Renegotiating your mortgage: novation

When economic conditions have changed with the violence of recent months (in which we move from a euribor of almost 6% at one just above 3%, and a devaluation of housing a prisoner who has led many to pay for their homes more than they’re worth), do not cross your arms and we must insist that our bank in urgent need of renegotiation mortgages, to alter the interests, how to pay and the terms of the mortgage itself.

The problem for renegotiating a mortgage: we must spend money in the process, sealed, deeds and other documents.

The solution:
A procedure that either led, only requires a contract between the bank and the customer, without great expense or delay, provided that does not want a change of variable to fixed rate.

What is novation?
This is essentially a contract where the bank and the mortgage holder settle the new bases of a mortgage payment.

What can I change through the novation?

1. The mortgage interest
2. The amount of the mortgage (if necessary add more capital)
3. The repayment period (extending the life of it to reduce monthly payments)
4. The ownership of the mortgage (when we have to remove one of the owners, through death or separation)

Can I change my variable rate mortgage to fixed by novation?
Yes, but will need to pay the processing of a new writing, which in any case are much lower than those of subrogation.