Re-Mortgage involves moving your current mortgage to another bank that offers better conditions. This procedure can reduce your monthly instalment, the loan term, or both.
If there is an institution offering a lower spread (Bank margin profit) than your current one, the change may be beneficial for you.
Possibility of usage of funds with attractive rates and terms.
The APR (Annual Percentage Rate) includes all mortgage costs. If your current APR is high, seeking an institution that offers a lower APR could result in significant savings.
THERE ARE SEVERAL ASPECTS THAT SHOULD BE CAREFULLY ANALYZED BEFORE ASSESSING THE FEASIBILITY OF A RE-MORTGAGE:
- Outstanding balance
- Type of interest rate (fixed or variable)
- Spread (Bank margin profit)
- Remaining term
- Current monthly instalment
- Insurance premiums
- Cross-selling products.
THE PROCEDURE INVOLVES:
EVALUATING YOUR CURRENT MORTGAGE CONDITIONS
We will analyze the outstanding balance, the type of interest rate, the spread (Bank margin profit), the remaining term, the monthly instalment, and associated products such as insurances and credit cards.
WE WILL ANALYZE PROPOSALS FROM SEVERAL BANKS
We will find the best offer for the re-mortgage.
Some banks offer special conditions for re-mortgage, including renouncing certain fees.
WE WILL REQUEST THE RE-MORTGAGE
After choosing the best offer, we will submit the necessary documentation to the new bank.
A re-mortgage can be an effective strategy to reduce your monthly expenses, if that the new conditions are significantly better, and the costs associated with the change are compensatory.
It is essential to carefully analyze the available offers and consider in detail the conditions before deciding.
You can contact us to obtain a free mortgage proposal.
Corinne Ferreira
Phone: +351 917 773 279
