Given that mortgages last a long time … very long … it is likely that a mortgage is no longer as convenient as at the time it was subscribed or your financial situation deteriorated. In these cases the Renegotiation of the loan can help . With this solution it is possible to request the credit institution that has granted the loan to modify some of the conditions provided by the contract.
What can be changed with the Renegotiation of the Mortgage?
Thanks to the renegotiation of the loan, it will be possible to review:
– the amount of the installment : you can request to lower the amount by extending the duration of the contract;
-the elimination of periodic administrative expenses : the annual management costs of the contract or for the collection of the installment;
– the type of interest rates : moving from fixed to variable and vice versa;
the reduction of the mortgage spread .
Request the Renegotiation of the Mortgage
How to renegotiate the loan?
It will be possible to proceed with the renegotiation of the loan by private agreement . The holder of the loan therefore signs a new agreement with the credit institution that has disbursed the loan. The procedure to request it is quite simple. Just send a registered letter to the bank specifying the conditions on which you want to negotiate again.
What are the advantages of renegotiating the loan?
This procedure will allow the borrower to get a new plan suited to their needs. In fact the advantages it offers are:
– the previous loan is not extinguished, so there will be a saving in expenses and notary fees;
– the borrower does not lose the tax benefits provided by the original loan agreement;
– the renegotiation of the loan does not include any administrative cost, nor bank fees, nor the application of taxes and fees charged to the customer.
The Heathcliff team professionals will be at your side to guide you so that you can get the best financing according to your needs.