Who we are and what we do
Prestige Finance has been providing loans for over 30 years to UK residents and is a specialist in providing second charge loans. Prestige Finance is a wholly owned subsidiary of OneSavings Bank Plc.
In 2019, Charter Court Financial Services combined with OneSavings Bank, creating OSB Group.
You can write to us at:
PO Box 6813
Indication of possible further costs to be paid
There may be further costs which you may have to pay depending on particular events. These are detailed in our Tariff of Mortgage Charges. A copy is also available on request.
With a variable rate loan, the interest rate may change whenever our lending rates are altered. During the lifetime of a loan there may be several interest rate movements – both upwards and downwards. As the rate may vary significantly over time, you’d need to ensure you could cope with changes in the repayments.
With a fixed rate loan, the interest rate is fixed at a certain level for a specific period. During this time the rate won’t change – even if variable rates go up or down. This gives you budget certainty. Once this period is over, the rate will be a variable rate.
Different ways to repay your loan
Capital and interest (also known as a repayment loan)
Our residential loans will be written on a capital and interest basis. An interest-only option is available on our range of buy to let products.
With a capital and interest loan, part of your monthly payment amount is used to repay some of your outstanding loan (the capital) and some is used to pay the interest charged (the interest).
Interest only loan
Your monthly payment to us only covers your interest – not any of the original loan. The loan is repaid at the end of its term from the proceeds of an investment which has been taken out by you as a repayment strategy or you’ll need to have some other means of repaying the loan. Examples of investments that can be used as a way to repay a loan are endowment policies, pension policies, cash ISAs or stocks and shares ISAs.
It’s important to remember the value of any investment is subject to market performance, so can go down as well as up. This means there’s no guarantee that the investment fund will be sufficient to repay the loan in full. It’s your responsibility to ensure that adequate funds are available at the end of the loan term to repay the original loan. Failure to make suitable arrangements to repay your loan at the end of the term may result in you being unable to repay your loan and so being in default and/or the loan continuing for longer than originally anticipated. In either case this may adversely affect your future financial plans.
You can repay your loan at any time. You’ll need to contact us to obtain a settlement figure and this will be provided to you, within seven working days. You may be required to pay an early repayment charge, as specified in your loan offer.
Loan to value (LTV)
This means the amount of loan and existing mortgage in proportion to the value of the property. The loan to value is always expressed as a percentage. For example, a £25,000 loan with an existing mortgage of £50,000 on a property valued at £100,000 would be 75% LTV.
For your home
For your own protection as well as ours, it will be a condition of your loan that your property is adequately insured for the full re-instatement value (i.e. rebuilding costs) specified in your loan offer. You should make your own insurance arrangements.
Other insurance you should consider
Whilst buildings insurance is compulsory under the terms of the loan, you may also want to consider the other types of insurance available to offer you protection according to your needs such as contents insurance, loan payment protection insurance or life assurance.
Prestige Finance doesn’t provide or arrange home insurance, contents insurance, life assurance or loan payment protection insurance. Please contact your independent financial adviser to discuss these types of insurance.
Paying your loan
Interest is charged at the interest rate specified in your loan offer. Interest will start accruing from and including the date of completion up to and including the date the outstanding balance is repaid in full.
Payments to your account will be collected monthly by direct debit from your bank account. If you don’t currently have a direct debit set up, and would like to set one up, call us on 0333 240 6114.
Your loan must be paid by direct debit from a UK based sterling bank or building society current account.
If there’s a change in loan interest rates, we’ll write to you before the first revised payment is due to let you know the new amount and when it will be collected.
Overpayments, lump sum payments and early repayment charges
It may be possible to make lump-sum payments or overpayments on your loan. If you’re thinking of making an additional payment on your loan, please contact us first to find out how an overpayment or lump- sum payment would affect your account.
If your circumstances change and you have, or think you will have, difficulties with your monthly payment, let us know immediately. We’ll try to help and will work with you to find a solution and prevent unnecessary arrears.
Other things you need to know
We’ll always treat your account in strictest confidence under the Data Protection Legislation; you’re entitled to know what information we hold about you and to ask us to correct any inaccurate details. If you have any questions about the legislation or your rights under it, please write to:
Data Protection Officer
PO Box 6813
If we get it wrong we’ll put it right
We do our best to get everything right all the time, but if you believe we haven’t, please let us know at once.
We aim to resolve all complaints by the close of three business days after the date the complaint is received. If this isn’t possible, we’ll let you know that we’ve received your complaint and are investigating it.
Within four weeks of receiving your complaint, we’ll explain what caused the problem and what steps we’ve taken to put it right. If we’ve been unable to settle the complaint by this time, then we’ll tell you why and what we’re doing to resolve the issue. We’ll also tell you when we’ll be in touch again.
We’ll send you a final response within eight weeks explaining the outcome of your complaint.
We are covered by the Financial Ombudsman Service
Whilst we hope to be able to resolve any problem through our internal complaints procedure, if you’re not satisfied with the outcome of your complaint, or if eight weeks has passed since you first raised your complaint with us, you have the right to refer your complaint to the Financial Ombudsman Service (FOS).
You can read our Handling your complaints effectively guide for more details.
Our regulatory status and codes of practice
Prestige Finance Limited is authorised and regulated by the Financial Conduct Authority (FCA).
We’re members of the Finance and Leasing Association (FLA) and follow their Lending Code, copies of which are available on request.
How we use your information
We may collect various types of information about you. This includes information you give us, information we collect automatically when you use our banking services online and information that we receive from third parties such as credit reference agencies and fraud prevention agencies.
We use information held about you in order to provide our services to you, to improve and market our services and to comply with legal and regulatory requirements (for example, anti-money laundering obligations).
Under applicable data protection law we may not process information about you unless we have a legal basis to do so. The legal bases on which we rely to process your personal data are:
- Processing of your data is necessary for the performance of a contract to which you’re party to or to take steps at your request prior to entering into a contract.
- Processing of your data is necessary for compliance with a legal obligation which we’re subject to..
- We’ve obtained your consent.
- Processing your data is necessary to protect your vital interests or the vital interests of another person.
- Processing of your data is necessary for the purposes of the legitimate interests pursued by us or by a third party, except where such interests are outweighed by your interests, fundamental rights and freedoms.
We may share information about you with other members of the OneSavings Bank group of companies. We may also disclose your information to certain third parties such as suppliers, subcontractors, actual or potential business partners, credit reference agencies and fraud prevention agencies and other third parties we’re legally required to share it with (e.g. our regulators).
We’ll retain your information for the period necessary to fulfil the purposes for which the information was collected. After that, we’ll delete it. The period will vary depending on the purposes for which the information was collected and if the information is subject to any specific legal or regulatory requirements.
You may have some or all of the following rights in respect of information that we hold about you:
- request us to give you access to it
- request us to rectify it
- update it, or erase it
- request us to restrict our using it, in certain circumstances
- object to our using it, in certain circumstances
- withdraw your consent to our using it
- data portability, in certain circumstances
- opt out from our using it for direct marketing
- lodge a complaint with the Information Commissioner’s Office.
You may contact us using the details on our website or by contacting our Data Protection Officer directly to exercise any of these rights.
We use appropriate technical and organisational measures to protect your information and our online banking services are provided using secure servers.
If you wish to change your marketing preferences you may do so at any time by writing to us at:
PO Box 6813