Trusts are now captured as an applicant for a more uniform approach across lenders who allow this application structure. Trust details required to be entered will vary across different lenders.
For Individual Trusts, an Applicant must be selected as Primary Applicant, and the people linked to the trust are to be selected as Trustees and/or Beneficiaries;
For Company Trusts, a company needs to be added as an applicant and can be selected as primary applicant;
Note: For complex structures you may need to consult your lender BDM prior to contacting the Mercury Helpdesk.
Steps to add Trust Applicant
In the ‘Applicants’ tab, click ‘+ Applicant’ button.
2. In ‘Type of applicant’, select ‘Trust’ from dropdown options
3. Enter mandatory trust details
4. Click ‘+ Trustee’ to select trustee from list of applicants on the application.
Note: Only applicants already added to application will display in dropdown
5. Click ‘bin’ icon to delete record, if applicable.
6. Click ‘+ Beneficiary’ to add beneficiary details.
If ‘Other’ selected, enter Beneficiary (Non-loan party) details.
7. Click ‘Done’ button to collapse, ‘pen’ icon to edit if required. Select ‘bin’ icon to delete record, if applicable.
8. Click ‘+Beneficial owner’ button to add beneficial owner for trust
9. Select ‘Beneficial owner’ role and ‘Beneficial Owner’ from dropdown.
If ‘Other’ selected, enter (Non-loan party) details
10. Click ‘Done’ button to collapse, ‘pen’ icon to edit if required. Select ‘bin icon to delete record, if applicable.
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