About us and our service
AS Financial Solutions was established in 2012. We specialise in brokering loans secured on property from a panel of lenders representing whole of market. With our team’s wealth of knowledge and experience within the financial industry we are confident that we can provide an excellent service to you.
Our aim is to make the process of applying for a second mortgage smooth and efficient so that you receive your money as soon as possible. We will recommend a second mortgage to you based on the details you provide us with. There may be other products available and more appropriate for you such as a personal loan, re-mortgage or further advance. If you are in any doubt as to what might be more suitable for you, you should seek independent financial or legal advice.
AS Financial Solutions is a trading style of ALS Financial Solutions Limited, registered company number 8139572, 22 – 24 James Street, Cardiff Bay, CF10 5EX. ALS. We are authorised and regulated by the Financial Conduct Authority and are registered with the Information Commissioner’s Officer under the Data Protection Act.
About secured loans
A second mortgage gives security to the lender by giving them legal rights over your property. Because of this, you may be able to borrow more and over a longer period of time than you could with an unsecured loan. The interest rate can often be lower for a second mortgage, although there are additional fees payable because of increased broker costs, for example in obtaining a valuation of your property.
Although the property remains in your possession, it can be taken from you by the lender if the loan and the interest are not paid according to the agreed terms. YOUR HOME MAY BE REPOSSESSED IF YOU DO NOT KEEP UP REPAYMENTS ON A MORTGAGE OR ANY OTHER DEBT SECURED ON IT. Repossession is only sought by lenders as a last resort. Customers who are encountering difficulty should do all they can to maintain repayments and contact their lender at the earliest opportunity.
Based on the information you provide to us, we and the lender selected for you will carry out affordability checks to ensure you are able to afford your second mortgage. You will find enclosed in your pack an ’Income and Expenditure’ form, which must be completed accurately and be a true reflection of your monthly income and outgoings. You must also consider carefully whether you can afford the repayments now and in the future and be prepared for any changes in your circumstance, for example retirement or loss of earnings. As well as the potential for repossession, if you fail to keep up the repayments your credit record will be affected and you may have difficulties in obtaining credit in future.
If you intend to use your second mortgage to settle current unsecured debt you should think carefully before doing so as this debt will now become secured with the risks detailed above. THINK CAREFULLY BEFORE SECURING OTHER DEBTS AGAINST YOUR HOME. Although you should see a decrease in your monthly repayments, you may also end up paying more overall and take longer to pay off your debts. We do not provide debt advice and would recommend that you take advice from a professional before signing any credit agreements for your secured loan. Free advice is available from the Citizens Advice Bureau (www.citizensadvice.org.uk) and Money Advice Service (www.moneyadviceservice.org.uk). We strongly advise that any revolving credit facilities that are consolidated with your second mortgage (i.e Credit cards, store cards, mail orders and overdrafts) are cancelled and the accounts closed with the providers upon settlement; using them again may make your loan unaffordable or affect your ability to borrow in the future.
What if my application is rejected?
A lender does not have to tell you why you have been refused a loan, but they should give you an indication of whether data from a credit reference agency contributed to the decision. You can ask for the name and address of any credit reference agency used and they will supply this information.
Credit reference agencies are independent companies that maintain a wide range of information on individuals. This includes information from the electoral roll and records of most county court judgements, involuntary arrangements (IVAs) and bankruptcies. They also retain information relating to previous and existing credit and a record of searches made against your file. The lenders share information through agencies providing a history of how punctually payments are being or have been made and how much you owe. You are able to obtain a copy of your credit file, for which there is usually a small charge.
The three main credit reference agencies are:
Consumer Help Services
PO Box 8000
Credit File Centre
PO Box 1140
Call Credit Limited
Consumer Services Team
PO Box 491
What do we charge?
We will charge you a broker fee to cover certain direct costs, such as the searches and references, and to cover the cost of processing and packaging your application. You may also be charged a fee by the lender. A valuation fee will also be charged. These fees can be added to the loan and interest charged on them, so they are included in the monthly repayments, or you can pay them as a single up front sum and no interest will be charged on them. Valuation fees will be charged on instruction, broker fees and lender fees when the binding mortgage offer is issued. We will also receive a commission from the lender for arranging the loan (the amounts are as stated on the declaration enclosed in your final pack). You will NOT be charged a broker fee or lender fee if you decide that you do not wish to proceed with the application. You can withdraw at any time before funds are sent to you by the lender. However he valuation fee is non-refundable if the survey has taken place.
6% of borrowed amount Min charge £995 Maximum charge £5,000
*Please note these fees are the maximum you will be charged – Your introducing broker is entitled to half this fee and you will be charged depending on their fee structure – please see your AS Declaration for details.
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Use of your information
We will use your information you have provided to process your applications, including making checks with credit reference agencies, contacting your mortgage company, dealing with the lender and with your introducing broker. Full details of how we use your information are included in the Data Protection Statement in your application form, which you should read carefully.