Onyx Financial Ltd

Onyx Financial Ltd: mortgage and protection broking in the UK

Onyx Financial Ltd presents itself as a mortgage advisor working with residential and commercial clients, and states that it has access to more than 180 lenders through its platform. The firm describes its approach as whole-of-market, covering the range of mortgage products available, and says it manages the application process on the client's behalf, from lender selection to the choice of deal.

The company reports a 5/5 rating from clients based on VouchedFor reviews, and the site also reproduces testimonials attributed to clients in Essex, Berkshire, Staffordshire and London, as well as reviews identified as coming via Trustpilot. Several of these mention advisor Hristina Hristeva by name.

Mortgage lines handled

The broker sets out a range of mortgage categories, each with its own conditions and target borrower:

• Residential mortgages: aimed at buyers who want to purchase a home, with deposits from as little as 5%. The firm says it handles the process and asks the client only for the relevant documents.
• Buy-to-let mortgages: for clients taking a loan to invest in rental property; the team helps estimate expected rental income and look for suitable rates.
• Re-mortgages: changing the terms of an existing loan. According to the site, the only cost in this type of solution is the broker service, since the bank typically covers the other expenses of the transfer.
• Bridging finance: short-term lending used until permanent financing is secured or an existing obligation is paid, including property development bridging loans.
• Commercial mortgages: loans secured against commercial property such as office buildings, shopping centres, industrial warehouses or apartment complexes, typically used to acquire, refinance or redevelop.
• Self-build mortgages: financing for a property the client is building, with funds released in stages as parts of the build are completed.

Fees and consultation

The site states that the initial consultation is free. For mortgages, remuneration comes from a combination of lender commission, shown on the ESIS, and a broker fee from the client of usually £499, payable on the mortgage offer. It also notes that an early repayment charge may apply to the existing lender when remortgaging.

Protection and insurance

Protection advice is referred to a protection specialist at Onyx Financial Ltd. The company states that it is an Appointed Representative of Connect IFA Ltd (441505), authorised and regulated by the Financial Conduct Authority. The protection area covers several products:

• Life insurance: designed to protect the family financially on the death of the breadwinner, through a lump sum to clear the mortgage and other loans or an annual income for expenses such as school costs.
• Income protection: a monthly income payable in the event of incapacity for work due to illness or accident, potentially from the first day and up to age 70.
• Private medical insurance: access to private healthcare, with a basic or extended package that can include dentists, opticians and travel insurance.
• Critical illness: a lump sum on diagnosis of a specified critical illness or total permanent disability, which can fund additional treatment or rehabilitation, home and car adaptations, or medication not covered by the NHS.
• Whole of life insurance: cover lasting the policyholder's lifetime, paying a lump sum to family or beneficiaries on death; the site contrasts it with term life insurance, which covers a fixed period.
• Over 50s guaranteed life insurance: guaranteed acceptance without medical underwriting for UK residents aged 50 or over, lasting for life and paying a fixed cash sum, potentially towards funeral costs. The site warns that the full sum assured may only be payable after an initial period and that nothing is returned if premiums stop.

Wills, powers of attorney and probate

The firm also refers clients to a will writing specialist for trusts and will writing, lasting power of attorney, guardianship planning for children and probate administration. These services are presented as complementary to the mortgage and protection work rather than delivered directly.

Risk warnings stated by the firm

The site includes a warning that the value of property investments and income can go down as well as up, that investors may not recover the amount originally invested, and that property can be volatile in adverse market conditions, making it difficult to sell or realise the investment or to obtain information about its value and the risks involved.