Who
are Loan Giant Mortgages?
Loan Giant Mortgages are
administered by Central Capital Corporation Limited
("Central Capital"). The specialist
finance and mortgage broking subsidiary arm, of
Central Trust PLC. Central Trust PLC is one of
the fastest growing companies in the UK. Loan
Giant Mortgages act solely on behalf of their
clients. We use a lender panel made up of between
five and eight lenders whom we consider best meet
the needs of the majority of our clients. Central
Capital is registered with the Mortgage Code Compliance
Board ("MCCB") under registration number
5606102.
Why
come to Loan Giant Mortgages when the high street
is full of lenders?
We specialise in finding
mortgages for clients who may have difficulty
getting a loan from a traditional bank or building
society. We have schemes to suit people that have
mortgage arrears, credit problems, no proof of
income, unusual properties and hundreds of other
situations that might cause banks to say 'no'.
What ever your circumstances we can normally find
a mortgage to suit you.
How
much will it cost to arrange?
You may incur some or all
of the principal transaction costs described below
when taking out a mortgage with us. Full details
of costs will be provided with your mortgage quotation.
If you are re-mortgaging there may be redemption
charges or other fees payable on redemption of
your current mortgage. It is important that you
are aware of these costs and have considered them
fully before proceeding with a new advance. If
you are re-mortgaging and any of the funds raised
are being used to repay or consolidate existing
unsecured debt then you should be aware that these
will now be secured by way of a first charge on
your property and you will pay more over the long
term. If your payments lapse then your home maybe
at risk.
High Percentage Lending Fee
If your mortgage represents a high percentage
of the price or valuation of your property (typically
75% or more), you may have to pay a high percentage
lending fee. Some or all of this fee may be used
by the lender, at its discretion, to obtain mortgage
indemnity insurance to act as extra security for
its sole benefit. If this is the case, the lender
will give you a written explanation confirming
that you are still liable to pay all sums under
the mortgage and this cover will not protect you
if your property is subsequently taken into possession
and sold for less than the amount you owe. You
will remain liable to pay all sums owing, including
arrears, interest and the lender's legal fees.
If a claim is paid to the lender under such insurance
the insurers generally have the right to recover
any amount paid from you.
Legal Fees
You may need to instruct a solicitor to act on
your behalf and you will be responsible for paying
their costs.
Arrangement Fee
We may charge you an arrangement fee, which will
be deducted from the mortgage advance. This payment
is for the time we spend researching the market,
giving advice and for the administration involved
in submitting the application to the appropriate
lender on your behalf and ensuring the transaction
is completed to suit your requirements. Any fee
payable will be notified to you in advance of
any chargeable work-taking place and will be subject
to a separate agreement.
What
about insurance?
A mortgage is one of the
largest financial commitments that most people
take out. It therefore makes sense to ensure that
you have adequate protection in case things go
wrong.
Would your family's home be protected
if something happened to you?
We will tell you if your mortgage is
conditional upon arranging any insurance policy.
We are able to offer advice on the following insurance
plans:
· Payment Protection Plans
· Life Insurance
· Buildings Insurance
Help to secure your future by getting
the right advice.
For more information call on free phone 0800 321
7086 and talk to one of our friendly mortgages
staff, who will be happy to answer any questions.
(8am to 8pm Monday - Friday, 9am to 6pm Saturday
and Sunday)
Mortgage Payment Protection Insurance
Although it is not a condition of the mortgage
we strongly recommend that you take out payment
protection insurance to ensure that your mortgage
payments are maintained in the event of accident,
sickness or redundancy (for employed) or hospitalisation
(for self employed)
Life Insurance
You may also decide that you need life assurance
protection to ensure that your family are protected
in the event of your death. We recommend that
you approach an Independent Financial Advisor
to help you select an appropriate policy to meet
your needs.
Buildings Insurance
In all cases your lender will require details
of buildings insurance, which should provide sufficient
cover to meet the reinstatement costs of the property.
The required sum insured will be detailed on the
valuation report. It is your responsibility to
ensure that the premiums and therefore the cover
are maintained on these plans. If cover is arranged
through or by us then we may receive commission
from the company concerned. Details are available
on request.
What
information will you need?
As we proceed with your enquiry
we will provide you with a detailed quotation
relevant to your mortgage needs. During our initial
call with you we will complete a detailed mortgage
questionnaire so that we can give you appropriate
advice on your mortgage and related products.
Once we have made our recommendations to you we
will confirm our advice in writing. Details of
your mortgage will also be confirmed in your lender's
formal offer.
How
long do I have, to repay my mortgage?
We can arrange mortgages
over terms from 5 to 40 years. A Typical example
is, a £75,000 mortgage over a 20-year period.
We do not recommend that your mortgage continue
beyond your intended retirement dates unless you
have adequate income to continue to meet your
mortgage commitments in retirement.
What
happens if I move?
If you decide to move before
the end of the mortgage term then your situation
regarding the transfer of your mortgage to a new
property will depend on whether your mortgage
is portable or not. Portable If you want to move
home in the future it will generally be possible
to transfer the mortgage to the new property subject
to your lenders underwriting criteria at the time
of the move. You may be charged an administration
fee for this service. Not PortableIf you want
to move home in the future it will be necessary
for you to repay your mortgage and then to start
a new mortgage on the new property. You may have
to pay early redemption charges in this situation.
We will confirm in writing if your mortgage is
portable prior to completion.
Can
I repay my mortgage early?
Yes, you are able to repay
your mortgage early, but there may be redemption
charges associated with your mortgage if you wish
to repay it early. Details of any redemption charges
will be provided prior to completion.
What
happens if things go wrong?
You should find your dealings
with us to be prompt, efficient and friendly.
Our aim is to provide you with a world class,
professional and confidential service. If you
have a complaint we do have a formal complaints
procedure to ensure that your complaint is dealt
with quickly and efficiently. In the first instance
you should contact our Mortgage Code Compliance
Officer at The Atrium, St Georges Street, Norwich,
Norfolk NR3 1GT If we are unable your complaint
to your satisfaction then we will assist you by
referring you to The Mortgage Code Arbitration
Scheme. The arbitrators are available to resolve
certain complaints made by you if the matter remains
unresolved through our internal complaints procedure.
The address of the scheme is: The Mortgage Code
Arbitration Scheme, Inter00 Arbitration Centre,
12 Bloomsbury Square, London WC1A 2LP. Telephone
020 7421 7444
Can
I get payment protection?
Our payment protection plan
offers a simple and effective way to protect your
monthly repayments and give you peace of mind.
I am self-employed. Can I apply for Payment Protection
Insurance? Yes you can. The policy will, however,
exclude cover if your company goes into voluntary
liquidation. I work on a part time basis. Can
I get payment protection?This depends on the number
of hours you work each week. Employment is defined
in the policy as working for at least 16 hours
per week. If, however, you do not qualify and
your partner works full time and is named on the
mortgage, then he/she could cover themselves for
100% of the loan. I am 65 years old. Can I apply
for Payment Protection Insurance?No. The policy
provides cover only for borrowers aged between
18 and 64.
What
is the Mortgage Code?
The Mortgage Code is a voluntary
code that sets minimum standards of good lending
and advisory practice. Their 'You and Your Mortgage'
leaflet may be downloaded from this web site.
In subscribing to the code we promise that we
will: · Act fairly and reasonably in all
our dealings with you · Ensure that all
our services and products comply with the Code
even if they have their own terms and conditions.
· Give you information on our services
and products in plain language and offer help
if there is anything you do not understand. ·
Help you choose a mortgage to fit your needs unless
you have already decided on your mortgage. ·
Help you understand the financial implications
of a mortgage. · Help you understand how
your mortgage account works. · Ensure that
the procedures our staff follow reflect the commitments
set out in the Code. · Correct errors and
handle complaints speedily. · Consider
cases of financial difficulty and mortgage arrears
sympathetically and positively. · Ensure
that all our services and products comply with
relevant laws and regulations.
What
interest products are available?
Variable Rate Mortgage
This means that your monthly mortgage payment
will rise and fall in line with any increase or
decrease in interest rates. Discounted Rate MortgageThis
means that your monthly mortgage payment can rise
or fall in line with any increase or decrease
in interest rates at a guaranteed discount on
the lenders basic variable rate for a specified
period. At the end of the discount rate period
your interest rate would normally revert to the
lenders standard variable rate. It may also be
a condition of your discounted rate that the mortgage
must remain on the lenders standard variable rate
for a period after the discount period ends.
Fixed Rate Mortgage
This means that the interest rate you are charged
remains the same for a set period of time and
your mortgage payment does not change in that
time. At the end of the fixed rate period your
interest rate will normally revert to the lenders
standard variable rate. If this is higher than
your fixed rate your payments will increase accordingly.
It may also be a condition of your fixed rate
that the mortgage must remain on the lenders standard
variable rate for a period after the fixed period
ends.
Flexible Mortgage
This means that you can vary your mortgage payments.
The terms of a flexible mortgage may vary with
each lender. However, subject to the lenders terms
and conditions, mortgage payments may be varied
by making overpayments and lump sum payments and
by making underpayments and taking repayment holidays.
Base Rate Tracker MortgagesThis means that the
interest rate you are charged will be linked to
the lenders base rate and will rise and fall in
line with base rates.
What
happens if I change my mind?
You are under no obligation
to proceed, and there will be no cost or fees
incurred, provided you have returned your original
application within 7 days as we will have paid
the valuation fee.
How
do I repay my mortgage?
Unless you request otherwise
we will arrange a repayment mortgage for you.
Repayment Part of the monthly payment pays off
the interest on your mortgage and the balance
of your monthly payment pays off part of the capital
of your mortgage. The monthly payments will first
go towards paying the interest and then towards
paying off the capital. With this arrangement
you are guaranteed to repay the loan in full by
the end of your mortgage term, provided that you
have maintained your repayments in full. Interest
OnlyThe monthly payment covers only the interest
on the mortgage, no reduction is made in the capital
outstanding. With this option the whole of the
mortgage will remain outstanding at the end of
the mortgage term. It is important that in the
case of an interest only mortgage you put in place
a suitable repayment vehicle such as an endowment
policy, ISA or pension. If you wish to go ahead
on an interest only basis we recommend that you
approach an Independent Financial Advisor to help
you select an appropriate repayment vehicle.
What
else should I know?
Solicitors
Where the lender's own solicitor is being instructed
to carry out the legal work in respect of the
mortgage transaction you should be aware that
they will be working predominantly on behalf of
the lender. In this situation you may wish to
seek independent legal advice.
Packaging and Marketing Allowance
We, (or other companies in the Central Trust PLC
Group) may receive payment from your lender in
recognition of the work we do on their behalf.
We will tell you if we receive a fee for arranging
your mortgage and we will tell you the amount
of the fee in writing. In addition to the above
the lender may also pay us an additional lump
sum and/or other benefits based on the overall
levels of business we introduce to the lender
over the course of each quarter. Further details
of these benefits are available from us on request.
For
further details, apply online straight away |
