How to change your mortgage Bank (II)

How to change your mortgage Bank (II)

Novation
Sometimes it is sufficient only for the purpose of subrogation to a second mortgage bank to bank with which the company refuses to lose you as a customer and make a binding offer to hold us.

The presentation of this “binding offer” must be produced within 10 working days after notification of intent to mortgage subrogation. If you accept the offer from your bank, subrogation has no effect. Accept the novation (a renegotiation of the mortgage in new conditions) has the advantage that you avoid paying the costs of switching banks.

Costs.
The subrogation of a mortgage has compensation costs paid to the bank that originally had the treatment, ranging from 0.5% of capital (if the surrogacy is done in the first 5 years of the loan) until 0.25% of capital (if the change is made after five years).

Pricing
The new bank must accept the valuation that you offer (provided it is done by an appraiser approved), but you can make comparisons and checks.