Terms Of Business | Loansmart Finance

Terms of Business

Click here for a printable copy of these terms

These terms of business set out the basis on which Niche Financial Solutions LLP (the ‘Company’) will provide business services to you as an individual private client of the Company.  The full name and address of the Company are noted below.  Please take a few minutes to read through these terms of business and the IDD and ensure you advise us of any questions you may have before proceeding with your application.

 

Services

The Company is a finance broker and as such offers first and second charge mortgages, buy to let mortgages and bridging finance for non-owner occupied properties.

 

Cancellation Rights

You have the right to cancel your mortgage application at any time prior to completion. Should you wish to cancel your application you will not be charged any advice fees.  You should ensure you read any documentation provided and if you do not understand it seek professional legal advice.  You can notify us of your decision to cancel either in writing or verbally.

 

Risk Warnings

Missing payments could have severe consequences and may make obtaining credit more difficult in the future.

THINK CAREFULLY BEFORE SECURING OTHER DEBTS AGAINST YOUR HOME, YOUR HOME MAY BE REPOSSESSED IF YOU DO NOT KEEP UP REPAYMENTS ON A MORTGAGE OR ANY OTHER DEBT SECURED ON IT.

IF YOU ARE THINKING OF CONSOLIDATING EXISTING BORROWING YOU SHOULD BE AWARE YOU MAY BE EXTENDING THE TERM OF THE DEBT AND INCREASING THE TOTAL AMOUNT YOU REPAY.

 

Confidentiality and Data Protection

The Company is a data processor under the Data Protection Act 1998 in relation to the processing of your personal data in connection with your application for credit and in respect of your personal data under EU Regulation 2016/679 General Data Protection Regulation (“GDPR”).  Our full Privacy Policy is available on our website or you can request a copy to be sent to you.

We use your information to provide you with a quote, to process your application and for marketing purposes.  We would like to contact you by phone, email and text and would ask that you confirm your agreement on the following form.  We will treat all your information as private and confidential (even when you are no longer a client) except where we are permitted to disclose your information by law, or where the disclosure is made at your request, or is made with your consent in relation to arranging your mortgage.  Where necessary to process your application your data will be shared with third parties such as Lenders, joint applicants and credit reference agencies.

Where your application has been introduced by a third party, for example another broker, we may disclose information concerning the progress of your application to them.

Telephone calls may be recorded for monitoring and staff training purposes.

We will store the information we hold about you on computer and in other records.  We will use your information in accordance with the principles of the Data Protection Act and GDPR, including data security requirements.  This may include sharing your information with other group companies.  Further information regarding how we use your information will be provided by us with any mortgage documentation that may be sent to you.

You have the right of access to your personal records upon request to the Data Protection Officer.  Should you wish to exercise this right, or if you have any questions or comments regarding our data protection policy or any matter referred to in our policy, please contact the Data Protection Officer at the correspondence address shown below.

 

Credit Searches

We will only perform an “Enquiry Search” at the initial stage, which will not affect your credit rating.  If you decide to proceed with one of the mortgages we offer then we will perform an “Application Search”.  We will do this on behalf of the lender and only when we have received your signed application form from you.  Application searches may affect your credit score as they are used by lenders when deciding whether to lend you money.

Credit searches and other information provided to us and/or the credit reference agencies, about you and those with whom you are linked financially, may be used by the Company in connection with your application.  This information may also be used for debt tracing and the prevention of money laundering as well as the management of your account.

To prevent or detect fraud, or to assist in verifying your identity, we may make searches of Group records as well as using fraud prevention agencies who will supply us with information.  We may also pass information to financial and other organisations involved in fraud prevention to protect ourselves and our customers from theft and fraud.  If you give us false or inaccurate information and we suspect fraud, we will record this.  We, members of the Group, and other companies may use this information if decisions are made about you or others at your address(es) in relation to credit or credit-related services.

In addition to the terms stated for a credit search above, by stating a financial association with another party, you are also declaring that:

  • You are entitled to disclose information about your joint application and/or anybody else referred to by you
  • You authorise us to search, link and/or record information at credit reference agencies about you and/or anyone else referred to by you

Information held about you by the credit reference agencies may already be linked to records relating to one or more of your partners.  For the purpose of this application you may be treated as financially linked and your application will be assessed with reference to any “associated” records.

 

Complaints

Niche Financial Solutions LLP is committed to providing quality service.  If you are unhappy with our service in any way please contact us.  A leaflet is available which provides details of our customer complaints procedure, this will be sent to you on request or if you make a complaint and is also available on our website.  If you wish to make a complaint contact the Complaints Manager, Niche Financial Solutions LLP, Marlborough House, 26 High Street, Swindon, SN1 3EP.  If you are not happy with the resolution of your complaint once our complaints procedure has been exhausted you may be able to take your complaint to the Financial Ombudsman Service to investigate further or the Information Commissioner’s Office if the complaint relates to the handling or processing of your personal data.  The address is available on request.

 

Future Marketing

We would like to send you occasional updates about products and services that may be of interest. We will only share your information within our Group of companies and you can unsubscribe any time by emailing:  [email protected].

Document Version: V5 210518

© 2019 Copyright Niche Financial, All rights reserved
Registered in England No. OC349588

Niche Financial Solutions LLP
1st Floor | 3 Newbridge Square | Swindon | SN1 1HN

 t: +44 (0)800 802 1003 | t: +44 (0)1793 250 787| e: [email protected]

Loansmart is a trading name of Niche Financial Solutions LLP.
Niche Financial Solutions LLP is authorised and regulated by the Financial Conduct Authority, (FCA) 708467. We will search our panel of lenders to find the right loan for you. The overall cost for comparison is 10.69% APRC.

THINK CAREFULLY BEFORE SECURING OTHER DEBTS AGAINST YOUR HOME. YOUR HOME MAY BE REPOSSESSED IF YOU DO NOT KEEP UP REPAYMENTS ON YOUR MORTGAGE OR ANY OTHER DEBT SECURED ON IT. (IF YOU ARE THINKING OF CONSOLIDATING EXISTING BORROWING YOU SHOULD BE AWARE THAT YOU MAY BE EXTENDING THE TERMS OF THE DEBT AND INCREASING THE TOTAL AMOUNT YOU REPAY).

Rates are available from 3.9% APR, variable up to 34.9% APR allowing us to assist clients with more severe credit problems. Depending on your circumstances we will charge a broker fee of up to 1% of the advance for a first charge mortgage, and up to 10% of the advance for a second charge mortgage with a minimum fee of £1,495. Currently our average fees are £1,424 for a first charge mortgage (0.8%) and £2,852 for a second charge mortgage (5.8%). We also charge an advice fee of £497. All fees will be fully disclosed at application stage and fully disclosed on your contracts. We may also receive a commission from the lender on completion and this will also be fully disclosed. (Rates and fees correct as of August 2019). Niche Financial Solutions LLP, Registered in England and Wales. Company Registration Number OC349588. Registered office: 1st Floor, 3 Newbridge Square, Swindon, SN1 1HN

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© 2018 Copyright Niche Financial, All rights reserved

Registered in England No. OC349588

Important Information: 

Loansmart is a trading name of Niche Financial Solutions LLP.
Niche Financial Solutions LLP is authorised and regulated by the Financial Conduct Authority (FCA No. 708467).

THINK CAREFULLY BEFORE SECURING OTHER DEBTS AGAINST YOUR HOME. YOUR HOME MAY BE REPOSSESSED IF YOU DO NOT KEEP UP REPAYMENTS ON YOUR MORTGAGE OR ANY OTHER DEBT SECURED ON IT. IF YOU ARE THINKING OF CONSOLIDATING EXISTING BORROWING YOU SHOULD BE AWARE THAT YOU MAY BE EXTENDING THE TERMS OF THE DEBT AND INCREASING THE TOTAL AMOUNT YOU REPAY. THE ACTUAL RATE AVAILABLE WILL DEPEND ON YOUR CIRCUMSTANCES.

Depending on your circumstances we will charge a broker fee of up to 1% of the advance for a first charge mortgage and up to 10% of the advance for a second charge mortgage. Currently our average fees are £1495 for a first charge mortgage (0.8%) and £2994 for a second charge mortgage (5.5%). We also charge an administration fee of £497. We may also receive a commission from the lender on completion and this will also be fully disclosed.
Secured Loan rates are available from 3.74% APR variable. We also have rates up to 34.9% APR allowing us to assist clients with more severe credit problems. We will search our panel of lenders to find the right loan for you.
For secured loans the overall cost for comparison is 10.69% APRC. For Mortgages the overall cost for comparison is 4.6% APRC.
(rates and fees correct as of September 2018)

Niche Financial Solutions LLP, Registered in England and Wales. Company Registration Number OC349588. Registered office: Marlborough House, 26 High Street, Swindon, SN1 3EP.

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