Our Privacy Policy

This notice is being provided to you because we are just about to collect personal data from you. It is issued by New Mortgage Finance Limited, trading as NM Finance. It explains how we use your personal data.

Lawful conditions for processing personal data

We will only process your personal data when we meet one of the following lawful conditions:

When we have a lawful contract with you;
When it is our legal duty;
When we have a legitimate interest;
If we need to act in your vital interests; or
When you have provided us consent to process it.

If we process your personal data that has been obtained from someone other than you, we will let you know without undue delay.

Who is collecting your personal information

NM Finance, Portal House, 7b Alkmaar Way, Norwich International Business Park, Norwich, NR6 6BF. The point of contact for all personal data related queries is the Data Privacy Manager.

Why we collect your personal information

We collect personal information provided by you to enable us to create a contract with you which we then fulfil in accordance with the terms and conditions of the contract and our Data Protection Policy. We also need to collect your personal information to meet the legal & compliance obligations placed upon us.

Your information may also be used for other specific purposes but only after you have given your consent, for example, to receive newsletters.

Automated decision

When obtaining a Decision in Principle (DIP), also referred to as an Agreement in Principle (AIP), we submit your information via the Lender’s online automated decision-making process. We do not use any in-house automated processing mechanisms.

Who we may share your information with

We share your personal data with the appropriate:

Credit reference agencies;
- NM Finance conduct credit checks through TransUnion (formerly Callcredit), for further information about TransUnion and the information it holds click the link below:
  https://www.callcredit.co.uk/legal-information/bureau-privacy-notice
Fraud prevention agencies;
UK regulators and other legal authorities; and/or
Appointees who are instructed to act on your behalf, for example a solicitor.

We will never sell or share your information with marketing companies.

Security of your personal information

We take all reasonable technical and procedural precautions to prevent the loss, misuse or alteration of your personal information. All business data is stored off-site on a server at a secure location and managed by a trusted third-party contractor. NM Finance Ltd do not operate internationally; our business services are limited to the United Kingdom.

Retention of your personal information

We will retain your information for as long as it is needed to provide you with our services and manage our relationship and also to comply with our legal obligations, resolve disputes and enforce our agreements. In practice this could be throughout your lifetime, but this does not prejudice your right to request that your personal data is no longer processed by us (The Right to Object).

Your Rights

The GDPR extends your rights in respect of your personal data. It should be noted that these are qualified in so much that they do not necessarily apply in all situations. The ‘rights’ are listed below.

- Right to be informed;
- The right to access;
- Right to rectification;
- Right to erasure;
- Right to restrict processing;
- Right to data portability;
- Right to object; and
- Rights related to automated decision making.

https://ico.org.uk

Exercising your rights and access to your personal information

If you wish to exercise your right to access to your personal data, please contact the Data Privacy Manager. We will then contact you to check your identity and may request documents to prove it. For all other queries regarding our processing of your personal data and the exercising of all of your rights, please contact the Data Privacy Manager.

Your options if you have a complaint

If you do have cause for concern or a complaint regarding the way we are handling your personal data, we ask that you contact us in the first instance. This way we can resolve any issues at the earliest opportunity.

If you are still unhappy, or you do not wish to contact first you are, in any event, entitled to complain to the ICO. You may also seek judicial remedies against us or any of the third parties we interact with on your behalf, for damages (both material and non-material) arising from breaches of the GDPR. For more information please visit the ICO website using https://ico.org.uk.

Second Charge Mortgage

Flexibility when you need it

Sometimes the unexpected happens and your existing mortgage does not provide the flexibility you need. A second charge mortgage can help you carry out much- needed home improvements, consolidate debts or deal with a big expense. We’re here and we get it.

Regulated by the FCA

What second charge mortgage products are available?

When it comes to second charge mortgages, there are all the usual options, the ability to have fixed rate or variable rates. Some also have no early repayment charges or restrictions. You can also repay your second charge mortgage back over up to 25 years.

One of the biggest advantages of homeowner loans is that mostly lenders work on larger income multiples when it comes to affordability. Meaning you are more likely to be able to borrow more.

Tell us your plans today

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Home Improvements Loan

Do you have a big vision for your home? Whether it’s a new bathroom or kitchen, an extension or converting the loft, a home improvements loan could help you to make your plans a reality sooner and for less than you think. Talk to our team and we’ll help you to organise a home improvements loan today.

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Purchase Additional Property

You may have always wanted to invest in an additional property, as a buy-to-let, but never had the capital. With a second charge mortgage or home owner loan, you could make this a reality. Speak to us to find out what the next steps are.

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Debt Consolidation

If you have debt in various places, including credit cards and personal loans, a debt consolidation loan could help you to bring everything together, potentially saving you money and making it easier to manage with a single monthly repayment. Talk to our team to see if debt consolidation is better for you. Even if you are self-employed, have a bad credit history or county court judgments (CCJs), we can help you to arrange a secured loan.

"We recently moved to Norfolk and took on a restoration project. Near the end of the renovation, we needed additional funds. After going directly to our current lender, we couldn't secure a loan but as soon as we spoke to New Mortgage Finance, Max and Ben assured us that they could help. Within a short time we received the cash we needed. Thank you for giving us peace of mind and taking away the stress of refinancing. ”

– I Sowe

ANSWERS

What is a second charge mortgage or homeowner loan?

A second charge mortgage, homeowner loan or secured loan, in its simplest form, is a second mortgage. This second mortgage sits behind your first mortgage. Historically second charge mortgages or homeowner loan rates were typically higher than first charge mortgages, however there are now many competitive second charge mortgage rates available through various specialist lenders. A second charge mortgage enables you to use the equity in your home (this is the amount you own outright) as security against another loan.

In contrast, an unsecured loan is a loan that doesn’t require any type of collateral. Instead of relying on a borrower’s assets as security, lenders approve unsecured loans based on a borrower’s creditworthiness. Examples of unsecured loans include personal loans, student loans, and credit cards. If this is the type of loan you are looking for, we work closely with an asset finance company who we can refer you to.

How does getting a second mortgage work?

A second charge mortgage or a homeowner loan works in exactly the same way as a first charge residential mortgage. Much like a regular mortgage product, the amount you can borrow is based on your affordability, whilst also taking your first mortgage into account.

Typically lenders prefer to lend funds for a second charge mortgage on a capital repayment basis. Interest only second charge mortgages may be available, but often with a higher interest rate.

As standard there is often a loan to value (LTV) cap of 85%, but it’s prudent to remember that this will be in aggregate with your first mortgage.

Can I get a second mortgage?

Anyone who owns their property and already has a first charge mortgage, can apply for a second charge mortgage. Second charge mortgage lenders are more flexible in terms of what you spend the money on. Most people use the funds they raise for anything from home improvements to debt consolidation, purchasing a car or even buying or even buying an additional property.

Got Ideas?
Get in Touch and Tell Us Your Plans

With whole of market access, New Mortgage Finance can find the right product for you quickly and efficiently. We have a holistic view and can ensure that your second charge mortgage ties in with your existing mortgage.

Arrange a Callback

Please fill in the form below and one of our team will call you back within 24 hours.

Second Charge Mortgage

Flexibility when you need it