All the options you have to change from variable to fixed mortgage
The Euribor has passed the 4% barrier. It was today and it was predictable. If due to this your payments have skyrocketed or you fear that they will soon, you should know the options available to change from a variable to a fixed mortgage .Find the best mortgage without mistakes
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Why a fixed interest rate?
The incessant rise of the Euribor this last year has Switzerland Email List confirmed that the fixed interest rate offers, in the long term, a stability that many would like to have today.
Changing is now possible, and thanks to this you will be able to plan your finances better : the installments will be the same every year and there will be no room for surprises. If the Euribor continues to rise, and it surely will after the latest increase in interest rates from the ECB and the promise to increase them again in July, you should not worry about how that will affect your mortgage.
Recommended reading: Euribor in 2024: what is the forecast?
The 3 options to change from variable to fixed mortgage (and the experts' opinion on the matter)
1. Novation
Novating a mortgage means renegotiating the conditions of your loan with your same bank.
By Royal Decree of the Government, commissions for converting from variable to fixed mortgages are eliminated throughout 2023 , although our experts warn that in general banks are not very willing to change the conditions.
Only on one occasion does the bank have the obligation to accept this change, and that is by adhering to the Code of Good Practices . The owner's income, the effort rate and the increase in mortgage payments will be taken into account, and it is a measure designed for people in vulnerable situations.
More information in our Housfy guide on mortgage novation .
2. Surrogacy, the easiest
Often, to obtain subrogation of your mortgage you will have to negotiate with several entities to see which one is willing to give you what you need, so hiring a mortgage broker can save you a lot of time in paperwork and procedures.
Housfy improves your mortgage and helps you save on your payment
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Recommended reading: Follow these 4 steps to claim mortgage expenses in 2024
3. Cancellation of mortgage and opening a new one, the most recommended
The option most recommended by Housfy Mortgages is to cancel the debt with the current bank and request a new mortgage. With this, the client has much more freedom to modify the repayment period and the amount of money to pay, in addition to the interest rate.
It is also the option that is being carried out the most recently , as confirmed by Housfy.
Choose between the options to change your mortgage and Housfy guides you throughout the process
Contact Housfy Mortgages and a mortgage expert will explain everything to you so you can make the best decision. Don't suffer: you will be accompanied throughout the entire process.
This is the most practical way to get better conditions than if you went from bank to bank on your own.
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