Without prejudice to my rights!

To whom this my concern

I am Morne Prinsloo, the owner of Mortgage Plus and in my view and years of expertise in the home loan industry, there is a  definite need for  Originators, to stand together and get the job done!   As dedicated and devoted bond originators in South Africa we would have to work together to make this Industry a successful, professional and a reliable service, to all our consumers in the property market.

For example, I had a client yesterday that I could not help with a new home loan because of the banks not willing to work together with the originator channels and between themselves. In the mean time, the consumer “client” is suffering.

The abovementioned client had made an offer to purchase which he  signed through an  estate agent, The client approached me for professional advice and ask me if I could assist him with his home loan application form. UNFORTUNATELY, I had to show him away because of the existing terms and conditions between the banks and originators. We need to work together and not  against one another.

I have noticed  this every single day for the past 6 years and yet no one is ever willing to stand up and do something about it.

Within the new Consumer Protection Act  it clearly states that the consumer has a choice where and with whom he wanted to do business with and the client should have the option of making sure that he obtained a loan from a Financial Services Provider of his choice

For instance, the property that the abovementioned client put an offer in  on is a PIP (property in possession) property from ABSA bank,  so Nedbank and First National Bank wouldn’t assist him according to their rules and so that left me with Standard bank and Absa only. Standard bank would look at the client,  but because he is an  Absa client, however  they will only assist us with a 90% bond “if we’re lucky”. Now it leaves me with one option only ABSA.

We could then do the loan through Absa,  but only at 70% LTV (loan to value) BUT! If the client went directly to the branch, they would offer them a 100% home loan and pay their transfer cost?

Generally:

ABSA: Bond Originators do not even submit their deals to Absa anymore because of their stringent terms and conditions: 70% loans through originators and 100% directly through a branch.  My question is,  would  you refer the consumer where you know you’re not going to get the deal through “70% Ltv” or would  you rather then go to the opposition for example First National Bank where there’s a much bigger chance to get the deal through at a higher percentage loan?

Standard Bank:  Advertise discounts on legal fees and bigger loans through the media to get direct business and grow their  market share, but what about the thousands of Bond Originators and Estate Agents out there in the market that was always  willing to give you the business in the recent past history?

Nedbank: Everybody took a “knock” during the recession, but it is impossible do business through your bond originating channel, but in the same breath they are financing a Lynnwood Bridge Office Park Development in Pretoria for R 1.2 Billion.

First National Bank: All compliments to FNB,  reason being that everything is above board and across the board with no “hidden Agenda”, so to speak!  What goes for the one goes for the other and there is no difference if the client went to a branch or submitted through a bond originator.

In conclusion

I would welcome it if we all could work together again in order to provide the best service and relevant package to the consumer!

The market is booming! and we need the assistance and back up from OUR  Financial Institutions,  for the consumer’s sake.

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!!

There IS enough business for all! – Article submitted by Mortgage Plus CEO.

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

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Private Property for Sale

Ballito, the heart of the Dolphin Coast lies nestled between rippling fields of Kwa Zulu’s famous Green Gold and is flanked to the east by golden beaches and the warm waters of the Indian Ocean. The prestigious King Shaka International Airport opened it’s doors in May 2010 in time for the Soccer World Cup, and has played a very important role in the future development of the Dolphin Coast.

Property Description:

Selling Price: R 3050 000 neg

Beautiful stand-alone apartment in this upmarket complex (Only 2 units in complex). Ideal holiday home with Stunning Sea Views!

Additional Info and Features Include:

• Stunning Sea Views

• Walk to Ballito’s main swimming beach

• 4 Bedrooms

• 4 Bathrooms

• Guest toilet downstairs

• Big open kitchen with extra scullery & washing area.

• TV room upstairs

• Double garage with store room

• Lock up & Go!!

• Alarm

• Land Size:   966 m²

• Unit Size:    320 m²

• Rates:          R1 255.00

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