Approval Process
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Introducer submits an application to Home Mortgages. Turnaround times for indicative approvals by Home Mortgages is generally within 4 hours. |
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If the application is accepted by Home Mortgages, prior to the loan being formally approved, further supporting documentation may be required, including; |
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All appropriate identification and residency details (if applicable). |
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A CRA report (in order to minimise the number of enquiries on the client's report). |
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Sale & purchase agreement, registered valuation, or property improvement quotations. |
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All typical supporting information (such as payslips, bank statements, and any other validating documentation). |
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Once formal approval of the loan has been made by Home Mortgages, a formal 'Letter of Approval' is issued to the Introducer. This Letter of Approval is required to be presented to the client for signing of acceptance and to satisfy any conditions. |
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Upon receipt of the signed Letter of Approval from the client, Home Mortgages will issue loan and security documentation directly to the clients nominated Solicitor, or utilise its own Sign-up Representative. |
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Upon receipt of Solicitors confirmation that the documents have been completed, Home Mortgages will deposit loan monies into the Solicitors Trust Account for settlement. |
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For property improvements, Home Mortgages will release loan monies direct to the producer / supplier, subject to progress payments and terms & conditions of the contract. |
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BROKERAGE
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Brokerage for Home Mortgages' advances is generally negotiated directly between the client and the Introducer.
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