HIP Finance from FCS Finance lets Your Customer purchase their HIP NOW and pay for it when You sell their property.

The Benefits to You and your Customer

  • No immediate payment required from your customer.
  • Only a few simple questions.
  • Immediate decision (expected approval for 95%+ of applicants).
  • No further action from you, or your customer, is required.
  • Low cost.
  • Agents may include this Finance package in an overall HIP price, allowing Agents to raise a separate arrangement fee if they feel this is appropriate.
  • You can market the property safe in the knowledge the HIP has been paid for.
  • The loan will be repaid direct from the sale proceeds providing the property is sold within 8 months.

How Does it Work?

  1. You and your HIP provider need to be registered with FCS Finance.
  2. You and your customer answer a few simple questions.
  3. You will receive an immediate decision.
  4. You print the necessary forms (these are pre-completed for you)
  5. You and your customer then check and sign the loan forms.
  6. You return these to FCS Finance along with proof of address and identification (e.g. copies of a utility bill and driving licence).
  7. When completed forms are received FCS Finance will pay your HIP provider directly and raise the Initial, fixed, Document Fee.
  8. Your HIP provider will produce and distribute the HIP.
  9. If the property sells within 8 months the solicitor will repay the loan directly from the sales proceeds.
  10. If the property has not sold after 8 months your customer can:-
    • Send us the funds to repay the loan at no additional charge or;
    • Do nothing and repay the loan over 12 monthly instalments by Standing Order from the customer's bank account. A fixed Additional Document Fee is charged to your customer for this.

What Does it Cost?

FCS HIP Finance offers a low cost option. Your customer will be charged:-

1. An Initial Document Fee immediately.

2. An Additional Document Fee after month 8 if they then wish to repay the loan by 12 monthly instalments.

These Fees are fixed and are dependant upon the cost of your HIP. The scale of fees charged is:-

Cost of HIP Initial Document Fee Additional Document Fee
(charged after month 8)		 Typical APR
Up to £499 £50 £50 20.4%
£500 to £699 £60 £60 16.4%
£700 to £999 £75 £75 14.5%
£1,000 to £1,499 £87.50 £87.50 11.5%
£1,500 to £1,999 £110 £110 10.3%
£2,000 to £2,499 £125 £125 9.1%
£2,500, or more £150 £150 9.0%

No interest, or further charges/fees, will be applied providing your customer repays the loan within the agreed terms and conditions. Both fees are raised when the loan is advanced with the Additional Document Fee being refunded when the loan is repaid, on or before, month 8.