Thank you for choosing to apply for finance with Optimise Finance. This Initial disclosure document will set out the services that we will provide to you. The document should be read in conjunction with your Mortgage illustration.
The FCA is the independent regulator that regulates U.K. financial services companies. The Mortgage Credit Directive sets out the rules by which firms carry out regulated activities. We are directly authorised by the FCA and are a Mortgage Credit Directive intermediary. Our procedures are in place to comply with the Mortgage Credit Directive rules effective 2016. We provide this document to our customers to clearly state our scope of services to them. You should use this information to decide if our services are right for you. If you have any questions on the content or do not understand any components please call us for free on 0800 0159 295 for further explanation.
Mortgages, Remortgages & Second Mortgages (Also referred to as Secured Loans)
Equity Release Products
We don't offer advice on Debt Management Plans or Individual Voluntary Arrangements. However, we work with TW Insolvency who can advise you on these products. It is important that you consider other options before proceeding with a First / Second Mortgage. To obtain further advice, please contact the Citizens Advice Bureau, Consumer Credit Counselling Service or seek independent advice.
We do not give advice upon; arrange or offer insurance products.
You will still have to pay your monthly repayments if you lose your job or if illness prevents you from working. You should consider the affordability of your 1st or 2nd Mortgage if your circumstances change.
Optimise Finance does not offer payment protection insurance but you could consider this as a way of protecting yourself against unforeseen circumstance.
To ensure your additional borrowing is adequately covered, we will refer you to our specialist insurance provider, Protect Our Family once the loan completes.
Mortgages, Remortgages & Second Mortgages (Also referred to as Secured Loans)
We will also be paid a commission from the lender. This varies by lender therefore the exact amount will be detailed to you in the ESIS (mortgage illustration) provided to you by the lender before the loan completes.
You will receive a European Standardised Information Sheet (ESIS),which is your mortgage illustration, when considering a particular mortgage - this will tell you about any fees and commissions relating to it.
Equity Release Products
MORTGAGES: Virgin Money, National Westminster Bank PLC, Halifax, Barclays Bank, The Mortgage Lender, United Trust Bank, Kensington Mortgage Company, Masthaven Finance, Mortgage Trust, Accord Mortgages, Central Trust, Zeyphr Home Loans, Aldermore Bank PLC, Norton Home Loans, BM Solutions, Paragon Mortgages, Precise Mortgages, Pepper Money, Principality BS, Skipton BS, Together, Kent Reliance, Cheltenham & Gloucester, Scottish Widows Bank, Santander UK PLC, Leeds, Nationwide, West One, Coventry, Godiva, The Mortgage Works.
SECOND MORTGAGES: Evolution Money, Finsec, Masthaven, Norton, Together, Step One Finance, Central Trust, Equi Finance, Pepper Money, United Trust Bank, Tandem Bank, Selina, Interbridge, West One, Loan Logics
LIFETIME MORTGAGES: Hodge Lifetime, Aviva, Just Retirement, Liverpool Victoria, Legal & General, More 2 Life, Pure Retirement, One Family, Canada Life, Responsible Lending, Standard Life, Scottish Widows
Note: These lists are regularly reviewed. However lenders' products and actual lenders can enter and leave the market at short notice. On occasion we may therefore offer a suitable product to you from a lender who is not on these lists.
As with any Finance Broker following good practice, any loans are subject to status and the ability to repay it. Written quotations are available on request and all quotations are provided for free.
Optimise Finance strongly recommends you seek independent advice prior to entering into any financial agreement.
Optimise Finance will only carry out a credit search once they have spoken to you and have your consent to do so. This search will be a soft footprint search and will have have no impact on your credit profile. Optimise Finance and / or their selected lenders may make searches about you at recognised credit reference agencies who supply credit account information; we may also obtain information from the Electoral Register and Land Registry.
Lenders may use credit scoring to assess your application and confirm your identity.
The information provided to us by credit reference agencies about you and those with whom you are linked financially, may be used by us and other companies to assess your application. To prevent or detect fraud, and to assist in proving your identity, our lenders may make searches at fraud prevention agencies who will supply them with information.
They may pass this information to other organisations involved in fraud prevention to protect them, ourselves and our customers from theft and fraud. If you give us misleading or inaccurate information and we suspect fraud, we will record this. By stating a financial association with another party, you are also declaring that you are entitled to disclose information about your joint applicant and anyone else referred to by you and therefore authorise us to search, and record information at credit reference agencies about you and anyone else referred to by you.
It is important to maintain your monthly repayments of your First / Second Mortgage; pay on time and in full. Should you continue to miss payments, or increase your debts under the contract, the consequences of this are explained in your Terms and Conditions. This can include default charges and in extreme circumstances, repossession of your property. This can also affect your credit rating leading to credit being more difficult or more expensive to acquire in the future.
Optimise Finance will adapt their communications to ensure all consumers can fully understand the mortgage process. This includes the use of Talk Type, larger font for the visually impaired and independent legal advice for those clients deemed vulnerable.
At Optimise Finance we are committed to providing you with prompt, efficient and friendly service. We aim to provide you with a service that is second to none. However, we are aware that from time to time you may want to complain about the service you have received, as a result our staff will be happy to help resolve your concerns. We have formal complaints procedures in place that will make sure your complaint is handled quickly, fairly and efficiently.
We would ask you to contact us on 01625 569625, email us office@optimisefinance.co.uk
or write to us at:
Complaints Department
Optimise Finance Ltd
9 King Edward Street
Macclesfield, Cheshire, SK10 1AQ
Optimise Finance will try to resolve any complaint with you. However if you are unhappy with our final response or we are unable to issue our final response within 8 weeks of receiving your complaint you can refer your complaint to the Financial Ombudsman Service. You can get more information about them at the following link; https://financial-ombudsman.org.uk/consumer/complaints.htm Address details: The Financial Ombudsman Service, Exchange Tower, London, E14 9SR.
Optimise Finance is authorised and regulated by the Financial Conduct Authority. Our FCA Register number is 724841.You can check this on the FCA's Register by visiting the FCA's website www.fca.gov.uk/register/ or by contacting the FCA on 0845 606 1234.
General Data Protection Regulation (GDPR) requires that companies such as Optimise Finance, who process and retain information about their customers, inform them as to how their information will be used and for what purpose. At Optimise Finance, we will only collect the data we need to assess if we can assist you obtaining finance, and take all reasonable steps to maintain the security of your data. However, it is important to point out if you do not provide the information we require, we will be unable to assist you in obtaining finance. Optimise Finance is regulated by the Financial Conduct Authority FCA number 724841 (FCA www.fca.org.uk),which means we are accountable for the products and services we provide, therefore required to keep records of transactions with customers for a minimum of 6yrs .We process your data on the basis of “processing is necessary for compliance with a legal obligation” as set out by the Information Commissioner’s Office (ICO www.ico.org.uk) registration number Z1952834
We are covered by the FSCS. You may be entitled to compensation from the scheme if we cannot meet our obligations. This depends on the type of business and the circumstances of the claim.
Further information about compensation scheme arrangements is available from the FSCS at: https://www.fscs.org.uk/what-we-cover/
With regards to equity release products:
Think carefully about this information before deciding whether you want to go ahead. If you are at all unsure about which equity release product is right for you, you should ask your adviser to make a recommendation.
With regards to mortgages, remortgages and second mortgages:
THINK CAREFULLY BEFORE SECURING OTHER DEBTS AGAINST YOUR HOME. YOUR HOME MAY BE REPOSSESSED IF YOU DO NOT KEEP UP REPAYMENTS ON YOUR MORTGAGE
