What We Offer

Finsec can lend to limited companies and partnerships, whether established businesses or new starts and we like to help even when other lenders won’t. We do not use automated decisions or credit scoring, we apply the human touch to every case and every decision is made by one of our experienced team. This means we can consider cases others won’t and means we can make a loan even when an application has failed elsewhere.

General Information

Finsec is a trading style of Finsec Limited a secured loan and 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 Business loans are unregulated loan agreements only available to businesses registered in England and Wales and supported by guarantee and security from a homeowner aged over 18 subject to status. Finsec only provides loans where the guarantee is secured by a mortgage. Acceptable forms of security are a legal mortgage over owner occupied residential or investment property 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 Business loans are available between £5,000* and £250,000 plus any fees requested to be added. *Minimum further advances from £3,000 or more.

Finsec Business loans are available on a Fixed Rate which means the interest rate charged will not vary for the duration of the loan. Interest rate 1.59% per month. 19.08% per annum. 20.84% APR. Loans may have a possible duration of 1 year up to a maximum of 15 years and the monthly payments are fixed for the duration of the loan. Interest only terms are available up to 5 years.

A Lenders Legal & Arrangement Fee of £1395.00 will be deducted from the total loan on completion. There is no charge made by Finsec if the loan does not complete.

Loans are available to new starts as well as established businesses and may be for any business purpose, including repayment of HMRC and other debts. Borrow for specific projects or working capital or even acquire a new business or premises.

Flexible underwriting means accounts are not required and no minimum turnover or trading period subject to accountant’s projection and evidence of business bank account and UTR. A business plan, forecast and CV’s may be required for new starts and all loans are subject to status. On receipt of an initial case proposal or a fully completed Finsec Business Loan Application we can provide an immediate in principle decision confirming the terms available and case specific underwriting requirements.

Conditions and Use of Information

Finsec products are only available to homeowners based in England and Wales aged over 18 and are subject to status. By accessing and using this website, you are agreeing to our Conditions of Use and Privacy statement. Telephone calls may be recorded for security and for training, monitoring and compliance purposes.

Loans are also available to individuals using buy to let property instead of owner occupied residential property, and the rates and terms are the same in most cases, see our Buy To Let BTL product for more information.

General Information

Finsec is a trading style of Finsec Limited a secured loan and 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 second charge 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. A lenders legal and arrangement fee may be charged dependent on the loan amount. *Minimum further advances from £3,000 or more. Business loans are available up to £250,000. Secured Businesss Loans

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.

• Finsec expects you to maintain repayments on time and in full. If you do not you must pay Finsec any costs that it incurs as a result of that non-payment, including its administration costs (which are set out in its standard tariff of charges). You must pay interest on any missed payments and on any charges that you incur. If any sum remains unpaid for 21 days after it has become due then after the expiry of a default notice the full balance of the account may become due;
• Finsec expects you to keep the property in a state of good repair and not do anything to devalue it. If you do not do so Finsec may take steps to protect its security, including carrying out the repairs on your behalf (the cost of which you must pay).
• Finsec expects you to have appropriate building insurance in place during the term of your mortgage. If you do not Finsec may take out such insurance on your behalf and charge you its costs of doing so;
• Finsec expects you not to make any structural alterations to the property or change the use without first obtaining Finsec’s written consent. If you do you must pay Finsec any losses that it incurs as a result of your actions. If Finsec believes that your actions have threatened the value of its security it may take steps to protect that security;
• You must seek Finsec’s written consent before granting a lease or licence in respect of the property or allowing any other person to occupy the property on any basis whatsoever. If you do not do so you must pay Finsec any losses that it incurs as a result of your actions. If Finsec believes that your actions have threatened the value of its security it may take steps to protect that security.
• Where the property is leasehold Finsec expects you to comply with all terms of the lease. If you do not Finsec may take steps to comply with those obligations on your behalf and you must pay the costs of it doing so.
• If Finsec believe that legal action is necessary as a result of any default by you its legal costs will be added to your account.

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.

Conditions and Use of Information

Finsec products are only available to homeowners based in England and Wales aged over 18 and are subject to status. By accessing and using this website, you are agreeing to our Conditions of Use and Privacy statement. Telephone calls may be recorded for security and for training, monitoring and compliance purposes.