Our Loan Application Process

Yes, ROCBF is fully authorised and regulated by the Financial Conduct Authority (FCA) 726281.

Local Land Charges are used to register any restrictions or legal obligations in relation to a particular property or piece of land. When you take out a loan under either our Powys or Rhonddda Cynon Taf loan schemes a local land charge is placed on the property for the duration of the loan. The Land Charge Register is updated by the relevant local authority and searches of this register take place as part of any conveyancing process. This means that if you sell the property or it changes hands by another means e.g. inheritance, any sums still owed as part of your loan agreement will become due.

A restriction on a property title is an entry on the title deed which prevents you from selling the property, transferring the equity, gifting or getting a new mortgage. When you take out a loan under either our Monmouthshire loan scheme a title deed restriction is placed on the property for the duration of the loan.

Open banking is a banking practice that provides third-party financial service providers open access to consumer banking, transaction, and other financial data from banks and non-bank financial institutions through the use of application programming interfaces (APIs). You are in control and provide us with the access through the use of Plaid (for more information, click here). Open banking is designed to be safe and secure, it’s regulated by the FCA and uses bank-level security. With open banking and it’s data, customers are able to receive new offers and products more suited to their financial position right now. Because of this, there are currently over 4.5 million regular open banking users globally.

No. To use open banking, you need online or mobile banking for your payment account. Please get in touch with us on 01686 626 234 if this is the case.

Open banking has been designed with security at its heart – here’s how:
Bank-level security – open banking uses rigorously tested software and security systems. You’ll never be asked to give access to your bank login details or password to anyone other than your own bank or building society.
It’s regulated – only companies regulated by the FCA or European equivalent can use this technology.
You’re in charge – you choose when, and for how long, you give access to your data.
Extra protection – your bank or building society will pay your money back if fraudulent payments are made.
You’re also protected by data protection laws and the Financial Ombudsman Service.

When you complete the form, giving us permission to access your data, it creates a token which is valid for 90 days. After 90 days the token expires and we will no longer be able to see up to date information.

Plend & Plaid are the open banking partners that we use to access your financial information so we can better understand your financial situation and offer you a more affordable loan. You can read more about Plend here and more about Plaid here.

PRINCIPLES OF THE ROCBF HOME LOANS

1. The loan is being made to a designated individual(s), the Primary Applicant and Supportive Applicants where applicable. For the purpose of the document they will be referred to as the ‘the Applicant’(s).
2. The loan is being made for a specified property, ‘the Property’, as defined by a specific Land Registry entry or equivalent legal document.
3. The Primary Applicant must be the sole owner or one of the joint owners of the property and must be over the age of 18.
   1. The type of joint ownership is not relevant.
   2. The number of joint owners is not relevant.
   3. The Property should be the primary residence of the Primary Applicant. If this is not the case, the situation must be explained within the application form.
4. Granting the loan will be based on an assessment of the resources of the Applicant(s) available for repaying the loan.
5. The Applicant(s) will be expected to have access to resources to make up the balance of the installation cost not covered by the loan.
6. The requirements in 4 and 5 may be satisfied by reference to the resources of a spouse, partner or other person(s) who will each and all be known as Supportive Applicant.
   1. The Supportive Applicant can be but need not be a joint owner of the Property, but must be over the age of 18
   2. The loan application requires details of the resources of all Supportive Applicants and their signatures.
   3. Where the Primary Applicant does not need to draw on the resources of any Supportive Applicants the loan application does not require resource details other than for the Primary Applicant except where relevant to the Household Budget (see 9 below).
   4. The resources are expected to be either existing savings or independent loan or mortgage charge on the property.
7. All joint owners must sign any documentation relating to the loan even though they may not be Supportive Applicants in the above sense.
8. A Local Land Charge (Powys & Rhondda Cynon Taf schemes) or a Title Deed Restriction (Monmouthshire scheme) will be placed on the property for the life of the loan. This is a restriction or prohibition imposed to prevent the owner from selling the property, transferring equity, gifting or getting a new mortgage while the loan is outstanding.

If you wish to put your property on the market or transfer to another party, you must let us know and we will send you a statement of your outstanding balance. Once a loan has been settled, either by the term completion or early repayment, the Local Land Charge or Title Deed Restriction will be removed.

Please take your own legal advice regarding local land charges or title deed restrictions.

9. To assist in the assessment of repayment capability for the loan and, where appropriate, any associated loan, household budgetary information will be required for the Primary Applicant and this will need to include any co-resident Supportive Applicants.
10. The loan contract will be in the name of the Applicant(s) who will be responsible for the repayment of the loan.
11. The loan contract itself is not concerned in any way with repayment of any associated loans arising from 6.4 above but the assessment will include whichever of points 6.1 etc above apply.

You can access a copy of your credit report from various sites e.g. Credit Karma or Experian. We have detailed instructions below for Credit Karma as this is a free service.

1. Generate a credit report: Click Here
2. Click ‘Sign Up’ (located at the top right of the page) and complete simple registration form
3. Once completed please click the ‘Credit Score’ tab
4. Click on ‘View my full report’ button (located just underneath ‘Your Credit Score / Things to do’
5. Right click mouse and select ‘Print’
6. When printer settings open, change the Printer from your usual printer to ‘Microsoft print to PDF’ in the dropdown menu
7. Click Print
8. Choose where you would like to save the document e.g. desktop, and name document
9. Click save
10. Attach document to email to homeloans@rocbf.co.uk

Notes –

• You will need to generate a credit report for each applicant to the loan. This will require separate email addresses for each applicant to register with the credit report service