ABOUT US
The Omega Group has been trading for over 20 years, having been founded in 1992. During this time it has
grown to incorporate a Commercial Mortgage Brokerage, Residential Specialists, Invoice Discounting and
Cashflow Finance brokerage and Secured Loan Finance.
Whilst the Group head office is in Hertfordshire, we handle enquiries across the UK both directly from
clients and from intermediaries. During these two decades we have established strong working
relationships with our introducer base, and take pride both in the high level of service for which we are
known and continued delivery of this service to introducers and their clients.
We work hard to ensure we find the best terms available for every single enquiry, appreciating the
importance of fully understanding clients’ requirements to be able to then source the most suitable and
competitive terms possible to meet their needs.
At Omega, we are fully committed to fairness, honesty and transparency which helps us guarantee a high
level of service you can rely on.
Broker Pack
Omega Group – About Us
Page 1
What is a ‘Secured Loan’
Page 2
When is a Secured Loan Appropriate
Page 2
Summary & Commission
Page 3
Omega Secured Loans Process
Page 4
Also Included: Secured Loan Fact Find Form
Broker Registration Document
Quick Enquiry Form
A secured loan is often also called a Second Charge. It is quite simply a loan secured against
property, be that on a residential or rental property. The charge is simply entered after the first
mortgage facility.
The client does not pay any upfront fee for a secured loan, the packaging company pays for
valuation and all processing costs. These costs are then added to the net loan in the way of a
broker fee.
Times have changed significantly in the last 5 years since the financial crash and the emerging
secured loan products from that time are genuine products geared towards assisting clients with
their financial needs. Competition between lenders has meant reduced rates, simpler income
calculations and higher loan to values making them, post-crash, far more appealing to the
financial market. All products most prominently must be able to demonstrate that the end
result leaves the client in a better financial position. Secured loans now sit firmly within the
principal options of refinancing a home-owning client.
To back this up and highlight the importance of this market, in September 2014 the FCA, who
now also regulate the secured loan world issued the following guideline: A mortgage advisor
must now demonstrate and document that they have explored all financial solutions for client;
this includes a further advance and a secured loan.
If as an adviser you do not both have this offering in place and ultimately demonstrate that, you
are failing outside the FCA regulations.
Client has a very good fixed rate first mortgage or high repayment penalties
If you have a client on a fixed rate that they do not wish or is not advisable to change then a
secured loan would allow you to leave the mortgage product exactly how it is. This would
similarly apply with repayment penalties; would it be more advisable to pay these penalties and
re-mortgage to include the extra amount over a longer term or simply apply for a secured loan
over a shorter term.
Adverse credit issues
Secured loans before the credit crunch were known for having products available to overcome
high adverse cases which resulted in the sector having a reputation for this alone. This is no
longer the case but compared to very strict mortgage products available primarily through
computer generated decisions, secured loans can be referred to an actual underwriter who can
and often will take a view on the credit issues. How many clients miss a credit card payment
then make it up the following month and are penalised as a result? A secured loan company
can make a manual human decision if this is the case and allow us to proceed on the same rate
and product applicable had there not been the missed payment. If the case makes sense and
puts the clients in a better financial position our lenders are far more likely to be able to help.
WHAT IS A SECURED LOAN?
WHEN WOULD YOU OFFER A SECURED LOAN?
Minimal equity in the property
Some products we can offer via the secured loan route will now extend to 95% equity of the
property. So for example if a client has purchased a property with the minimum deposit but
would like to do some home improvements to increase the value of the property, these higher
loan to value product would suit.
Rental Property
Some of the most popular products in the secured loan market at the moment are those where
the loan is secured on a rental property. Many mortgages secured against this type of property
enjoy very low rates clients will understandably not want to disturb that arrangement. A secured
loan can allow clients to borrow up to 80% of the property value, allowing them to raise finance
for all kinds of purposes. An extremely good selling point for this product range is that the vast
majority only require proof of the rental income with no specific personal income requirement.
FCA states secured loans must be considered as part of the client solution, and adviser
must demonstrate having done so
Rates are now from 4.95%
LTV max is 95% (85% on rental properties)
Loan can be used for any legal purpose
Repayment period from 3 to 30 years
Loan size from £3000 to £2.5 million
Please refer to our criteria matrix for a more detailed product overview
Our commission structure is extremely transparent. When processing a secured loan the client
cannot be charged any fees upfront, so we as the packaging company pay for all valuation and
initial processing costs. The risks associated with this expenditure are therefore ours. A broker
fee is added to the net loan to cover these costs and this is from where we receive our income.
Every introducer to Omega will share the broker fee 50-50. This way you the introducer dictate
what fee is charged, so we have full clarity with who is paid what.
This broker fee split applies even if you simply want to introduce the client to us and let us
take care of the whole process. Should your client come back directly to us with further
funding requirements or to restructure the payments at a later date we will again split any
broker fee with you.*
*We have strict security and financial checks in place to ensure the clients full financial
requirements are met and therefore should only need to borrow once in most circumstances.
As an example;
Net Loan of £35,000
Monthly repayment £163.33
Term 15 years
Rate 5.6%
Broker Fee of £2,500
Introducer commission received £1,250
IN SUMMARY
COMMISSION
Process Flowchart
Introducer
Registration
Enquiry
Form
Enquiry
Quote
Full Fact
Find
Full Quote
Processing
Pack Issued
Third Party
Instructions
Full Pack
Submitted
Commission
1
2
9
8
3
7
6
5
4
Introducer Details
PRIVATE & CONFIDENTIAL
Introducer name
Adviser name
I have explained the consequences of non-disclosure and how this may impact on my advice and recommendation
Financial Requirements
Loan Purpose Consolidation Home Improvements Car Purchase Holiday
Business Matrimonial Settlement Deposit 2nd property Other
(If other, please specify)
Requested Loan Amount £ Term Required
Applicant Details
Title: Mr/Mrs/Miss/Ms/OtherFIRST APPLICANT SECOND APPLICANT
First name(s)Surname Previous surname Current Address
Postcode Postcode Date Moved into current address
Previous Address if less than 3 years
Please details further address on notes section if necessary
Postcode Postcode
Date resided at previous address
Sex Male Female Male Female Date of birth
Contact telephone numbers Home Home Business Business Mobile Mobile Fax Fax Email address
Preferred method of contact? Preferred time of contact?
Fact Find
STRICTLY PRIVATE & CONFIDENTIAL
Contact Number Email Address
Relationship to other applicant National Insurance Number Nationality
Do either applicants have any dependents
residing at the security address? Yes No
(E.g. Son/Daughter/Spouse/Elderly Parent)
If yes please confirm the following details for each dependent - If there are more than 2 dependents add further information to the notes section
DEPENDENT 1 DEPENDENT 2 First name
Surname Date of birth
Gender Male Female Male Female
Date moved into residential address
Security Address – (if Different to Residential Property)
Property Address
Postcode
Year Built Number of Bedrooms
Property Type
Detatched Semi-Detached House Terraced Flat Bungalow Maisonette
Tenure
Freehold Leasehold Feuhold Commonhold Flying Freehold
If Leasehold, Term remaining years
Is the property of nonstandard construction? (I.e. timber framed, thatched etc.) Yes No (If yes, please provide details)
Is the Property on a Shared Ownership – (If So?)
Percentage of the Property owned by you %
Which Shared Ownership body are you with?
Monthly rental payment? £
Expected /Received Rental Income if Buy To Let Property £
Type of Tenant: Student Single AST DSS Multi Occupancy Other
If Flat, Which Floor? No of Storeys in block Ex-local authority YES NO
Above commercial premises? Yes No
If yes, Type of business?
Income
Employment Status
(Please tick) Employed Self-employed Employed Self-employed Retired Not-employed Retired Not-employed Name and Address of Employer
Occupation / Job title
Permanent Contract Permanent Contract
On what basis are you employed?
(Please tick) Temp Temp
Basic hours worked per week? If Contract, specify end of term Current Employment Start date Details of Any Probationary Period
State Retirement Age years old years old
Your expected Retirement Age years old years old
Please give details if either of these ages are to be exceeded
If current employment is less than 1 year, please give details of your previous employers details Previous Occupation / job title
Time in Employment Years Months Years Months Years
If Employed:
Basic Salary £ £
Guaranteed Additional Income pa £ £
(Overtime & bonus etc)
Regular Additional Income pa £ £
(Overtime & bonus etc.)
Other Earned Income £ £
If Self-Employed:
Number of year’s accounts available years years
Net Profit last year (pre-tax) £ £
Previous Year £ £
Year Prior to that £ £
Any Other Income
(e.g. pensions, rental, investment, state benefits, allowances)
Credit History
How can you provide proof of income? Computerised Wage slips Computerised Wage slips Handwritten wage slips Handwritten wage slips Accountants reference Accountants reference
Full accounts Full account
How many years How many years
Please confirm your accounts details Name
Company Name Company Address
Contact Number
Please tick here if you would prefer us to contact you prior to your accountant
SA302’s SA302’s
How many years How many years
Business Bank Statements Business Bank Statements If none of the above please supply details
of how you intend to prove your income
FIRST APPLICANT SECOND APPLICANT
Have you ever had any adverse credit Yes No Yes No issues or mortgage or a loanapplication refused?
If No then other questions in this section are not applicable
Have you ever had a mortgage or a
loan application refused? Yes No Yes No
Have you ever had a judgment for a debt or loan default registered against
you? Yes No Yes No
Have you ever been declared bankrupt or made an arrangement with your
creditors? Yes No Yes No
Have you ever failed to keep up your payments under any previous or current
mortgage, rental or loan agreement? Yes No Yes No
Is your mortgage currently in arrears?
Yes No Yes No
If you answered ‘yes’ to any of the above questions, please provide full details below
REFUSED CREDIT
DEFAULTS
Company Amount (£) Applicant 1 /2 Date default
registered To be repaid with loan Y/N Is default settled Y / N If Yes, date default was settled
CCJ’s
Company Amount (£) Applicant 1 /2 Date CCJ
registered To be repaid with loan Y/N Is default settled Y / N If Yes, date default was settled
BANKRUPTCY Bankruptcy Amount
Applicant 1 /2 Date of
bankruptcy Bankruptcy discharge date
MORTGAGE / RENT ARREARS
Company Amount
outstanding (£) Applicant 1 /2 Number of Missed payments Date of last missed payment Settled Y / N If settled, confirm date
Financial commitments
(credit cards and loans excluding current mortgage payments)Type Company Payment (£) Outstanding (£) End date
of contract To be repaid Client 1 / Client 2 / Combined If credit card is balance repaid in full each month
FIRST APPLICANT SECOND APPLICANT
COMBINED
Total Monthly Financial CommitmentsI have explained, where applicable, the effects of consolidating debt by adding them to the mortgage and the consequences of changing them from unsecured to secured lending. Please provide further details in notes if necessary.
Budget Planner
FIRST APPLICANT SECOND APPLICANT
COMBINED
EXISTING FINANCIAL COMMITMENTS
Total Financial Commitments Total from page 5 £ £ £
Current mortgage / rent £ £ £
Interest only repayment strategy £ £ £
Pensions £ £ £ Insurances £ £ £ Savings / Investments £ £ £ TRANSPORT Fuel £ £ £ Road tax £ £ £ Insurance £ £ £ Servicing £ £ £
Fares (travel card / season ticket) £ £ £
Other £ £ £
UTILITY & OTHER BILLS
Gas / other heating £ £ £
Electricity £ £ £ Water £ £ £ Telephone / broadband £ £ £ Digital / cable TV £ £ £ TV Licence £ £ £ Council tax £ £ £ Ground rent £ £ £ Service charge £ £ £ Other £ £ £
GENERAL LIVING COSTS
Food £ £ £
Clothing £ £ £
Personal goods (eg. toiletries) £ £ £
Mobile phone £ £ £
Household goods (eg. furniture / appliances) £ £ £
School / child minding fees £ £ £
Entertainment / recreation £ £ £
Alcohol / tobacco £ £ £
Holidays £ £ £
Other £ £ £
TOTAL MONTHLY EXPENDITURE £ £ £
TOTAL MONTHLY NET INCOME £ £ £
Current Mortgage
Lender
Account number (if known) Owner/s
Current Mortgage Balance Term Remaining
Current Interest Rate %
Monthly Mortgage Repayment BTL Property Yes No
Interest Rate Given Fixed Variable Discount Capped Tracker Other
(If other please give details) If applicable when does rate end?
Are there any penalties if you transfer or repay your existing mortgage now? £ None
Are you prepared to pay these if you transfer/repay your existing mortgage? Yes No ERC End Date
Are your current mortgage terms portable to a new property? Yes No
Repayment Method Repayment Interest Only Part & Part
If Interest Only/Part & Part
How much is Interest Only? Mortgage to be Redeemed Yes No
How do you intend to repay the capital? Endowment Pension ISA Other (If other please specify)
Do you expect your income or expenditure to change?
Do you expect to pay off some off your mortgage, move or sell your property within your mortgages current term? Yes No
Preferences
– on a scale 1 to 10 (1 being low) please confirm the importance of each of the below to youTo fix costs for a certain period Speed of completion
1 2 3 4 5 6 7 8 9 10
1 2 3 4 5 6 7 8 9 10
The Ability to make lump sum payments Cheapest Annual Interest Rate
1 2 3 4 5 6 7 8 9 10
1 2 3 4 5 6 7 8 9 10
Lowest lender fees Lowest Early Redemption Charges
Use of your personal information
In assessing your loan application we will make enquires about you including searching records held by credit reference agencies and fraud prevention agencies. If you give us false or inaccurate information and we suspect fraud, we will record this. Law enforcement agencies may access and use this information. The credit reference and fraud prevention agencies will keep details of any searches.
Information held about you by the credit reference agencies may be linked to records relating to another person, for example your spouse. For the purpose of your application you may be treated as financially linked and your application will be assessed with reference to any “associated” records. By signing the declaration you are confirming that you are entitled to disclose information about any joint applicant or “financial associate” for the purpose of this application.
Telephone calls may be recorded for quality, training and security purposes. As a credit broker we may also use your information:
To pass your details on to lenders that feel they may be willing to lend you money
To inform any introducers about the progress and outcome of your application.
To pass on your details to another lender in the future with a view to them offering you products that may be of interest to you
To permit access to your information by regulatory bodies to ensure that we are complying with regularly requirements.
You can ask for your information not to be used to offer you other products and services by us or other brokers/lenders this application is referred to by contacting us using the details at the bottom of this page. Further details on how we may use your information can be located on our website.
Any other broker or lender to whom information is passed during processing your application may use it in the same way. The lender documents that you receive will include a Privacy Statement telling you what they will do with your information.
If you choose to use this application form to provide us with sensitive personal data (e.g information about your health), we and the Lender may use it to help inform any lending decision. We will not use it for any other purpose.
You have the right to request a copy of the information that we hold about you. If you would like a copy of some or all of your personal information please contact us by using the details at the bottom of this page.
We may make a small charge for this service (£10 maximum). Disclosure and use of your information
I/we confirm the information given is accurate and that you, or any lender to whom you submit this application, may use and disclose my data as described herein.
I/we understand that the broker will be paid a commission by the lender in recognition of the work undertaken in preparing my/our loan application. This is in addition to any fee that may be charged.
I/we confirm that Payment Protection Insurance has not been offered with this loan and that I/we have been advised to seek alternative cover elsewhere if wanted, or to obtain legal advice.
Applicant 1
Applicant 2
Date
Date
Introducer Declaration
I have read and explained all of the above to the client and verbal authority has been given by them:Sign
Print Full Name
Date
Think carefully before securing other debts against your home.
Your home is at risk if you do not keep up your repayments on a mortgage or any debt secured on it
Introducer Registration
First Name
Surname
Email address
Office number
Mobile
Registered Company Name
Trading name
FCA number
Network
By completing this form you are agreeing to the terms and conditions set out
within our Introducer Agreement
1 Arlington Court, Arlington Business Park, Whittle Way, Stevenage, Herts SG1 2FS
Tel: 0845 470 0139 Fax: 0845 260 0508
Omega Secured Loans is a trading style of Omega Financial Services Limited.
Omega Financial Services Limited is an appointed representative of HL Partnership Limited which is authorised and regulated by the Financial Conduct Authority. Omega Financial Services Ltd is a company registered in England and Wales with company No. 5211089.
Quick Enquiry Form
Please fax to 0845 2600508 or email to
underwriting@omegasecuredloans.co.uk
Your name
Contact Number
Business Name
Email Address
FCA reg number (if not already registered with Omega)
Network
Residential or Rental Property
Loan Amount
Loan Term
Loan Purpose
Applicant 1
Applicant 2
Title
Forename(s)
Surname
Previous Names
Date of Birth
Marital Status
Age of Dependants
in household
Home Tel No.
Mobile Tel No.
Self Emp
Employed
Self Emp Employed
Company Name
Job Title
Time in Employment
Gross Annual
Income Declared
INTRODUCER DETAILS LOAN DETAILS CLIENTDETAILSHouse name / number
Street
Town
County
Postcode
Rental Income Received
Property Type Mortgage Company
Property Style
Mortgage Start Date
Bedrooms
Mortgage Balance
Currently Valuation
Monthly Payment
Ex Council Property
Current Arrears
Shared Ownership
Max Arrears in the
last 12
House name / number
Street
Town
County
Postcode
Mortgage Balance
Mortgage Company
Mortgage Payment
Data Protection Statement
In assessing your loan application we will make enquires about you including searching records held by credit reference agencies and fraud prevention agencies. If you give us false or inaccurate information and we suspect fraud, we will record this. Law enforcement agencies may access and use this information. The credit reference and fraud prevention agencies will keep details of any searches. Information held about you by the credit reference agencies may be linked to records relating to another person, for example your spouse. For the purpose of your application you may be treated as financially linked and your application will be assessed with reference to any “associated” records. By signing the declaration you are confirming that you are entitled to disclose information about any joint applicant or “financial associate” for the purpose of this application.
Telephone calls may be recorded for quality, training and security purposes. As a credit broker we may also use your information:
To pass your details on to lenders that feel they may be willing to lend you money
To inform any introducers about the progress and outcome of your application.
To pass on your details to another lender or Omega Associated Business in the future with a view to them offering you products that may be of interest to you
To permit access to your information by regulatory bodies to ensure that we are complying with regularly requirements. Any other broker or lender to whom information is passed during processing your application may use it in the same way. The lender documents that you receive will include a Privacy Statement telling you what they will do with your information.
If you choose to use this application form to provide us with sensitive personal data (e.g. information about your health), we and the Lender may use it to help inform any lending decision. We will not use it for any other purpose.
You have the right to request a copy of the information that we hold about you. If you would like a copy of some or all of your personal information please contact us.
We may make a small charge for this service (£10 maximum). SECURITY ADDRESS