Mortgage subrogation, also known as subrogation or portability, is the procedure that allows you to transfer an existing mortgage at no cost to a new bank , allowing the borrower to access more advantageous conditions for repaying the credit, without having to take out a new mortgage. It was introduced in Italy with the and therefore allows you to change the parameters of the loan such as duration and rate without changing the amount of the residual debt.
How the mortgage subrogation works
The subrogation of the loan is a procedure that offers numerous advantages, first of all that of transferring a loan activated to buy a property or carry out a renovation at a new credit institution, which offers the borrower more advantageous conditions, leaving the mortgage unchanged . previous and without the need to incur any economic burden except for the payment of € 35 as a mortgage tax .
Unlike the replacement, however, the subrogation of the loan does not offer the possibility of varying the financed amount, which must necessarily remain equal to the amount of the residual debt.
The type of rate and the duration of the loan, on the other hand, can be changed, precisely to take advantage of new, more convenient solutions. To correctly choose the loan subrogation proposal that suits your needs, therefore, it is good to focus on the evaluation of these two aspects of primary importance.
Compare mortgage replacement offers and save
By filling out the form of Mutui.it in all fields it will be possible to compare in a few minutes the best loan subrogation offers proposed by partner banks, at favorable conditions based on your specific situation.
Once you have identified the most convenient solution for you, requesting its feasibility will be quick and easy and, throughout the subrogation process, our consultants will be at your disposal to provide you with the necessary support, always free of charge and without obligation.
Once the procedure has started, the two banks will work together to make the transition effective; within 10 days of the request, the outgoing bank is required to notify the taking over the bank of the amount of the borrower's residual debt. Banks periodically update interest rates, which is why it is important to use online comparison services to find the most suitable subrogation mortgage and immediately start saving on credit repayments!
When it is possible to request a mortgage subrogation
The subrogation of the loan can always be requested: it is sufficient to communicate in writing by registered letter with return receipt to both the new and the old bank the intention to make use of this possibility. If the old bank is obliged to accept the transfer request and to grant the nulla within a maximum of 30 days in order not to incur penalties and penalties, the same cannot be said of the new bank , which instead can refuse .to accept this transfer. A final consideration on mortgage subrogation. the mortgage subrogation can be requested an unlimited number of times, but in practice, it is not possible to always make use of this possibility. The banks, in fact, bear the entire amount of the expenses to give the customer the opportunity to take advantage of the subrogation of the loan completely free of charge: this is why they are not at all willing to repeat it indefinitely.
Renegotiation, subrogation, mortgage replacement: the differences
The concept of mortgage subrogation is erroneously associated with renegotiation or replacement of the mortgage. It should be noted that they are all useful solutions for saving, but different from each other. Before talking about the differences between renegotiation and mortgage subrogation, it is important to underline a strong analogy that exists between the two procedures and which concerns the clauses that can be revisited. Both the renegotiation and the subrogation, in fact, provide for the revision of the interest rate of the loan and of the spread applied, of the type of contract, and also of its duration. The renegotiation of the loan is a procedure that allows you to obtain more advantageous conditions with the same bank with which the mortgage. The procedure is free, but the main difference with the subrogation lies precisely in the fact that in this case the modification of the contractual conditions is requested from the bank itself. The subrogation of the loan, on the other hand, provides for a transfer of the loan to another bank. Furthermore, as regards the costs, the renegotiation is always and completely free, the subrogation of the loan is free for all the costs of the practices and for the ancillary costs, but the customer must pay the mortgage tax of 35 euros.
What are the differences between subrogating a mortgage and replacing it? In this case, the replacement of the loan is based on the cancellation of the first mortgage and on the stipulation of a new notarial deed, with inevitable costs borne by the bank customer. This, therefore, implies that in case of replacement of the loan, the financed amounts may also be changed, which does not happen with the subrogation, as only the duration and interest rate are changed.
What is Mortgage Subrogation and How it Play Vital Role?
Mortgage subrogation, also known as subrogation or portability, is the procedure that allows you to transfer an existing mortgage at no cost to a new bank , allowing the borrower to access more advantageous conditions for repaying the credit, without having to take out a new mortgage. It was introduced in Italy with the and therefore allows you to change the parameters of the loan such as duration and rate without changing the amount of the residual debt.
How the mortgage subrogation works
The subrogation of the loan is a procedure that offers numerous advantages, first of all that of transferring a loan activated to buy a property or carry out a renovation at a new credit institution, which offers the borrower more advantageous conditions, leaving the mortgage unchanged . previous and without the need to incur any economic burden except for the payment of € 35 as a mortgage tax .
Unlike the replacement, however, the subrogation of the loan does not offer the possibility of varying the financed amount, which must necessarily remain equal to the amount of the residual debt.
The type of rate and the duration of the loan, on the other hand, can be changed, precisely to take advantage of new, more convenient solutions. To correctly choose the loan subrogation proposal that suits your needs, therefore, it is good to focus on the evaluation of these two aspects of primary importance.
Compare mortgage replacement offers and save
By filling out the form of Mutui.it in all fields it will be possible to compare in a few minutes the best loan subrogation offers proposed by partner banks, at favorable conditions based on your specific situation.
Once you have identified the most convenient solution for you, requesting its feasibility will be quick and easy and, throughout the subrogation process, our consultants will be at your disposal to provide you with the necessary support, always free of charge and without obligation.
Once the procedure has started, the two banks will work together to make the transition effective; within 10 days of the request, the outgoing bank is required to notify the taking over the bank of the amount of the borrower's residual debt. Banks periodically update interest rates, which is why it is important to use online comparison services to find the most suitable subrogation mortgage and immediately start saving on credit repayments!
When it is possible to request a mortgage subrogation
The subrogation of the loan can always be requested: it is sufficient to communicate in writing by registered letter with return receipt to both the new and the old bank the intention to make use of this possibility. If the old bank is obliged to accept the transfer request and to grant the nulla within a maximum of 30 days in order not to incur penalties and penalties, the same cannot be said of the new bank , which instead can refuse .to accept this transfer. A final consideration on mortgage subrogation. the mortgage subrogation can be requested an unlimited number of times, but in practice, it is not possible to always make use of this possibility. The banks, in fact, bear the entire amount of the expenses to give the customer the opportunity to take advantage of the subrogation of the loan completely free of charge: this is why they are not at all willing to repeat it indefinitely.
Renegotiation, subrogation, mortgage replacement: the differences
The concept of mortgage subrogation is erroneously associated with renegotiation or replacement of the mortgage. It should be noted that they are all useful solutions for saving, but different from each other. Before talking about the differences between renegotiation and mortgage subrogation, it is important to underline a strong analogy that exists between the two procedures and which concerns the clauses that can be revisited. Both the renegotiation and the subrogation, in fact, provide for the revision of the interest rate of the loan and of the spread applied, of the type of contract, and also of its duration. The renegotiation of the loan is a procedure that allows you to obtain more advantageous conditions with the same bank with which the mortgage. The procedure is free, but the main difference with the subrogation lies precisely in the fact that in this case the modification of the contractual conditions is requested from the bank itself. The subrogation of the loan, on the other hand, provides for a transfer of the loan to another bank. Furthermore, as regards the costs, the renegotiation is always and completely free, the subrogation of the loan is free for all the costs of the practices and for the ancillary costs, but the customer must pay the mortgage tax of 35 euros.
What are the differences between subrogating a mortgage and replacing it? In this case, the replacement of the loan is based on the cancellation of the first mortgage and on the stipulation of a new notarial deed, with inevitable costs borne by the bank customer. This, therefore, implies that in case of replacement of the loan, the financed amounts may also be changed, which does not happen with the subrogation, as only the duration and interest rate are changed.
Related Articles