If you have applied for a loan to buy your home, please know that you do not need to be bound in the same bank until you have finished paying the benefits. With the variety of offer on the market, you can achieve a lower spread and thus save good value in the performance. There are even entities that bear the costs of transferring the process (The entities we work with have this facility).
Initially you will have to analyze together with our specialized intermediary the offers in the market and find the one that may be most beneficial to you.
What information is needed to facilitate analysis by our expert intermediary:
. Amount Outstanding
In addition to getting better mortgage with lower payments, with the new proposal can also save on other products related to loans such as life insurance and multirisk insurance, as well as insurance, credit cards, savings accounts, etc. that you do not use.
In addition to the above products, you should also examine other factors to reveal whether it is time to transfer the mortgage. Among them, TAEG (effective global annual collection rate) and MTIC (total amount allocated to consumers). These indicators cover all credit costs, i.e. they not only take interest, but also other costs.
What if Spread is low?
According to the new regulations, can 100% of my mortgage loan be funded by another bank?
According to the new law of Banco de Portugal, in the first two years after obtaining the mortgage, the value of the transfer can not exceed 85% of the amount initially requested.
Once I get credit approval from the bank, can I decline and choose another one?
Yes, you can. No bank obliges customers to accept the recommendations made. Therefore, you can even ask several banks to approve your credit and then choose the bank that offers the best conditions. It only joins the bank at the time of the loan, either in the purchase or transfer of a house. Normally, when making an order, you must sign a bank document that meets all conditions. However, even if you sign this document, if you give up, you will not be punished in any way.
What are the costs of transferring my housing credit?
In Portugal today, there are banks that support all these costs, which makes this operation cost zero.
On the other hand, there are bank entities that may charge you for some services. For example, if you want to change your bank, you'll get a penalty from your current bank. These penalties can be 0.5% if you have a variable rate (EURIBOR + spread) or 2% if you have a fixed rate. These are the only costs with your current bank.
I bought my house in the leasing system, can I change bank?
The real estate leasing has a particularity that is the house is the bank's. Leasing is a leasing agreement, in which the property is not yours but the bank's. Therefore, if you resortto real estate leasing and want to change banks, you have to pay the IMT again for the house to move to yours and then transfer to another bank. However, in terms of costs, we consider this option profitable in the position of lengthening the credit by decreasing the provision.
How to transfer housing credit?
After resorting to a housing credit transfer simulator and after choosing the financial institution with the best solution, three steps to the completion of the change process follow.
The first is to communicate, to the chosen bank, the desire to change the bank to transfer the credit, and then it is necessary to deliver some documentation
. Identification documents of the holders of the housing credit;
Last three salary receipts for dependent workers or receipts from the last six months for individuals working on their own;
Last STATEMENT OF IRS and Settlement Note;
Banco de Portugal Credit Responsibilities Map;
Building Booklet and Content Certificate;
Bank statement for the last three months;
Proof of IBAN and address.
On the other hand, the institution in which the loan is currently held should be informed from which the home loan will be transferred. This communication must be made 10 days in advance and, after this period, you can proceed with the process.
The institution in which the financing was initially contracted shall provide the bank to which the housing credit will be transferred with all the necessary information and documentation within a maximum period of 10 working days.
It is also necessary to note that all housing credits are eventually refundable in advance, i.e. it is possible to opt for the transfer to another institution.