Finsec Limited is a second charge mortgage lender. Formerly known as Northstar Loans Limited we have traded since 2002. Finsec is funded through a combination of private equity investment and high street bank funding which provides a secure financial base to operate from.

General Information

Finsec is a trading style of Finsec Limited a second charge mortgage lender located in the United Kingdom and operating from 511 Centennial Park, Centennial Avenue, Elstree, Hertfordshire, WD6 3FG. Finsec Limited is authorised and regulated by the Financial Conduct Authority.

Finsec secured loans are regulated mortgage contracts only available to homeowners based in England and Wales aged over 18 subject to status. Finsec provides loans secured by a second mortgage. Acceptable forms of security are a legal mortgage over owner occupied residential or semi commercial property with freehold or long leasehold tenure situated in either England or Wales. It is not possible for security to be located in a different EEA State.

Finsec loans may have a possible duration of 3 years up to a maximum of 25 years.

Finsec loans are available on a Fixed Rate which means the interest rate charged will not vary for the duration of the loan.

Finsec loans are available in GB Pounds only and all payments must be made in GB pounds. Foreign currency loans are not available.

Finsec loans are available between £5,000* and £100,000 plus any fees requested to be added. *Minimum further advances from £3,000 or more. Business loans available up to £150,000.

Representative example:

If you borrow £18,000 over 10 years at an interest rate of 20.8% APRC (fixed) you would pay £336.95 per month. The total charge for credit would be £22,434.00. The total amount repayable would be £40,434.00. A broker fee and or advice fee may be payable which would increase the total amount repayable and the APRC. You should ask your adviser or broker what fee they will charge and request an illustration from them. For example if your broker charged you a fee of 10% based on a loan of £18,000 the rate for comparison would be 24.6% APRC. The annual percentage rate of charge (APRC) is the total cost of the loan expressed as an annual percentage and is provided to help you compare different offers. It includes all the costs you must pay in obtaining the loan and all the costs you must pay during the life of the loan.

Other costs may be payable that are not included in the total cost of credit. For example if you repay the loan early or if you do not pay on time. In the event of non-payment there are arrears charges and legal costs that may be charged in enforcing our mortgage or protecting our security in the event of non-compliance.

Finsec loans are repayable by monthly instalments due one month after the date of the loan and the same day each month thereafter for between 36 and 300 months dependent on the possible duration of the loan.

Compliance with the terms and conditions of the loan including making all instalment payments on time and not late will ensure repayment of the total amount of credit.

Finsec will require a professional valuation of the security property to be carried out by an approved valuer prior to making a binding offer. The cost of the valuation will be specified by the broker advising and arranging the loan and may be paid by the applicant or the broker. The broker is responsible for arranging the valuation in all cases.

There is no obligation to obtain ancillary services or products from Finsec. Borrowers are required to be in possession of valid buildings insurance for the duration of the mortgage and can choose to purchase this from any authorised insurer.

Possible consequences of non-compliance with the commitments linked to the regulated mortgage contract.

Tariff of charges
Lender’s administration costs
  1. Unpaid cheque/bankers order/direct debit £25
  2. Monthly arrears review £25
  3. Instructing solicitor £85
  4. Legal action review £100
Lender’s administration costs explained
  1. If your payment is returned by your bank unpaid then we will charge an unpaid payment fee of £25.00.
  2. If you fall into arrears* and we need to review your loan and contact you to make an arrangement for payment then we will charge a Monthly Arrears Review Fee of £25.00.
  3. If your payment remains outstanding for more than 21 days and you have not contacted us to make an arrangement we may serve a notice of default and instruct our solicitor. If we instruct our solicitors we will charge you a fee of £85.00 to cover our costs in doing so.
  4. If your account remains in arrears* and we conduct a review prior to taking further legal action we will then charge a Legal Action Review fee of £100.00.

Legal and other costs and charges may be incurred in protecting or enforcing our agreement with you and these will be repayable by you. Any costs incurred will be charged to the account and interest will accrue until reimbursement.

*Arrears are defined as a shortfall (equivalent to two or more regular payments) in the accumulated total payments actually made by you measured against the accumulated total amount of payments due to be received from you.

Your home may be repossessed if you do not keep up repayments on a mortgage or any other debt secured upon it