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Full Disclosure Document


The name, business of our firm and address at which it is established

Opal Loans & Mortgages is a trading name of Aspire Money Limited registered in England & Wales as a Limited Company our registration number is 06457376.

Our firms registered address is

Unit 1, Castle Court, Castle Gate Way, Dudley, DY1 4RH.


Firms registration details

The firm is authorised and regulated by the Financial Conduct Authority and are currently on the Financial Services Register under the Firms reference number 681346.

We are registered as a Data Controller with the Information Commissioner’s Office (ICO) and our reference number is Z1262766.


Firms description of services

Opal Loans is a mortgage broker who provide advice on First and Second charge mortgage products from a limited number of lenders after we have assessed your needs.

We will assess your application, based on the information you have provided, to determine a suitable mortgage product for you. Our experience in the mortgage market allows us to provide our customers with the best possible journey from the moment you enquire about our services right through to the completion of your mortgage. You are the main focus of what we do as a business.


Cost of our service

First Charge Mortgage

You will be charged a fee for the service that we provide. The fee is 7.5% of the loan amount (up to a maximum of £1975.00), payable on completion of your loan, for example a fee of £1125.00 will be payable on a loan amount of £15,000.

This fee will include: -

• Initial fact find review

• Product research

• Affordability assessment

• Presentation & recommendation

• Application submission to the lender

• Suitability report

• Progressing the application with the lender

• Keeping in regular contact with you, providing any assistance and advice you require through to completion


The lender may require an upfront valuation and lender fee, where this applies, you will be notified of this before you complete a mortgage application.

We will also be paid a % of the loan amount as commission from the lender on completion of your mortgage.

If your mortgage does not complete, no fee will be charged by us.

All fees and costs associated with a mortgage will be provided to you before you complete a mortgage application.

Cost of our service

Second Charge Mortgage

You will be charged a fee for the service that we provide. The fee is 9.5% of the loan amount (up to a maximum of £3750.00), payable on completion of your loan, for example a fee of £1425.00 will be payable on a loan amount of £15,000.

This fee will include: -

• Initial fact find review

• Product research

• Affordability assessment

• Presentation & recommendation

• Application submission to the lender

• Suitability report

• the cost of any valuation and mortgage reference required in relation to the loan

• Progressing the application with the lender

• Keeping in regular contact with you, providing any assistance and advice you require through to completion


We will also be paid a % of the loan amount as commission from the lender on completion of your mortgage

If your mortgage does not complete, no fee will be charged by us.

All fees and costs associated with a mortgage will be provided to you before you complete a mortgage application.


Alternative finance options

We will disclose to you the availability of finance options, where you are looking to increase your borrowing. We will tell you what alternative options may be available and more appropriate as below:

We will inform you that you may wish to consider:

1. A further advance from your existing lender, unless we know your existing lender will not do this.

2. An unsecured loan – We will not provide you with any personal product recommendation, we will only provide you with loan options so that you can make an informed decision on which is the right loan option for you.
We will not charge you a fee for this service. If we are successful in finding you an unsecured loan, our income will be derived from commissions paid by the lender which will be a % of the loan amount paid out to you.

We are required to inform you of the alternative options available to you so that you can consider them against your personal circumstances.

In order to provide the service, you have requested, we will process your information and share it with our panel of lenders, other brokers and any other third party we believe may be able to help you.

In order to assess your creditworthiness, verify identities, prevent financial crime and find the right lender for your circumstances, our panel of lenders may do a full credit search (application search) on you and anyone to whom you are financially linked which only those searched will be able to see.

If you choose to proceed with a loan we identify for you, the selected lender may perform further checks. This will be to verify creditworthiness, verify identities and prevent financial crime. In this instance the credit reference agency may add the details of this search which may be seen by other organisations that make searches and who may use it to help make credit decisions, to prevent financial crime or to trace debtors however this depends on which lender may be able to assist you.

Information held about applicants by credit reference agencies may already be linked to records related to one or more of your partners or members of your household. As a result, any application you make may be treated as financially linked and the application may be assessed with reference to any ‘associated ‘records. To ensure we are speaking to the right person, identifying you when you contact us will be important and will ensure we satisfy our regulatory obligations.

You agree that we may process, use, record and disclose your personal information as described above. Our panel of lenders may use automated decision-making systems when assessing your application. We and our panel of lenders may disclose your personal information to credit reference agencies. Information held by credit reference agencies may be linked to other people with whom you have financial associations. The lenders may look at their records when assessing your application. If your application is not accepted by a lender, we will assess your eligibility for a product issued by another lender and may pass your personal information to another lender on our panel. To assist that lender in establishing your eligibility for credit, it will also pass your personal information to credit reference agencies.

To improve the quality of our service, we may record and or monitor telephone calls with you for the following purposes:

• Security, quality and or training

• To investigate queries

• To comply with our legal obligations.

We will make every effort to ensure the accuracy of information provided to you. Options are based on the latest information available from the lenders at the time we speak to you and may change as all loan options provided are subject to further checks. The lenders do however reserve the right to change the APRC rates and underwriting criteria without notice. Should this occur, it may result in a change to the loan option you have been provided with or may result in the loan option being withdrawn, we will notify you if this happens.

The accuracy of any loan option will also depend upon the accuracy of the information you have provided. Opal Loans & Mortgages and our panel of lenders will conduct checks to verify the accuracy of the information that you have provided. If the information you have provided changes as a result of these checks, the original loan option may be changed or withdrawn.


How to cancel an application completed with us?

Should you decide to cancel your loan application with Opal Loans & Mortgages you can do this by:

1. email at:compliance@opalloans.co.uk or

2. write to us at: Unit 1, Castle Court 2, Castlegate Way, Dudley, West Midlands DY1 4RH; or

3. Telephone us on 0203 409 4555

4. or you can send us a contact us form through our website: Contact Us


How long is my application valid for?

Your loan application with Opal Loans & Mortgages is valid for up to 30 days, if you decide to take up any of the offers available to you after the 30 days, you may be required to complete a new application with us.


How should you complain?

We aim to provide you services that meet your needs, putting you as a customer first at all times. Even the best organisations sometimes make mistakes and if we do, or we fail to meet your expectations in some way, we want the opportunity to put things right as quickly as possible.

Contact us as soon as possible, either via phone on 0203 409 4555 or via our https://www.opalloans.co.uk/Contact submission form, or by writing to:

The Complaints Department.

Opal Loans & Mortgages.

Unit 1, Castle Court 2, Castlegate Way, Dudley, West Midlands DY1 4RH

We will acknowledge your complaint promptly in writing and will include written details of our complaints handling procedures. We shall resolve it at the earliest opportunity with the aim of doing so within 8 weeks of receipt.

Where we are able to provide a final response immediately, the acknowledgement may be combined with the final response. You will be kept informed of the progress of the investigation.

If you are not happy with our response, if we reject your complaint or you do not hear from us within 8 weeks, the Financial Ombudsman Service may be able to help you.

You can write or contact them using the details below

Financial Ombudsman Service

Exchange Tower

London, E14 9SR

Tel: 0800 023 4567 (free phone from a UK land line)

http://www.financial-ombudsman.org.uk


It's a free, independent service for settling disputes between financial services firms and their customers. It can deal with complaints about a wide range of financial matters.

The Financial Ombudsman Service will contact us to explain the details around your complaint and then decide whether to uphold your complaint.

It is important you contact the Financial Ombudsman Service within 6 months of receiving our final response letter, or it may not be able to deal with your complaint.

Your opinion is very important to us. Listening to your views helps us develop our company processes and enhances how we deal with customers.

Please email compliance@opalloans.co.uk with any feedback you may have.


Are we covered by the Financial Services Compensation Scheme (FSCS)?

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 the business and the circumstances of the claim.

Mortgage advising and arranging is covered up to a maximum limit of £50,000.

Further information about the compensation scheme arrangements is available from the FSCS. You can find out more about FSCS at www.fscs.org.uk or by calling 0800 678 1100.