Terms & Conditions

Oplo HL Ltd
Mortgage Lending Terms and Conditions

DEFINITIONS:

The following terms have the following meanings, unless otherwise defined in the following Terms and Conditions and references to the singular incorporate the plural where the context requires.

1. THE SECOND CHARGE MORTGAGE LOAN INTEREST AND REPAYMENT

(a) We will transfer the amount of the second charge mortgage loan to your nominated bank account following completion of the second charge mortgage loan and open a second charge mortgage loan account in your name and debit it with the Total Amount Financed. We will debit the account once a month with the interest owed by you. Interest at the Rate of Interest will accrue on a daily basis on the debit balance standing on the account, or at the rate as varied and notified by us to you in accordance with Clause 1(c).

(b) For as long as you owe any money to us under this Agreement, you shall make the Monthly Payments on the Payment Dates.

(c) If your Binding Mortgage Offer states that the interest rate applicable to your second charge mortgage loan will be a specified percentage above the Lender Base Rate (either from the outset or after an initial fixed rate period), then we may change the interest rate applicable to your second charge mortgage loan at any time by increasing or reducing the Lender Base Rate under Clauses 1(d) and 1(e) below.

(d) We may reduce the Lender Base Rate at any time.

(e) We may increase the Lender Base Rate to enable us to respond proportionately to a change in any one or more of the following:

(i) the Official Bank rate set by the Bank of England (or, if that rate ceases to exist, the nearest equivalent lending rate set by the Bank of England or by any central bank which replaces the Bank of England);

(ii) the costs of funds we use in our lending business (or if we reasonably expect that a change in costs of funding is about to occur);

(iii) the value of our security (for example, because of the way in which the Secured Property (if applicable), is used or occupied); or

(iv) a change in law, decisions, determination or guidance of any regulatory authority which regulates our lending business or any applicable codes of practice.

(f) We will give effect to any such increase or reduction in our Lender Base Rate by increasing or reducing the size of the Monthly Payments, which may mean that the Total Amount Repayable may increase. We will give you not less than 30 days’ written notice explaining the reason for the variation and the difference this will make to your Monthly Payments.

(g) The Total Amount Repayable under this Agreement is is outlined in your Binding Mortgage Offer. This assumes that:

(i) the interest rate is fixed; or

(ii) in the case of a variable interest rate, there is no variation in our Lender Base Rate.

(h) In calculating the APRC under the Agreement we have assumed that the Agreement will remain valid for the Agreement Term, that we will both fulfil our obligations under the Agreement by the dates specified (and not earlier or later) and that our Lender Base Rate will not change during the Agreement Term. Unless the Binding Mortgage Offer states that the Rate of Interest is fixed for the duration of the loan, the actual APRC could b different from this APRC if the Lender Base Rate is varied by us in accordance with Clause 1(c).

(i) You must pay monthly instalments of the Monthly Payment. The first instalment is ordinarily due one month after the second charge mortgage loan funds are made available to you and we will advise you of the date in writing. We may agree a first payment date up to 45 days after the second charge mortgage loan funds are made available to you to correspond with your payday and if we do so this will be agreed with you and confirmed to you in writing. Subsequent instalments are due on the same date of each succeeding month (or if there is no numerically corresponding date in that month, then on the preceding working day, or if the relevant date falls on a day which is not a working day, then on the previous working day before that date). Any request from you to change the Payment Date shall be at our absolute discretion. In December, we may move your payment date to the Friday immediately prior to the 25th December. If we do this we will notify you at least 14 working days in advance of your account being debited. Further information on how we handle Direct Debit payments and your rights are contained in the Direct Debit Guarantee provided to you separately.

(j) Monthly Payments shall continue to be payable until all amounts owed by you under this second charge mortgage loan have been repaid in full. The final Monthly Payment will be equal to all amounts outstanding, if less than the Monthly Payment. We will notify you of the date and amount of your final Monthly Payment. Any Monthly Payment you make shall be applied in the following order:

(i) if applicable, against any Payment Shortfall;

(ii) against any charges and fees you have incurred with us as set out in the Tariff of Fees and Charges;

(iii) in satisfaction of accrued interest (including late payment interest); and

(iv) against the principal.

(k) Monthly Payments shall be payable by direct debit unless we agree otherwise. Punctual payment is essential to avoid your account falling into arrears. If you miss any payments under the direct debit arrangement we may ask you to provide us with a continuous payment authority (CPA) so that we can collect repayments automatically from your bank account using the debit card you nominate for this purpose. In this event we will agree with you the amounts and dates of each CPA payment and provide you with information about how you can cancel your CPA. We will only ever take payments at the times and for the amounts previously agreed with you. Where a CPA is provided, we will make a maximum of two attempts to take your Monthly Payment from your bank account on the Payment Date. If these attempts are unsuccessful we shall not attempt to further use the CPA without your express permission to do so. We will not seek to recover part of a Monthly Payment by direct debt or CPA unless you provide us with your express consent for us to do so.

(l) You may close the second charge mortgage loan account at any time by paying us all amounts outstanding under the Agreement, including: (i) any Default Charges due but unpaid under this Agreement as set out below; and (ii) an early repayment charge calculated on the basis of two months’ interest following the date on which you make the early repayment. If you wish to settle this Agreement early in full or in part you may do so by writing to us at the postal or email addresses specified above or by telephone to 01253 603962. There are no conditions or charges which apply to partial early repayment. The early repayment charge payable can be found in your Binding Mortgage Offer.

(m) You hereby authorise us to debit the second charge mortgage loan account with all Default Charges as set out below.

2. FEES

Where you expressly opt for them to be added to your second charge mortgage loan, the following fees will be added to your second charge mortgage loan account and interest charged on them at the Rate of Interest. They will be paid as part of your Monthly Payments.

(a) Broker Fee
The Broker Fee , as outlined in your Binding Mortgage Offer, is payable by you if you applied for your second charge mortgage loan via a mortgage broker’s website or were otherwise directly introduced to us via a mortgage broker. You may pay the Broker Fee directly to your broker on application; however, if you opt to add the Broker Fee to your second charge mortgage loan we will pay the Broker Fee directly to your broker.

(b) Acceptance Fee
The Acceptance fee is detailed in your Binding Mortgage Offer. This fee covers our obligations in respect of processing your application and registering the Legal Charge with the Land Registry or in Scotland the Registers of Scotland and its removal in the event that the second charge mortgage loan is repaid in full. It also covers all administration costs of processing your application including the valuation of the Secured Property. You may opt to pay this fee to us directly rather than add it to your second charge mortgage loan. Further information on the fees and charges that may apply to your second charge loan are contained in our Tariff of Fees and Charges. We have the right to amend the Tariff of Fees and Charges to reflect any changes in the costs incurred by us. In such circumstances we will give you at least 30 days’ notice in the event of such changes.

3. SECURITY

As security for your present and future obligations to us, including, but not limited to, all monies, interest, costs and expenses under the Agreement, you shall grant in our favour a legal and equitable mortgage in the form of a Legal Charge over the Secured Property. The Legal Charge is on your entire estates and interests in the Secured Property subject to the rights of any prior mortgagee. The terms of each such Legal Charge will form part of the Agreement and reference to a mortgage shall, in Scotland, include a standard security. You authorise us or our appointed solicitors to date and complete any Legal Charge prior to advancing funds to you. You will, promptly on our request, procure the giving of any waiver, consent or postponement which we, or our advisers, reasonably consider necessary. When we are satisfied that you have repaid and unconditionally and irrevocably discharged all your obligations owing to us in full, we will release, or in Scotland, discharge any Legal Charge over the Secured Property.

4. DEFAULT CHARGES AND ENFORCEMENT OF THE SECURITY

Missing your Monthly Payments could have severe consequences including potential repossession of your home. It can make obtaining credit more difficult and/or expensive in the future where the default is reported to credit reference agencies. It can also make your credit more expensive as you may incur unnecessary Default Charges which were not anticipated at the outset.

Our Default Charges are as follows:

For each Default Letter we send you £12
For each telephone call we make in respect of your default £12
If any scheduled payment under the Agreement which is returned unpaid £12
For each collection visit we or our agents make to you up to £90.

For a full list of our fees and charges, please refer to the Tariff of Fees and Charges.

You will also be liable for other reasonable expenses (plus VAT thereon) which we incur in connection with the Agreement, for example any costs we incur to put right any obligations you have breached, any costs of enforcement (such as legal or court fees) and any payments we make to third parties including to our agents in tracing you if you have changed address without notifying us in writing.

Interest will accrue at the contractual rate on all outstanding sums including arrears.

We may vary these charges and/or introduce new charges if there is a change in the costs we incur for carrying out the activity for which the charge is made or to take account of any necessary new activity or to take account of any change in law, decision, determination or guidance of any regulatory authority which regulates our lending business. We will give you no less than 30 days’ written notice in the event of such change.

We may serve a Default Letter on you for any breach of the Agreement including if:

(a) you default in payment of any of the Monthly Payments throughout the Agreement or only pay part of the Monthly Payment by the Payment Date;

(b) you move address without informing us;

(c) the Legal Charge you provide is or becomes unenforceable against you, or you fail to observe or perform any of the terms of the Legal Charge with us or any prior legal charge or security or in Scotland, standard security with any other lender over the Secured Property or otherwise;

(d) any information provided by you before entering into the Agreement proves materially incorrect;

(e) you enter into an arrangement or composition with your creditors or if an interim or bankruptcy order or award of sequestration is made against you, or you receive a statutory demand under the Insolvency Act 1986, or in Scotland, the Bankruptcy (Scotland) Act 1985;

(f) you allow any distress or execution of a poinding or arrestment of any of your assets or income; or

(g) the holder of any legal charge or security over the Secured Property takes any action to realise that legal charge or in Scotland, standard security; or security; or
Should you fail to remedy the default (if the breach is capable of remedy) or pay the sum (if any) required by the Default Letter to be paid as compensation for the breach (if the breach is not capable of remedy) within the period specified in the Default Letter, then the amount calculated in accordance with Clause 1 (i) shall become immediately due and payable and we shall be entitled to seek possession of the Secured Property in accordance with our rights and powers as legal or equitable mortgagee.

5. INSURANCE

(a) The Secured Property must be adequately insured by you to cover the full building reinstatement costs with an authorised and reputable insurer.

(b) You must produce a copy of the insurance policy upon our request.

(c) If you fail to make payment of the insurance premium yourself, we may pay any insurance premium necessary to ensure the security is adequately insured. The costs of us paying any insurance premium will be added to your second charge mortgage loan where interest will then be charged at the Rate of Interest.

6. STATEMENT OF ACCOUNT

We will provide you with an annual statement for your second charge mortgage loan, the first one of which will be provided within 13 months of the
date of the Agreement. This will include:

(a) details of the date and amount of each payment made and the amount of each payment due during the statement period

(b) the Rate of Interest during the statement period and if applicable the date(s) on which the Rate of Interest changed

(c) the amount of interest charged during the statement period

(d) any other amounts charged during the statement period including fees

(e) the total amount owed, remaining term, details of early repayment charges and the cost of redeeming your second charge mortgage loan.

If you require information on your second charge mortgage loan during the Agreement Term, please contact us.

7. CONDITION OF THE SECURED PROPERTY

You must:

(a) keep the Secured Property in a state of good repair and not do anything which will devalue the Secured Property or jeopardise the interest of you or us in the Secured Property.

(b) upon receipt, immediately provide us with a copy of any notice or demand in respect of the Secured Property received from:

(i) a person exercising a right over the Secured Property or claiming an interest in it; or

(ii) a person with statutory authority;

(c) Comply with all applicable legal requirements, title burdens and conditions relating to the Secured Property, including those contained in any lease under which the Secured Property is held;

(d) Comply with the conditions contained in any prior legal charge and, upon receipt, immediately provide us with a copy of any notice or demand from any person having a charge over the Secured Property;

(e) not make any material, physical or structural changes to the Secured Property without our prior written consent;

(f) not let or grant a license or tenant in respect of the Secured Property, or any part of it (nor agree to do so), or permit it to be used as a place of business without our prior written consent;

(g) Not charge or part with possession of the whole or any part of the Secured Property or register, cause or permit to be registered under the applicable law any persons as proprietors of the Secured Property not already so registered.

8. GENERAL

(a) By signing the Legal Charge and agreeing to the terms of the Agreement you are requesting or authorising us to contact you either by post and email, telephone, SMS, fax or otherwise via contact details provided to us by you for the purposes of administering the Agreement.

(b) If you, the customer(s), are more than one person, then you are all jointly and severally liable for all obligations under the Agreement.

(c) You agree that we may assign, transfer, sell or otherwise dispose of the benefit of the Agreement, and all legal and equitable rights and powers arising under it to another party at our absolute discretion which may include providing information about you and how you managed the loan which the third party needs to know and you agree that we and any assignee, transferee or purchaser will not be required to obtain your consent or provide notice to you of such assignment, transfer, sale or disposal. Unless the terms of the transfer state otherwise, a transferee of the Agreement will be able to exercise all the rights, powers and remedies which we could exercise before the transfer, including the right to set the Lender Base Rate applicable to your mortgage loan.

(d) The Agreement shall only become binding when the original Legal Charge signed by you has been received by us.

(e) Any relaxation, neglect, delay or indulgence or time which we may at any time extend to you to meet the requirements of the Agreement shall not, in any way prejudice or affect our rights under the Agreement and shall not constitute a waiver by us of any breach of the Agreement by you including any subsequent like or continuing breaches of the Agreement.

(f) The Agreement shall be subject to English Law which shall be the basis for relations between with the parties prior to the conclusion of the Agreement. The construction, validity and performance thereof shall be governed in all respects by English Law and the parties here to agree to submit to the non exclusive jurisdiction of the English courts. If you reside in Scotland, Scottish Law and the Scottish courts shall be substituted accordingly.

(g) Unless we are prohibited by law, you agree that we may send any correspondence to you by post or email (in pdf format) and that sending or transmitting any correspondence to the postal or email addresses stated in your application form, is valid service of that correspondence. All communication will be in English which is the language in which we will communicate with you for the Agreement Term. You should save any correspondence we send you in relation to this Agreement for future reference.

(h) If any provision or part provision of the Agreement is or becomes invalid, illegal or unenforceable, it shall be deemed modified to the minimum extent necessary to make it valid, legal and enforceable. If such modification is not possible, the relevant provision or part provision shall be deemed deleted. Any modification to or deletion of a part provision under the clause shall not affect the validity and enforceability of the rest of the Agreement.

(i) Where you have provided us with details of accounts to be paid, you authorise us to, or alternatively you shall pay directly, the relevant amounts to the persons whom you owe money. You acknowledge that the second charge mortgage loan or any part of the second charge mortgage loan is not made under pre existing or contemplated future arrangements between us and any supplier of goods or services and is not subject to any other restrictions concerning its use.

9. COMPLAINTS PROCEDURE AND OMBUDSMAN SCHEME

If you have a complaint you should contact us by writing to us at Viscount Court, Sir Frank Whittle Way, Blackpool, Lancashire FY4 2FB or emailing us at complaints@myoplo.co.uk or by telephone to 01253 601977 and we will investigate and resolve it as soon as possible. If you are not happy with our final response, you have the right to refer any unresolved complaint to the Financial Ombudsman Service (FOS). You can contact the FOS at www.financial ombudsman.org.uk, telephoning 0800 023 4567 or 0300 123 9123 or by emailing complaint.info@financial ombudsman.org.uk. A business customer may also have the right to do this. You should write to FOS within six months of our final response to your complaint. Further information is available on our website.

10. SUPERVISORY AUTHORITY

The Financial Conduct Authority of 12 Endeavour Square, London, E20 1JN is the supervisory authority under the Financial Services and Markets Act 2000.

11. REGULATORY INFORMATION

(a) Oplo HL Ltd is a company registered by the United Kingdom’s Registrar of Companies and our company number is 5667257.

(b) Oplo HL Ltd is authorised and regulated by the Financial Conduct Authority for the conduct of mortgage lending business, firm register number 661248. You can check the Financial Services Register on the FCA website at https://register.fca.org.uk/ or by contacting the FCA on 0800 111 6768

(c) We are registered with the Information Commissioner in compliance with the Data Protection Act 2018. Our registration number is Z1245955.

12. CREDIT REFERENCE SEARCHES AND OTHER USE OF PERSONAL INFORMATION

The data which you provide to us will be used by us to consider your application for this second charge mortgage loan product and, if successful, to administer your Agreement and to collect Monthly Payments. In considering your application we will search your record at credit reference agencies. The credit reference agencies will provide us with credit information about you, including information from the Electoral Register. The credit reference agencies which we use will add details of our searches and your application to the record which they hold about you. They will also add details of your Agreement with us, the payments you make under it, and any default or failure to keep to its terms. Your credit reference agency records will be seen by other organisations that make searches with those agencies. It is important that you give us accurate information. Please go to www.experian.co.uk/legal/crain for more information about how credit reference agencies use your personal information.

We will check your details with fraud prevention agencies and if you give us false or inaccurate information or we suspect fraud, we will record this to protect ourselves and our customers. The records held by the credit reference agencies and fraud prevention agencies which we will use will be used by us and those agencies and shared with other members of Oplo Group of companies and selected third parties to:

(i) help make decisions about credit and credit related services for you and members of your household;

(ii) help make decisions on motor, household, credit, life and other insurance claims for you and members of your household;

(iii) trace debtors, recover debt, prevent fraud, and manage your accounts or insurance policies;

(iv) check your identity to prevent money laundering and financial crime; and

(v) undertake statistical analysis about credit insurances and fraud.

We may also use credit scoring or other automated decision making systems when assessing your application and verifying your identity.

Where necessary for any of the above purposes, we may disclose your personal data to our regulators, to the other associated members of the Oplo Group, and to anyone to whom we transfer or assign in whole or in part our rights and duties under the Agreement.

Further information about how we acquire and use your personal information are set out in our Privacy Notice, https://www.myoplo.co.uk/privacy policy a copy of which was provided to you when you applied for a mortgage with Oplo HL Ltd.

By entering into the Agreement, you hereby provide us with your express permission to pass relevant information about you to any third party we may wish to transfer, charge or assign your agreement to. We may also disclose your personal data to third parties (such as mailing agencies or service providers, advisers including debt collection agents) to whom we outsource certain aspects of the administration of your Agreement.

We may contact you for marketing purposes in connection with other products offered by Oplo HL Ltd which we think you may find of interest, unless you have told us you would prefer not to receive marketing materials. You may change your marketing preferences at any time by contacting us via the contact details provided above.

Calls may be recorded for training and monitoring purposes.