Terms of Business - Niche Loans

Terms of Business

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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 the terms of business 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 second and subsequent charge loans, buy to let second and subsequent charge loans and bridging finance for non owner occupied properties.

The principle activities of the firm are provided on the basis of panel of lenders. The Company provides advice on the loan products offered. We will need to collect sufficient information from you before we can offer any advice on loans secured against your property.

Remuneration Policy

The Company charges no upfront fees; as a Broker we charge you a fee for our service which will be added to your loan and repaid along with the interest charged on the total amount borrowed. The fee covers our cost for processing your loan and includes the valuation and legal costs. In some cases the Lender will add their own fees. We will tell you exactly what you will pay before you are committed. The maximum fee we will charge is 15% of the loan amount. The fee is only charged if your loan completes.

The Company may receive commission payments from the Lender that your loan is placed with. You will be made aware of any commission payments payable from the Lender to the Company before you are committed.

An Advice fee of £349 will be added to the loan facility in all cases and will be paid to ourselves by the Lender on completion.

Cancellation Rights

You have the right to cancel your loan application at any time prior to the loan completing. Should you wish to cancel your application you will not be charged any 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 TERMS OF THE DEBT AND ICREASING THE TOTAL AMOUNT YOU REPAY. IF YOU CHOOSE A VARIABLE RATE LOAN THE COST OF YOUR PAYMENTS MAY INCREASE.

The actual APR you are eligible for will be dependent on your individual circumstances, the overall cost for comparison is 10.43% APRC.

Data Protection Act 1998

The Company is a data controller under the Data Protection Act 1998 in relation to the processing of your personal data in connection with your application for credit. 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 unless you tell us otherwise. 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 loan or mortgage. Where necessary to process your application your data will be shared with third parties such as the Lender, your mortgage provider, 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, including data security requirements. We will only use this information for the purposes registered under the Data Protection Act. 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 loan documentation that may be sent to you.

You have the right of access to your personal records upon request to the Data Protection Officer and payment of a £10 fee. 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.

Future Marketing

Unless you advise us to the contrary, both we and other brokers or lenders we refer your application to may contact you by telephone, letter, e-mail, sms or fax to offer other products which they feel may be of interest to you. If you do not wish to be contacted with offers of other products which we think may be of interest to you, please write to the Data Protection Officer at the correspondence address shown below, or e-mail your name and address (including postcode) to sales@nichefs.co.uk

Credit Searches

We will only perform an “Enquiry Search” at this stage, which will not affect your credit rating. If you decide to proceed with one of the loans 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. 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. The address is available on request.

These Terms of Business are effective from 1st February 2016 until further notice.

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By submitting your enquiry you agree to the terms and conditions and privacy policy and by clicking 'Get Your Quote' you are confirming that you are happy to be contacted via telephone, email or SMS to help you with your enquiry. Please contact us at info@nicheloans.co.uk if you have any questions regarding this.


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