• you cease to be appropriately insured (or fail to provide us with evidence of annual renewal upon request); or
• you are declared bankrupt or subject to any other financial arrangement with your creditors; or
• we become aware that your regulated status with the FCA has been ended (for whatever reason) or if you become subject to regulatory sanction; or
• you breach the Conditions of use of our website or any other terms of these Terms of Business; or
• we consider that you have abused the privilege of being our Registered Intermediary; or
• we have any other business reason to cancel any or all Registered Intermediary registrations.

6. Conditions of use of our website
6.1 All of our intellectual property rights (including all images, copy, underlying source code and downloadable content on our website) together with all information and services provided on our website remains our property at all times and may only be used or reproduced with our express permission and for the sole purpose of generating and submitting mortgage applications to us.
6.2 No unauthorised access will be permitted and any identified access of this nature may be subject to legal proceedings.
6.3 Products, services, lending criteria and policies are subject to availability, change, amendment or withdrawal without notice.
6.4 We will make every effort to ensure that:
(i) the website information is accurate and kept up to date; and
(ii) the website is error, virus and bug free but we accept no liability (whether in contract, tort, negligence breach of statutory duty or otherwise) for any direct, indirect or consequential loss or damage in the event of any error, virus or bug or any inability to use the website (including the website being unavailable for technical reasons) or any omissions or inaccuracies of the website information or the services provided on it.
6.5 We cannot guarantee that our website can be used on all computers or browser software. It is your responsibility to ensure that your equipment is compatible with the services available from our website and you are responsible for any costs that you may incur to ensure that compatibility is maintained in the future.
6.6 You must not divulge your online username, password or memorable word to anyone else.
6.7 We may withdraw or suspend your access to our online services:
• at any time for security reasons; or
• upon the termination of your status as Registered Intermediary; or
• where we believe that the service is being misused; or
• if you have not logged in and used our online services for 12 consecutive months.

7. Digital Valuations
Where a digital valuation is carried out as a means of assessing whether a property will be suitable mortgage security, the information obtained is for the Society’s use only. Information on the property appraisal or value used for lending purposes will not be disclosed.


8. Changes and Applicable Law
8.1 We may revise these Terms of Business at any time but will use our reasonable endeavours to give you notice before they take effect.
8.2 These Terms of Business are governed by English law.