INFORMATION ABOUT THE SERVICES WE PROVIDE
CLIENT AGREEMENT AND INITIAL DISCLOSURE DOCUMENT
The Loan Partnership Ltd.
Gresham House, 53, Clarendon Road, Watford. WD17 1LA
Authorised and regulated by the Financial Conduct Authority, Firm Reference Number 707809
The Loan Partnership Ltd is registered in England and Wales under company number 6576125
This document sets out the services we provide. It is important that you understand the information offered, so please inform us if you would like us to explain any point further. Please call The Loan Partnership if you have any questions on 01923 250 090
Which Products do we Offer
We offer Second Charge mortgages, which are also known as secured loans, for business or personal use.
You should be aware that there may be other finance options available to you such as a re-mortgage, a further advance with your first charge lender, or an unsecured loan.
Whose Products will be Offered
We are a broker offering Second Charge mortgages from a representative panel of specialist lenders.
Which Service will be Provided
We provide an advised mortgage broking service.
We will be providing you with sufficient information in relation to the mortgage we offer you in order for you to make an informed borrowing decision, but if you are in any doubt, you should seek independent financial advice. Free sources of debt advice are available from the Money Advice Service (www.moneyadviceservice.co.uk).
The Cost of our Services
When your loan has completed, a broker fee will be charged. This fee will include valuations, credit searched and research. If you have chosen to pay this fee upfront, then you will need to make payment at completion of your mortgage. If you have chosen to add this to your mortgage it will be incorporated within the monthly repayment and interest will be charged on it which means your payments and therefore overall loan amount will be higher if added to the loan. The amount of the broker fee will be contained in the European Standardised Information Sheet (‘ESIS’) and the Mortgage Agreement, which will be sent to you before you make a decision on whether to proceed.
We may also receive a commission from the lender for introducing you to them. Any commission is paid directly to us by the lender and does not alter the terms described in your Mortgage Agreement.
Where you were introduced to us by a third party, we may pay a commission to the third party that introduced your details to us, but this won’t cost you anything extra.
We do not charge a fee for providing advice.
The Mortgage Offer
Your mortgage offer will be set out in your Mortgage Agreement and is based on you providing accurate and complete information. Changes to any of the information provided, including the valuation report, could alter the mortgage offered.
You will also receive an ESIS that shows the key features of the mortgage being offered to you, including the term, interest rate, repayments and total amount payable as well as details of the lender. The ESIS is an important document and you need to read its contents carefully.
Once completed, a mortgage cannot be cancelled. However, you can cancel at any point up to completion and you will have sufficient time to consider your decision. There will be no charge payable by you where you cancel your application before completion.
It is important to maintain repayments on your mortgage, on time and in full. The consequences of missing payments or underpaying are explained in the Mortgage Agreement and can include default charges and, in extreme circumstances, repossession of your property. This can also affect your credit rating and your ability to obtain credit in the future.
You may be using your mortgage to pay off other debts, including some unsecured credit. The repayments on your new loan may be lower than the combined monthly repayments on your other debts, but over a longer term you could end up paying more interest overall. Think carefully before securing a loan against your home. It is important to note the difference between secured and unsecured credit; your home may be repossessed if you do not keep up repayments on a Second Charge mortgage.
We do not give advice on or arrange insurance products. You will still have to pay your loan if you lose your job or if illness prevents you working. You should consider the affordability of your loan if your income falls and protecting yourself against unforeseen circumstances.
Please be aware that your home may be repossessed if you do not keep up repayments on a mortgage.
If you wish to register a complaint, please contact us in writing at
The Loan Partnership, 53, Clarendon Road, Watford. WD17 1LA
or by telephone on 01923 250 090
If you cannot settle your complaint with us, you may be entitled to refer it to the Financial Ombudsman Service.
Financial Services Compensation Scheme
Our mortgage advice service is covered by the Financial Services Compensation Scheme, which means you may be entitled to compensation from the scheme if we cannot meet our obligations. Further information on the scheme can be found at www.fscs.org.uk.
After you have applied for a mortgage and we have successfully processed your information you will receive a Mortgage Agreement. You will have a reflection period of up to seven days during which to consider the implications of entering into the Mortgage Agreement. Please feel free to contact us with any questions you may have in this time. As soon as you decide to proceed, you should sign and return the Mortgage Agreement to us.