Who are Champion Financial Services (CFS)?
Why come to CFS Mortgages when the high street is full of lenders?
How much will it cost to arrange?
What about insurance?
What information will you need?
How long do I have to repay my mortgage?
What happens if I move?
Can I repay my mortgage early?
Are you covered by the Financial Services Compensation Scheme (FSCS)?
Can I get payment protection?
What interest products are available?
How do I repay my mortgage?
What else should I know?
Champion financial services is an appointed representative of the Mortgage Next Network Ltd, which is authorised and regulated by the financial services authority in respect to mortgage and insurance activities only FSA number 300866.
We specialise mainly in remortgages and in finding mortgages for clients who may have difficulty getting a mortgage from a traditional bank or building society. We have mortgage 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'. Whatever your circumstances we can normally find a mortgage to suit you.
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 an early repayment charge 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 may pay more over the long term. If your payments lapse then your home may be at risk.
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.
We do not charge a fee for any initial quotation, but a fee may be charged for any subsequent mortgage application submitted on your behalf, the exact amount depends on your individual circumstances. We estimate this will be no more than 1 .5 % of the loan value, the exact level of this fee can vary for each client and will be based on the complexity of your case.
Alternatively a fee of 1.5% of the advance can be payable on issue of mortgage offer or exchange of contracts. If you pay the full 1.5% we will refund any commissions payable by the chosen lender. You will receive a keyfacts illustration which will tell you about any fees relating to a particular m ortgage product.
If your mortgage represents a high percentage of the purchase price or valuation of your property (typically 75% or more), you may have to pay a higher lending charge. Some or all of this fee may be used by the mortgage lender, at their discretion, to obtain mortgage indemnity insurance to act as extra security for its sole benefit. If this is the case, the mortgage 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 mortgage arrears, interest and the mortgage lender's legal fees. If a claim is paid to the mortgage lender under such insurance the insurers generally have the right to recover any amount paid from you.
You may need to instruct a solicitor to act on your behalf and you will be responsible for paying their costs.
We may charge you a mortgage 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 mortgage lender on your behalf and ensuring the mortgage 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.
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 the following insurance plans:
Help to secure your future by getting the right advice.
For more information call on local call rate 0845 6443169 and talk to one of our friendly mortgage staff, who will be happy to answer any questions regarding your mortgage.
(9am to 5.30pm Monday - Friday)
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)
You may also decide that you need life Insurance protection to ensure that your family are protected in the event of your death.
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.
As we proceed with your mortgage 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.
We can arrange mortgages over terms from 5 to 40 years.
We do not recommend that your mortgage continues beyond your intended retirement date unless you have adequate income to continue to meet your mortgage commitments in retirement.
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.
If you want to move home in the future it will generally be possible to transfer your mortgage to the new property subject to your mortgage lenders underwriting criteria at the time of the move. You may be charged an administration fee for this service.
If 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 repayment charges in this situation. We will confirm in writing if your mortgage is portable prior to completion.
Yes, you are able to repay your mortgage early, but there may be early repayment charges associated with your mortgage if you wish to repay it early. Details of any early repayment charges will be provided prior to completion.
Yes we are covered by the FSCS. You may be entitled to compensation from the scheme if we cannot meet our obligations. This depends on the type of business and the circumstances of the claim.
Further information about compensation scheme arrangements is available from the FSCS.
Our mortgage payment protection plan offers a simple and effective way to protect your monthly mortgage repayments and give you peace of mind.
Yes you can. The policy will, however, exclude cover if your business goes into voluntary liquidation.
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.
No. The policy provides cover only for mortgage borrowers aged between 18 and 64.
A variable rate mortgage has monthly mortgage payments that will rise and fall in line with any increase or decrease in mortgage interest rates.
This means that your monthly mortgage payment can rise or fall in line with any increase or decrease in mortgage interest rates at a guaranteed discount on the mortgage lenders basic variable rate for a specified period. With a discounted rate mortgage, at the end of the discount rate period your interest rate would normally revert to the mortgage lenders standard variable rate. It may also be a condition of your discounted rate that the mortgage must remain on the mortgage lenders standard variable rate for a period after the discount period ends.
This means that the mortgage interest rate you are charged remains the same for a set period of time and your mortgage payment does not change in that time. With a fixed rate mortgage, at the end of the fixed rate period your mortgage interest rate will normally revert to the mortgage lenders standard variable rate. If this is higher than your fixed rate your mortgage payments will increase accordingly. It may also be a condition of your fixed rate that the mortgage must remain on the mortgage lenders standard variable rate for a period after the fixed period ends.
With a flexible mortgage, you can vary your mortgage payments. The terms of a flexible mortgage may vary with each mortgage lender. However, subject to the mortgage lenders terms and conditions, mortgage payments may be varied by making overpayments and lump sum payments and by making underpayments and taking repayment holidays.
This means that the mortgage interest rate you are charged will be linked to the mortgage lenders base rate and will rise and fall in line with base rates.
We will give you advice on a suitable repayment method, but this will usually be a repayment mortgage.
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 of your mortgage. 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 mortgage repayments in full.
With an interest only mortgage, the 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 mortgage 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 mortgage repayment vehicle.
Where the mortgage 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 mortgage lender. In this situation you may wish to seek independent legal advice.
THINK CAREFULLY BEFORE SECURING OTHER DEBTS AGAINST YOUR HOME
YOUR HOME MAY BE REPOSSESSED IF YOU DO NOT KEEP UP REPAYMENTS ON YOUR MORTGAGE.
Champion Financial Services is a trading style of Rafik Allana of 16b Second Avenue, Hendon, London. NW4 2RN.
Champion Financial Services is an Appointed Representative of Mortgage Next Network Limited, which is authorised and regulated by the Financial Services Authority in respect of mortgage and insurance mediation activities only. Mortgage Next Network Limited is entered on the FSA register (http://www.fsa.gov.uk) under reference 300866.
We do not charge a fee for any initial quotation. There may be a fee for mortgage advice. The precise amount will depend upon your circumstances but we estimate that it will be 1.5% of the loan amount, this fee will be payable on completion.
The overall cost comparison is 6.8% APR. The actual rate available will depend upon your circumstances. Ask for a personalised illustration.