Our application process
Hyra Hypotheken provides property mortgages to professional property investors through independent financial advisors. Below you can read, step by step, how our application process works.
1. Choose Hyra Mortgages
The application process for a Hyra Mortgage begins the moment you think about (re)financing your property. Your mortgage advisor examines which lender is best suited to your financing requirements. This may result in Hyra Hypotheken, but you can also ask about the possibilities of a Hyra Hypotheken mortgage yourself.
2. Applying for a Hyra Hypotheken mortgage
When the choice has been made for Hyra Hypotheken, your advisor submits a mortgage application to us. The mortgage application should be an accurate reflection of your current situation and can be submitted via our portal. This can be accessed via this site, at the section for Advisors.
3. Know Your Customer
To be able to provide financing, Hyra Hypotheken conducts a thorough customer research (KYC, Know Your Customer). For this, Hyra Hypotheken requests information about and tests all applicants, directors, UBOs and guarantors in the registers of the BKR, VIS, the Kadaster and the insolvency register.
In addition, we consult the Stichting Fraudebestrijding Hypotheken (SFH), among others. If an applicant or co-applicant commits fraud, we register them in this system. We do this to protect other organisations, the applicant and ourselves.
4. Receive an indicative proposal
After the receipt and positive review of an application, an applicant and/or applicants, we will send your advisor an indicative proposol. This proposal contains an overview of the documents to be delivered, in order to reach a final agreement. Depending on the content of the delivered documents, Hyra Hypotheken can request additional information which was initially not mentioned in the document list.
5. How is the interest rate determined?
Hyra Hypotheken determines the interest rate on the basis of the interest table at the time of the application, of a correct and feasible financing and on the basis of the actual Loan to Value of the requested financing (LTV). The interest rate is thus fixed during the validity of the indicative offer.
If the interest rate decreases during the signing period of the indicative proposal and Hyra Hypotheken has not yet received a signed proposal from borrowers, then the advisor may adjust the rate in and on this offer.
6. Accepting an indicative proposal
The indicative proposal is valid for three weeks: we must have received a version signed by all applicants within three weeks. If this is not the case, the proposal is cancelled.
As long as the proposal has not been signed and returned, applicants can benefit from an interim interest rate adjustment. Your advisor can manually incorporate this lower interest rate in the indicative proposal. Once signed and returned, proposals can no longer be adjusted after approval by Hyra Hypotheken.
New applications with the same starting points (applicants, collateral) are not accepted during the validity of the initial indicative proposal.
7. Period of validity of the indicative offer
If Hyra Hypotheken has received an indicative proposal signed by the borrower within three weeks, this offer remains valid for 90 days from the date of issue of this offer. Within this period, the mortgage must be completed. To this end, Hyra Hypotheken must have received all the documents mentioned in the indicative proposal at least ten working days before the end of the validity period. The interest rate remains unchanged during this period.
After review and approval of all documents, we will issue a final agreement.
8. The final agreement
The final agreement is valid for three weeks. Again, Hyra Hypotheken must have received the version signed by all borrowers within three weeks. If this is not the case, then the final agreement is no longer valid.
New applications with the same starting points (borrowers, collateral) are not accepted during the validity of the final agreement.
If, after the release of this final agreement, additional information comes to light that would normally have prevented the release of this agreement, Hyra Hypotheken has the right to decide to withdraw the final agreement.
9. Cancellation costs
If customers cancel the offer after the signed final agreement has been sent out, or let it expire, they are liable to a cancellation fee of 1% of the principal amount. Cancelling the mortgage application before the signed final agreement has been received back by Hyra Hypotheken does not incur any costs.
10. Passing the mortgage deed
After receiving the signed final agreement from the applicant(s), we send the documents to the notary. The notary can then execute the mortgage deed.
