Mortgage Process

Before purchasing your home, you might want to explore the property and mortgage market first. Making a final decision means a truly exciting and demanding period will present itself. Oscar Prent Assurantiën has invested best efforts to make the Dutch mortgage process perfectly easy to understand.

All steps required are explained at length below:

Exploratory talk and acquaintance

Before purchasing your home, first you might want to find out your options (e.g. mortgage loan, monthly overheads). This is important in order to understand what is feasible.

Your mortgage loan obviously depends on a number of aspects, like your (joint) income, private assets and personal circumstances. At this stage, together with your independent mortgage expert representing Oscar Prent Assurantiën BV, you will design your appropriate mortgage structure bearing in mind e.g. your lifestyle and any (old-age) facilities that might exist.

Advisory talk beforehand

At this stage, you are perfectly aware of your options and restrictions. Enjoy your hunt for your future home. Oscar Prent Assurantiën will be your reliable partner every step of the way, preparing specific calculations based on the property that you have in mind. Also, you may want one of our real estate agents to find out the structural condition of the properties in question, identify the ownership history, or make an offer in your name to make sure you pay the best price possible. Through Oscar Prent Assurantiën, you are entitled to interesting real estate service discounts (find out while discussing mortgages). Coming to an agreement with the vendor (selling broker) means you have reached the next level.

Analysing the sales contract

Once you have verbally agreed to purchase a property, (in general) the selling broker will proceed to prepare a preliminary sales contract. In case a new build property is involved, this contract is called the purchase/building contract. All contracts will lay down the commitments of the vendor and buyer, including all conditions subsequent.

Requesting mortgage proposals… collecting the documents required

While studying the (preliminary) sales contract, discussing the financing options is a matter of course in order to compare lenders’ conditions, interests and the mortgage term. The mortgage proposal will be requested on your behalf based on your specific wishes and requirements. This will usually take a couple of days. Your mortgage expert will ask you to collect the necessary documents, and make sure you have these available on your next appointment.

The documents involved:

● Proves of identity (not a driving license) ● The latest payslips ● Original employers’ statements ● Current mortgage statement (residual debt/conditions) ● Current mortgage insurance ● Current life insurance and/or pensions (policy documents) ● Any other loans and credits ● A copy of the signed (preliminary) sales contract.

Signing the mortgage proposal and documents involved

After receiving your mortgage proposal, we will contact you to make an appointment and discuss. Should you agree to the proposal, together we will fill out and sign all forms. The lender will analyse these forms as well as the documents that you have provided.

The necessary steps (e.g. bank guarantee, bridging loan)

After signing your mortgage proposal, we will proceed with the next steps. We will be in touch on a regular basis, although visiting our offices will no longer be quite necessary. We will contact you by phone of regular mail to finalise the process. In case you have any questions or if any changes present themselves that you wish to discuss in person, you are very welcome to make an appointment with your mortgage expert. We will take care of the following:

● Bank guarantee ● Conditions subsequent ● Bridging mortgage loan ● Civil-law notary (completion statement) ● Real estate agent (valuation report)

We will address lenders and insurance companies on your behalf. We will update you on your file, in writing or by telephone. If the lender or insurance company requires any additional details, we will contact you directly. Oscar Prent Assurantiën BV will be in touch as soon as these documents have been accepted.

Executing the mortgage deed

Before the property is transferred to you the civil-law notary, after the lender has provided the documents required, will schedule a final appointment. The civil-law notary will prepare the draft version of the deed of delivery (proof of ownership) and mortgage deed. But first things first: Oscar Prent Assurantiën BV will verify these including the completion statement. We will contact the civil-law notary to undo any inaccuracies that we might discover. You are guaranteed satisfactory results.

Completion and evaluation interview

Now that you are a homeowner, and after taking care of all legal aspects, you might feel you need to have an evaluation interview. Perhaps simply to look back on the steps taken so far or discuss the sales of your previous home. Different questions might present themselves. For instance: how can you repay your previous mortgage loan and bridging loan. Or… how about any savings from your previous mortgage insurance?