Optimum Credit was founded in 2014 and provide second charge mortgages for homeowners in England, Wales and Scotland. Optimum Credit offers a range of variable, fixed and discounted second charge mortgages.
They aim to offer competitive, fixed, discounted and variable rate loans, though the actual rate offered to each customer will depend on their individual and personal circumstances.
Optimum Credit is a member of the Finance and Leasing Association and follows its Lending Code.
As a responsible lender, Optimum Credit will only lend to customers who they believe have the ability to repay the loan.
A secured loan is taken out against an asset the customer owns, which is typically property. A secured loan is usually good for funding major home improvement projects that will add value to the customer’s property.
Secured loans can also be known as second charge mortgages or homeowner loans.
Customers can typically expect to be able to borrow up to £25,000 on an unsecured loan or up to £1 million on a secured loan.
The amount the customer can borrow depends on factors such as the customer’s current credit rating, financial situation and the equity the customer has in their home.
Optimum Credit offer repayment periods from three to 30 years depending on individual circumstances and credit checks.
Customers can borrow up to 100% of their property’s value.
They also offer flexible over payment options, without penalties, which gives all their customers the option to either reduce the term of their secured homeowner loan, or reduce their monthly payments.
Optimum products are available by application either directly via their fully qualified mortgage advisors or through one of their selected Broker intermediaries (in both cases fees may apply).
All applications are considered and assessed individually.
Second Charge Mortgages
Customers can repay their second charge mortgage in full at any time, however early repayment charges may apply. Full details are contained in the Mortgage Offer document sent to the customer, or in the ‘Early Repayment Section’ on the reverse of their Loan Agreement.
A valuation of the customer’s property may be required if they apply for a loan, depending on the value of their property, the amount of the advance and their personal circumstances.
If you have received mortgage advice directly from Optimum Credit, they will take responsibility for ensuring that the valuation is carried out and they will cover the cost of it. In some circumstances you may need to pay some, or all of this cost.
If the customer has received mortgage advice from their personal mortgage adviser, the responsibility for ensuring the valuation is carried out, and for paying the cost of it, will fall to either the mortgage adviser or Optimum Credit.
No additional cost will normally be added for a property valuation, but the customer’s mortgage adviser or Optimum Credit will tell them if they need to pay some or all of the cost.
A portion of any fee that a customer pays their mortgage adviser may include an element towards the cost of a property valuation.
If the customer wishes to repay their second charge mortgage early, they can get in contact with Optimum Credit’s customer support team to request a redemption statement, which will include any early repayment charges.
Optimum Credit has several fees and charges they will make for some operations relating to a customer’s Second Charge Mortgage. Their Tariff of Fees and Charges is referred to in the terms and conditions of the customer’s Second Charge Mortgage Offer or Loan Agreement.
Optimum Credit may charge additional fees or charges for other operations in line with the terms and conditions of the customer’s Offer, Loan Agreement or Mortgage Deed (as permitted by applicable law).
Optimum Credit is also willing to work with intermediaries to help find the best loan deal for the intermediary and their client.
Optimum Credit will help any intermediaries find the best deal for their clients based on their circumstances and they will work hard to ensure they are offered a quick decision and outcome.
Their team also work with partners to offer second charge mortgages to customers.
- Fluent Money
- Freedom Finance
- John Charcoal
- The Loans Engine
- Loans Warehouse
- Norton Finance
- Pink Pig Loans
- The Loan Partnership
Optimum Credit Reviews and Ratings
Optimum Credit has mixed and limited reviews across sites such as Trustpilot and Google Reviews. With a limited number of reviews, it is uncertain about the representative nature of the comments particularly as the reviews left are not entirely positive about the services provided.
They have a Facebook account though it doesn’t appear to be very active. It currently has 95 followers.
They have a more active Twitter account that has 338 followers.
Optimum Credit was praised by customers for their good customer service and easy process of application. Their staff have been noted as friendly and taking excellent care of the customers.
Some customers have stated that they would have liked more support and help from Optimum Credit than they received.
Trustpilot – 4.6/5 (Based on 47 reviews)
Google Reviews – 1.8/5 (Based on 16 reviews)
- Can potentially borrow up to £1 million
- Easy online application process
- Limited information regarding their rates
- Limited information regarding the timescale for application
- Limited amount of information offered in comparison to other sites breaking down their processes with representative examples
- Not as experienced as other finance companies
If you’re looking to compare offers on secured homeowner loans, then let HouseholdQuotes help you find the best loan available for you!
For more information on home improvement loans, read our guide.