FAQ Frequently Asked Questions
How much does it cost to use the Connect Overseas Pro service?
The service is free to use, and carries no membership fees.
How do I earn money through Connect Overseas Pro?
We pay our introducers a 25% share of the commission earned for each completed case, which includes:
- The service offer fee charged to the client (typically 1% of the mortgage amount).
- Any introductory commission earned through the mortgage provider (typically between 0.5% to 1% of the mortgage amount).
In some instances the mortgage provider chosen may not pay a commission or a reduced amount, in these situations we may need to charge the client a higher service fee (typically 1.5% of the mortgage amount). When an elevated offer fee applies this will be made clear to both you and your client prior any service fees being taken at the pre-application stage.
Who can use Connect Overseas Pro?
Connect Overseas Pro has been designed to primarily help mortgage brokers and property agents who want to secure international mortgages on behalf of their clients. If you are an individual interested in securing an overseas mortgage please click here and you will be directed to our other website www.connectoverseas.co.uk which is more suited to your needs.
How does the service work?
Using the Connect Overseas Pro website you will be able to access information on over 300 of our best international mortgage products, in more than 30 different countries. Should you not be able to find suitable mortgage information for a particular country, then please use the Country List option situated within the right hand menu. This list displays all the countries that Connect Overseas can currently secure mortgages in.
If at any time you would like to discuss your client’s circumstances and ascertain what mortgage options are available to them, then please feel free to contact one of our mortgage specialists who will be happy to help. Once you have found a suitable mortgage using our website, the next step is to request a free Decision In Principle. Once we have your decision in principle request form one of our mortgage specialists will assess your client’s circumstances and double check they fit the chosen mortgage providers lending terms. In the event that your client does not fit the mortgage product chosen, or the mortgage specialist believes there may be a more suitable mortgage product with better terms available. The mortgage specialist will contact you to discuss all the options available prior to contacting the relevant mortgage provider for indicate terms (a Decision in Principle).
The full mortgage process is completed in just 9 simple steps:
- Use the Connect Overseas Pro system to find a suitable mortgage for your client.
- Request a decision in principle using our form.
- We will provide you with indicative mortgage terms from the mortgage provider. Upon receipt your client can then decide if they wish to apply for the mortgage (at this stage we will require our £195 processing fee).
- Your dedicated Case Manager will send out an application pack that contains all the relevant documents including a pre-populated application form. This can be sent to either you or client depending on your preference.
- Once we have received all the necessary documentation, your Case Manager will fully package the application before submitting it to the mortgage lender.
- Upon receipt of the application, the lender will underwrite the case, the valuation will be instructed and any other lender requirements will be carried out e.g. opening an overseas bank account or arranging life insurance.
- A formal mortgage offer is issued by the mortgage lender (at this stage we will require our mortgage offer fee to be paid which is usually 1% of the loan amount).
- The Case Manager will liaise with your client's solicitors on your behalf and push for a satisfactory completion.
- Upon completion Connect Overseas will chase the mortgage provider for any commissions that are due, and pay you your 25% share of the case earnings.
I'm new to advising on overseas mortgages, what support can I expect from Connect Overseas Pro?
We have a number of mortgage specialists that are on hand to help you should you need it. When applying for a mortgage you will be allocated one of our case managers who will be on hand to answer any questions that you may have, be in a position to communicate with the mortgage lender on your behalf, complete the necessary applications forms and guide you through the application process.
The Connect Team will:
- Give you mortgage lender and product advice to help your client(s) find the most suitable mortgage product.
- Complete all the mortgage application forms on your behalf.
- Fully package the mortgage application.
- Instruct the property valuation when necessary.
- Assist in opening an overseas bank account.
- Contact the solicitor to ensure correct legal documents are in place.
- Arrange life cover assignment with the mortgage lender when necessary.
- Recommend independent overseas solicitors and currency specialists.
- Liaise with the bank regarding additional requirements and further documentation requests.
- Chase the mortgage lender for a formal offer.
- Resubmit your application to an alternative lender for free, if the first lender declines your application for any reason.
More questions about the service?
If you have any further questions about the service or have a particular mortgage enquiry that you would like to discuss, please contact a member of our team by phoning us on +44 (0)01708 676134, alternatively you can send us a quick message using our contact form.