Complaints such as ‘Mortgage within a week’ and ‘Mortgage within 24 hours’. Who doesn’t know them? Complaints that show how fast and easy it is to take out a mortgage with them. Apart from the fact that it is almost impossible to take out a mortgage so quickly. The AFM warns that claims based on the speed and ease of taking out a mortgage are in violation of the rules.
Why is it not allowed?
Buying a home is a major choice. There are considerable financial consequences for the long term. It is therefore important that consumers are properly informed and can make a well-considered decision. A mortgage within a day or week does not give consumers the space to think about this calmly and to weigh up the pros and cons of various constructions. Campaigns in which consumers are lured with the speed of taking out a mortgage are therefore not allowed. The AFM has warned the relevant parties about this.
Understanding about speed
The AFM understands that, in the current tight housing market, it is good that consumers are quickly clear about the financing. The regulator therefore finds it positive that mortgage lenders are trying to shorten the lead times of mortgage applications. As long as all this is done carefully and the interests of the consumer are paramount!
Is a mortgage in a week or day real?
Often the mortgage lenders indicate that the mortgage can be arranged within a week or day, provided that you provide all necessary documents correctly and immediately. This is often more difficult than you would initially think. Okay, recent payslips, employer’s statement and purchase agreement. That must still work. But what do you think of valuation reports and income tax return? This type of business often takes several weeks to request. Do you already have these documents in your possession? Then many other mortgage lenders often go a lot faster!