Mortgage Origination | Home Loan Finance Experts

The purpose of Mortgage Plus, as a mortgage originator, is to assist you with the application process for your home loan to one or more of the Financial Institutions giving you peace of mind and saving you time. The services extended to you by Mortgage Plus are free of charge and we pride ourselves in being your ‘one-stop’ financial services partner. We receive a fee from the bank as we in essence handle the application process on their behalf.
I would like to invite you to visit our website at www.mortgagepluscc.co.za to obtain more information on matters relating to your mortgage such as the calculators that can assist you to calculate the different costs relating to registration of your bond and property.

18 reasons why homebuyers should use Mortgage Plus Bond Originators (0861 1111 93)

1. Secure approvals: better chance of approval by submitting to multiple lenders
2. Get the system to work for you: take advantage of the fact that each bank has different credit criteria, deposit requirements, documentation requirements, interest rates and turn-around times
3. Expert positioning: prepare, motivate, and package the application for the best chance of approval
4. Best interest rates: banks compete for every loan application ensuring the best deal for you
5. Simultaneous submission: direct interface to lenders systems allowing simultaneous submission of applications to multiple lenders
6. No cost: it is a free service to the homebuyer
7. No obligation: no obligation to accept any loan sourced
8. Expertise: home finance experts have intimate knowledge of the various banks’ products, credit criteria, documentation requirements, and interest rates
9. Problem escalation: dedicated senior personnel escalate any problem applications ensuring a better chance of approval
10. Hassle free: one generic application form for all lenders
11. Cost savings: advice on the best way to structure the loan to reduce the total cost
12. Convenient: originator helps you complete the application form and do all the legwork for you
13. Faster approvals: dedicated personnel guide the application quickly through the bank’s approval process, actively chasing up progress
14. Independent advice: most appropriate home loan options from all lenders
15. Dedicated communication: one point of regular feedback on the application status for all lenders
16. Best service: professional and personalised service face-to-face, telephonic, or online
17. Commitment: home finance experts are committed to securing your loan
18. Homebuyers all agree: over 70% of all new home loans are secured using mortgage originators

AT MORTGAGE PLUS WE ARE GEARED TO CONTINUE OUR EXCELLENT WORKING RELATIONSHIPS WITH OUR CLIENTS AND THE BANKS COULD ASSIST AND ENHANCE THIS VERY IMPORTANT INVESTMENT CHOICE ANY CLIENT WOULD MAKE IN HIS LIFETIME!

Please contact us if you require any further information or would like to apply for finance:

Complete this short form online

011.327.4489 / 0861 1111 93

morne@mortgagepluscc.co.za

www.mortgagepluscc.co.za

Self-employed Home Loans

The banks have become a lot more cautious when assessing self-employed mortgage bond applicants.

Gone are the days that an income letter from an accountant, supported by six-month bank statements, sufficed. In this challenging economic climate, banks want to scrutinise the stability of the organisation before they will consider a self-employed applicant as a viable debtor, irrespective of the security offered as collateral.

It’s now all about affordability and sustainability! So how do self-employed entrepreneurs ensure that they are first in line when it comes to laying their hands on some of the available funds in the banks’ coffers?

It is advisable to have separate business and personal current accounts. The turnover through these accounts will be compared with all financial statements and income declarations. If these figures don’t coincide, self-employed individuals must be prepared to submit their latest income tax assessment as proof of income.

Effective administration systems are vital, with all documents up to date, accurate and readily available. The banks will require a full set of signed-off financial statements with comparable year-on-year (y/y) figures and management accounts from the previous financial year to date. And as if this is not enough, certain banks are even calling for cash flow projections.

Banks will only accept income letters and signed-off financial statements from a registered accountants or bookkeepers. Business owners must ensure that their accountants or bookkeepers are registered with one of following institutions:
- The Institute of Administration and Commerce of Southern Africa
- The Chartered Institute of Management Accountants.
- The Southern African Institute of Chartered Accountants.
- The Southern African Institute of Chartered Secretaries and Administrators.
- The Chartered Association of Certified Accountants.
- The Southern African Institute of Business Accountants.
- South African Institute of Professional Accountants (SAIPA).

Lending policies differ from bank to bank, with some banks only accepting application for self-employed individuals who have a business account with them, while others will only consider this if the applicant is willing to put down a substantial deposit. Where some may be tad more flexible, others will stick to their rules no matter how strong the mortgage bond application may be.

Mortgage bond applicants will only be made aware of which of the four commercial banks is more likely to approve their application if they deal with a professional independent mortgage bond consultant (Mortgage Plus bond originators).

In recent months, we have seen many a small and medium enterprise (SMME) downsizing, consolidating and restructuring, with some even having to close their doors altogether. This, coupled with the banks’ lack of appetite for risk, has led to some of the most stringent credit criteria being applied to self-employed entrepreneurs. Good governance and sound business practice is the rule of the game.Unfortunately, those with the money to lend lay down the rules and those in need will just have to comply.

Please contact us if you require any further information or would like to apply for finance:

Complete this short form online

011.327.4489 / 0861 1111 93

morne@mortgagepluscc.co.za

www.mortgagepluscc.co.za