Re-registration of a mortgage on other terms. Possibilities and procedure for re-registering a mortgage to another person. Is it possible to re-register a mortgage for a relative?

– this is a rather lengthy process of cooperation between the bank and the client. During this time, circumstances may arise due to which cooperation will become burdensome, and then the bank client may think about changing the financial company, or even renewing the loan.

Is it possible to transfer a mortgage to another person?

There are many reasons to re-register. But the first thing a bank client should do is contact his financial company where he borrowed money.

You can reissue a previously issued loan only if the financial company itself agrees. Of course, the banks themselves do not have any benefit from such a procedure, but, in most cases, they accommodate the client. Large state-owned financial companies, such as Sberbank and VTB Bank, most often allow the transaction, since they have already carried out operations to change ownership more than once.

Often this method allows you to successfully pay off your debt.

What does the law say?

In the Russian Federation, the law states that there are only two reasons according to which a financial company can approve such transactions. And this:

re-issuance of a loan to another person;
refinancing, thanks to which a bank client is refinanced with another financial company.

The main law regulating this issue is the Federal Law “On Mortgage”.

If the home is re-registered during the divorce process, then the Family Code and articles 33 to 39, as well as articles 45 and 60 are also taken into account. Interests are taken into account here not only husband and wife, but also minor children.

Causes

Let's look in more detail at what exactly can serve for such a decision, how to transfer a mortgage to another person or refinance.

Deterioration of financial situation

Considering that mortgage loans are issued for a fairly long period, it is not surprising that the client’s financial situation may become worse during this time. If such a situation arises, financial companies usually offer the following solution to the issue:

refinancing a loan at a lower interest rate;
increasing the loan term and, accordingly, reducing the amount of payments.

Sometimes the borrower himself offers to reissue the loan to another person (for example, to a relative). The lender may make such concessions, but only if the new borrower is solvent.

Transfer to another bank

Considering that at the moment the competition between banks is quite strong, financial companies are trying to get regular customers - especially those who bring them profit in the form of mortgage loans.

As a result, other banks may offer you a lower loan percentage, more favorable conditions, a minimum package of documents, a longer loan term, and so on. It is important that in order to complete this procedure, you do not need to obtain the consent of the bank where you initially issued the loan.

What then is needed?? Necessary:

Enter into an agreement with a new financial company, take money from them and repay the loan from the old bank.
You need to think through all the nuances in advance, including the benefits of new lending. For example, your new bank may charge you additional fees for re-issuing a loan and obtaining insurance.

You can calculate new mortgage terms using an online calculator.

Change in marital status

If a husband and wife divorce, a situation often arises when the former family is faced with the question of how exactly the mortgage agreement should be reissued, under which one was the borrower and the other was a co-borrower or guarantor.

This question will be especially relevant if the mortgage remains with one spouse, and the apartment passes to the other.

In this case, the bank may approve a decision to transfer the mortgage from one borrower to another. However, the new the borrower will have to confirm his financial solvency.

Other reasons

Here are other cases when refinancing may be needed:

Perhaps the mortgage loan was originally taken out for a relative or friend.
The person decided to carry out the refinancing procedure. Because in addition to the mortgage, there are other loans, and it would be convenient to repay them in one payment.
The person does not have the financial ability to repay the loan, and his relatives take on this responsibility.

All these options can also become a reason to re-issue a mortgage.

Nuances of re-registration

As mentioned earlier, such large banks as Sberbank, VTB Bank and Rosselkhozban Although not willingly, they still agree to reissue the loan, since they have extensive experience in such transactions. Let's look at the nuances of such a re-registration.

In Sberbank

Sberbank, which has extensive experience in this field, has developed its own refinancing program, but at the same time it is not very loyal to those clients who want to reissue the loan to another person.

Currently, the refinancing rate is 9.5%, but even if the bank refuses your application, nothing prevents you from borrowing money from another bank and repaying the loan from Sberbank. The refinancing offer is listed on the page www.sberbank.ru.

At VTB

Just like Sberbank, VTB Bank is also not very willing to re-register, because for the bank this is associated with certain risks. Still, you can try to apply for re-registration, especially if the new client is able to confirm his solvency.

Like Sberbank, VTB Bank offers a refinancing program under the following conditions:

The fixed rate for this program is 8.8%.
The loan is issued exclusively in rubles.
It is important that the down payment is no more than 80% of the amount borrowed.
The maximum loan term for refinancing is 30 years.
In this way, you can borrow up to thirty million from the bank.
There are no fees for applying for a loan from the bank.

Refinancing details are listed on the page www.vtb.ru.

In other banks

What other banks offer refinancing and on what terms?

Gazprombank, as well as Avtobank, offers refinancing from 8.8% for up to 30 years www.gazprombank.ru.
Tinkoff the bank, in turn, offers an interest rate of 8.25% for a period of up to 25 years and for an amount of three hundred thousand rubles.
Rosselkhozbank I am also ready to offer my services in an amount of 100 thousand rubles for a period of up to 30 years and with an interest rate of 9.05%. www.rshb.ru.

Re-registration process

Let's take a closer look at what needs to be done in order for the loan to be reissued.

What will you need?

Perhaps your desire to reissue the loan alone will not be enough. You need to find a person who will agree to re-register. In addition, there is one important nuance - such a person must be wealthy and be able to confirm his income.

In addition, you can think through this nuance in advance and, even at the stage of drawing up the loan agreement, write down in it a nuance according to which, if you wish, you can re-issue the mortgage to another person.

If we are talking about refinancing, then everything is even simpler. For another bank you will need to collect the following papers:

an application form that will indicate which service package you have chosen;
passport details of all persons who participate in the registration - including co-borrowers and guarantors;
real estate documents;
proof of income.

Since a sample application form is available on almost any website offering refinancing, this item should not cause any special problems. In addition, a sample and a form to fill out can always be requested at a bank branch.

As a rule, if a potential client has provided all the necessary documents, consideration of the application does not take more than a week.

As you can see, a fairly large number of banks offer a refinancing program. But, as a rule, it applies only to the following citizens:

persons must be 21 years of age;
a citizen must work continuously in the same workplace for at least six months.

But for pensioners and people who will reach retirement age before the loan is repaid, this program does not work.

Step by Step Actions

In order to be able to reissue a loan, you need to provide the bank with a list of certain documents. The list of these documents is already indicated above. It is important that the financial company, in addition to the already specified list, may require other documents.

So, what do mortgage conversion steps look like?

First, you need to submit an application to the bank, which will indicate why you decided to reissue or refinance the loan.
If the loan is issued through another bank, then after the collateral is repaid, you need to obtain a certificate from the bank about the removal of the arrest.

After the debt repayment procedure is completed, all that remains is to draw up a new loan agreement.

As you can see, the procedure is quite simple and does not cause difficulties, but only if if the Lender agrees to re-registration.

If a borrower wants to urgently sell the mortgaged property, he is faced with the question of whether it is possible to re-issue the mortgage to another person, whether other ways of selling the property are possible, and whether it is possible to replace the bank that issued the loan. Is it so easy to do one of these actions?

Is it possible to transfer a mortgage to another person?

If the borrower decides to change his place of residence, sell the property for one reason or another, or transfer the rights under the mortgage to a co-borrower, he seeks advice from the bank asking whether it is possible to transfer the mortgage to another person.

Re-issuance of a mortgage loan can only be done if the bank itself has the consent to do so - banking organizations do not have any benefit in re-issuing a loan, but, as a rule, they meet halfway. Large credit organizations - Sberbank, VTB 24, Rosselkhozbank and others often answer in the affirmative to the question whether a mortgage can be transferred to another person, since they have already carried out the procedure for changing the borrower more than once and do not interfere with this type of transaction. Sometimes this is the only way for banks to resolve the problem debt issue.

If financial difficulties arise, the borrower tries to find out whether it is possible to reissue the mortgage to another person at Sberbank, VTB 24 or another bank where he took out the loan. Before doing this, it is worth carefully studying the procedure for carrying out this procedure.

The mortgage loan payer submits an application for the possibility of carrying out the procedure for re-issuing the loan to another person. The bank checks the identity of the new borrower - work experience, solvency, and makes a decision.
In case of a positive verdict on the possibility of a transaction, the borrower and the new borrower prepare a package of documents on the property and the mortgage issued on it for transfer to the bank.
The bank enters into an agreement with the new borrower for the remaining amount of debt on the property. Issues regarding the amount already paid and the first payment made are resolved by the borrower and the new borrower independently.
For one month (Sberbank and other credit organizations carry out re-issuance of a mortgage to another person during this period), while the paperwork is being processed, all obligations under the mortgage loan remain with the previous borrower.

How to transfer a mortgage to another bank?

If you have a constant and stable income and a high interest rate on the loan, the borrower may think about how to re-issue a mortgage at a more convenient interest rate. Most of the largest banks conduct programs to refinance housing loans issued by other credit institutions on more favorable terms.

Step 1. The borrower must carefully study the terms of refinancing a loan with a third-party bank, whether it is actually beneficial.

Step 2. Documents for approval of a new loan are submitted to a third-party bank - an agreement on an already issued mortgage, a package of papers confirming the identity, solvency and employment of the borrower.

Step 3. If the new bank approves the identity of the borrower, the originally issued loan is repaid using the details of the bank that issued the original loan provided by the borrower. If the amount transferred by the bank is greater than the remaining debt, the difference remains in the borrower's bank account. A mortgage loan from the new bank will be considered issued for the entire transferred amount.

In rare cases, a mortgage can be reissued at your own bank at new, more favorable interest rates. To do this, after initial approval to refinance a loan from a third-party bank, you can provide documents on re-issuance of the loan to your bank. In this case, you can try to make a request for a reduction in the interest rate; if the bank refuses, refinancing approval is already available in another bank, and you can use it.

Re-registration of a mortgage for another apartment in Sberbank

Sometimes a situation arises that the borrower has decided to improve his living conditions and purchase a larger property, or donate or sell an apartment that is under encumbrance. At the same time, he has other real estate that can become a new subject of mortgage; he can try this option, such as re-registering the mortgage with a new collateral, in this case:

the borrower initiates an appraisal of the new mortgaged property. The cost of the new property must exceed 80-85% of the existing mortgage;
a set of documents on the new pledge is submitted to the bank for consideration;
if the credit institution agrees to transfer the encumbrance from one property to another, a new loan agreement is concluded for the remaining amount of the mortgage;
the encumbrance on the first property is removed and “transferred” to the second property;
old real estate can be realized - sold or donated.

As we see, if the borrower’s financial situation has worsened and he needs to sell the mortgaged property, this can only be done with the consent of the bank and with approval of the identity of the new borrower (if the mortgage is issued to another person). In order to reduce the interest on a mortgage, you can find a new bank with a lower lending rate and refinance the loan with this bank. If a citizen decides to improve his living space, purchase more comfortable housing using credit funds, under certain conditions it is possible to re-register a mortgage for another property.

During the term of the housing loan agreement, the borrower’s life situation can change greatly.

Loss of a job, divorce, deteriorating health, moving are the most common reasons forcing a person to begin the procedure of re-registering a mortgage to another person. Next - all about it.

The relationship between the lender and the borrower is regulated by Federal Law No. 102 “On Mortgages”, according to which a change of borrower is allowed only with the consent of the bank.

The procedure for reissuing a mortgage will not bring any benefit to the lender, however, the bank can accommodate the client halfway to get their funds back.

Re-issuance of a mortgage loan is a complex procedure, which is carried out only after obtaining the consent of the credit institution.

It is worth remembering that the bank will agree to reissue a mortgage to another person only if it is absolutely confident in the solvency of the new borrower.

At the same time, a credit institution will never give its consent to reissue a mortgage unless the borrower has a good reason for doing so. What reasons can be considered serious?

The most common reasons are:

Loss of the borrower's ability to work and, as a consequence, solvency.
The presence of severe or incurable diseases.
Moving to another area.
Divorce of spouses.

The above reasons entail the need to reissue the loan, but this can only be done in certain ways, such as:

re-issuance of a loan to another citizen of the Russian Federation within the same bank;
refinancing a mortgage with another bank (refinancing);
re-registration of a mortgage loan for another residential area.

There are currently no other types of mortgage renewal. Banks can agree to this procedure only in the above cases and for the reasons stated above.

The person to whom the mortgage will be reissued must meet all the bank’s requirements regarding reliability, financial reputation and the availability of the necessary documents. Only after successfully passing all checks will the bank agree to change the borrower and reissue the mortgage loan.

Only large credit organizations, including Sberbank, handle mortgage re-issuance.

If the borrower indicated a decrease in his solvency as the reason, then Sberbank will offer mortgage restructuring for a period of up to 10 years at the interest rate in effect at the time of application (for more details, see the terms of mortgage restructuring at Sberbank).

The absence of an account with Sberbank will increase the rate by 0.5%. In this case, the borrower will have to document his insolvency.

You can re-issue a mortgage at Sberbank if:

replacement of collateral;
withdrawal of one of the parties to the agreement;
extension of the contract term;
transfer of debt repayment obligations.

A mortgage taken out from Sberbank will be more likely to be reissued if the applicant plans to combine mortgage and other loans.

In this case, the bank will raise the rate by 1% if the client:

refuses to insure his life, health, and ability to work;
cannot provide the bank with loan documents;
The loan registration process is underway.

Sberbank may also offer the client to re-register the agreement with another, solvent borrower. An alternative re-registration option may be to replace the collateral object (for example, to another apartment). But this option is quite rare in practice.

Re-registration of a mortgage to another person is possible if:

the new borrower will be solvent;
one of the co-borrowers withdraws from the agreement;
The bank was provided with additional collateral.

Each bank independently determines the conditions for reissuing a mortgage loan. The general scheme of the re-registration procedure will be something like this:

A borrower transferring a mortgage to another person should remember that throughout the entire re-registration process until the bank enters into a loan agreement with the new borrower, the mortgage is still on him and he will have to make payments on time according to the schedule.

When re-issuing a mortgage loan to himself or to his wife during a divorce, the borrower, in addition to the above-mentioned Federal Law, must also refer to the Family Code (Articles 33-39, 45, 60), according to which not only the interests of the spouses are protected, but also the interests of minor children.

Since the spouses bear joint responsibility for the children, the bank will force them to repay the loan jointly after the divorce. The division of mortgage debt occurs differently in each case, since everyone has different incomes and circumstances.

The following options are possible:

Making changes to the mortgage agreement and dividing responsibility for repaying the debt into established parts with the consent of the spouses.
Division of debt and apartment according to a marriage contract or court decision.

The mortgage can be reissued only to one of the spouses if the bank is satisfied of his/her financial solvency, reliability, and good credit history.

If a husband or wife refuses to contribute money to pay off the mortgage, then after the divorce the debt passes to the shoulders of the second co-borrower. If he disagrees, the apartment will be put up for sale by the bank.

If a child is registered in the apartment, he must be discharged. In this case, the court may give the parents a deferment to find new housing.

If the child is not deregistered in time, the guardianship authorities will raise the issue of depriving them of parental rights on the basis that the parents are unable to provide normal living conditions for the children.

List of documents for re-registration of a mortgage

The list of documentation for re-registration of a mortgage includes:

Russian Federation passport;
documents confirming employment;
certificate of earnings;
application form.

Additionally, the creditor bank may request:

SNILS;
documents on marital status;
military ID;
international passport;
information about the property owned by the applicant.

Only a Russian passport and a signed application will be required from the previous borrower.

Banks usually refuse to re-register a client for the following reasons:

the borrower has made several short delays (up to 3 days) or one long one (20-30 days);
the client has no insurance or insufficient solvency;
due to bad credit history or insufficient solvency;
if the borrower is under 21 years old or over 60 years old;
if the reason for re-registration is unfounded.

Transferring a mortgage to another person is quite troublesome. The most important thing that is needed is the consent of the creditor bank.

If all requirements for borrowers are met and this procedure is justified, large banks, such as Sberbank, can reissue the mortgage to another person.

The mortgage agreement is concluded for a long time. During this period, many things can happen in the borrower’s life that will make it necessary to get rid of the mortgage. Most often in mortgage practice there are cases of selling a mortgaged apartment. This mechanism is debugged to the smallest detail, so neither the buyer nor the seller has any questions.

True, the transaction must obtain the consent of the bank, and it is given only if there is a justifiable reason on the part of the borrower. In addition to selling a mortgaged apartment, there is also the opportunity to re-register the mortgage to another person. This practice is quite rare. Banks are reluctant to use it, although they have a similar opportunity in their arsenal. The fact is that the creditor does not gain anything from such a transaction, although the effort and resources required to carry out the operation will be large. Let's consider what it is to re-register a mortgage to another person, in what cases is such a procedure allowed?

Re-registration of a mortgage to another person.

This means transferring the responsibility for paying the mortgage from one person to another. There is nothing complicated in this procedure, however, it does not bring any benefit to the bank. To launch such a deal, the client must justify the reasons and provide compelling arguments. If the issue is related to solvency, then banks offer refinancing or restructuring services in order to keep everything as it is and not waste effort and money. But if re-issuing the contract to another person is practically the only way to return the loan money, then the bank is ready to change the borrower.

In Russian credit practice, cases of changing the borrower are rare, but they do exist. Large institutions (VTB 24, Sberbank) have carried out such procedures more than once. Regardless of the reasons why the borrower transfers its obligations to a third party, the re-registration is carried out only according to established rules, and the initiator bears all costs. Before conducting a transaction, the bank conducts a full analysis of the solvency of the new borrower and only after that makes a decision.

Reasons for re-registering a mortgage to another person.

Loss of ability to work. In this case, when the client is unable to fulfill his loan obligations, he can transfer them to another person. Most often, the sale of a mortgaged apartment is carried out here. It’s easier than re-registering a mortgage. If the parties for some reason cannot or do not want to carry it out, then they agree with the bank on the procedure for re-issuing the loan itself. If in the first case, the buyer and seller must run around with the paperwork themselves, and the bank only requires consent, then in the second case, all the troubles must be handled by the bank, which will have to evaluate the new client, re-evaluate the collateral, etc.
Moving. Sometimes clients, having taken out a mortgage, decide to go live in another country. Since the presence of such a debt causes difficulties with paperwork, the issue of re-issuing a mortgage is being resolved. For example, a girl with a mortgage married a foreigner and decided to re-issue the loan to her brother/sister/parents, transferring to them all ownership rights to the property. This argument is serious for a bank that does not need problems with debt repayment - it is easier to make a concession and reissue the loan.
Divorce. This situation is common. After marriage, spouses take out a mortgage on their home and become co-borrowers. According to statistics, the mortgage term is longer than the average period of cohabitation, so there is also a need to re-issue the loan to one of the spouses. Ideally, this is done by mutual consent, but most often by court. Based on a court decision, the bank does not have the right to refuse to re-register a mortgage. Here the process is quite simple - one of the co-borrowers is removed from the agreement, and the second remains, however, this will be provided that the remaining borrower fully complies with the solvency requirements.

Thus, there may be several reasons for renewing a mortgage. The procedure will be carried out by the bank only if the new borrower meets the requirements, or there is additional collateral, or the participant (co-borrower) withdraws from the agreement. Each bank has its own requirements and rules for processing such a transaction, so it is better to clarify all the details “on the spot”.

Mortgage renewal process.

Submitting an application for a transaction indicating the reasons and attaching documentary evidence.
Obtaining written consent from the bank for the transaction.
Submission of a package of documents (both from the current and future borrower): passport, work book, income certificates, questionnaires, applications for the transfer of obligations.
If the answer is positive, the contract is concluded for the remaining amount of the debt. All issues related to money already paid are resolved without the participation of the bank.
The registration procedure will take from a couple of days to a month. Before the new client takes over, all obligations are still on the old borrower. If they are not fulfilled, the bank may refuse the transaction.

It is worth noting that this process has not yet been fully debugged by banks, so it has a number of subtleties. This is due to the situation why the client decided to renew the mortgage. It’s not worth taking risks alone here, and it’s better to contact an experienced lawyer who will tell you about all the intricacies of the deal.

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The need to sell a home can arise at any time and for reasons that are difficult to predict. Deterioration in financial situation, relocation, family expansion and the need to purchase a more spacious home - all these are just the main reasons why there may be a need to sell. It is extremely important to know how to transfer a mortgage to another person so as not to miss out on your profit when selling and not to fill out a lot of additional paperwork.

In fact, re-registration of a mortgage is an excellent solution both for those who want to quickly sell their home and for those who want to officially transfer their debt obligations to someone else. Sometimes this allows you to maintain real estate when your income level decreases.

In our article we will look at whether it is possible to transfer the mortgage to another person if you do not plan to sell the apartment, and also consider what obstacles there may be to completing such a transaction.

Is it possible to transfer a mortgage to another person?

Many people who have been paying off their mortgage for a long time are wondering whether it is possible to transfer the mortgage to another person if they do not want to sell the apartment. There could be many reasons for this. For example, when applying for a mortgage, you did not have the opportunity to obtain a mortgage for another relative or attract a co-borrower, and now you are having difficulties paying off the mortgage loan.

The main thing to remember is that it is not profitable for the bank to lose you. Of course, he can sell your apartment if you stop paying. However, this is not as profitable as it might seem at first glance. It is much more profitable to receive both principal and interest payments from you over a long period of time. That is why, in most cases, the bank is cooperative in this matter, and it is still possible to re-issue a mortgage to another person.

Re-registration of a mortgage to another person requires the provision of all necessary documents to the same extent as during the initial registration of the mortgage. It is important to remember this and check that the person for whom you want to re-issue a mortgage has such documents.

What documents are required to re-register a mortgage?

In order to re-issue a mortgage to another person, you will need to provide the following documents:

As we mentioned above, it is not profitable for the bank to lose you. Therefore, it is rare that a bank makes concessions and allows itself to be relieved of its loan obligations. However, there are other reasons why the sale of a mortgage to another person may be met with hostility by the bank:

If the bank has all the information about you, and it is well aware of how much and when you can pay, then it does not know the new borrower, and the very process of re-issuing a mortgage to another person looks dubious to it.
Very often, the sale of a mortgage to another person is part of an illegal scheme in which people quickly remove the apartment from the mortgage encumbrance and sell it at a higher cost. Banks do not like to participate in such scams, and therefore strive to protect themselves as much as possible, extremely rarely agreeing to re-issue a mortgage if there is a chance that you will continue to pay.
If you do not plan to sell the apartment, but just want to transfer obligations to another person, the bank does not see any benefit in this. Re-issuance of a mortgage to another person can be completed by early repayment of the mortgage, and then the bank will lose its benefit. This is why banks often refuse.

In order to re-issue a mortgage to another person, it is extremely important to take a responsible approach to the preparation of documents and the selection of a candidate. Many people choose their relative as a new borrower, but we would recommend that you treat your relatives with the same attention and suspicion as you treat strangers.

When it comes to big money, many people suddenly discover something in themselves that we had never suspected before. If you knew your relative as a responsible and financially secure person, then when re-issuing a mortgage, delays or even more dire consequences may suddenly arise. And you will be to blame, because you convinced them to renew the mortgage. And you can’t leave a relative in trouble. But the stranger’s troubles will remain on his own conscience, and you won’t be able to sit on your neck.

If you want to quickly re-issue a mortgage to another person, we advise you to consider relatives last, and also think carefully about selling an apartment with a mortgage, if you have such an opportunity.

What criteria influence the bank’s approval of the re-registration procedure?

You cannot simply transfer a mortgage to another person without sufficient reason. If you have the ability to pay a mortgage, you can transfer it to another person only if you are going to sell the apartment and find another place to live. If you do not plan to sell the apartment, the reasons must be quite compelling, and much more severe conditions and requirements will be applied to the new borrower.

If you are worried about how to re-issue a mortgage to another person without selling the apartment, there can only be one reason for the bank: you can no longer pay. Your income level has decreased and you barely have enough to live on, you have become disabled, a family member has become seriously ill – there are many reasons, and each of them must be documented. Only in this case will the bank immediately approve your decision.
In addition, re-registering a mortgage to another person can be done during a divorce, when one spouse has the ability to continue paying the mortgage, but the other does not. This is done either in court or at the bank’s office, but you must always remember that you must inform the bank in advance about any changes in the composition of your family, as well as in your financial conditions.
If you want to re-issue a mortgage to another person because you are going to sell your existing home and buy a new one, the standard procedure for applying for a mortgage loan will be applied to the new borrower: he will have to go through the entire procedure from the very beginning, only he will not be applying for his own home, but yours . It is best to visit the bank together and fill out all the relevant documents together.

What banks look at when deciding whether to approve re-issuing a mortgage to another person:

First of all, banks look at the level of financial wealth. It is important not to overdo it here, since you need to prove to the bank that the new borrower will be able to make payments regularly, but you should not scare the bank with the possibility of quick early repayment.

Thus, it is best to select people of the same financial situation as you (at the time you took out a mortgage), and also check in advance for the availability of the relevant documents. They can tell you absolutely anything, but whether it can be documented is a big question.

In addition, banks pay attention to official employment and official work experience. Thus, it is advisable to work at the current place of work for more than six months, and the total continuous work experience over the last five years should exceed a year at one place of work.
Among other things, credit history also plays a role. If the new borrower has been in arrears on his loans, as confirmed by the BKI, you are unlikely to be allowed to reissue a mortgage on him. Always find out about the credit history of the person for whom you want to re-issue a mortgage before contacting the bank. This will allow you to save your own time and increase the likelihood of receiving approval.
In addition, banks also pay attention to such non-obvious things as a criminal record. As we mentioned above, banks have more stringent requirements for new borrowers, and you may even be embarrassed to ask about a criminal record. However, you need to find out. If the person for whom you want to re-issue a mortgage has even the slightest sin, the bank will refuse you.
Owning another property will be a significant advantage, as was the case with the initial mortgage. The more confidence the bank has that the new borrower will cope with the mortgage or be able to cover the debt in another way, the higher the likelihood that the mortgage will be approved.

What is important to remember when renewing a mortgage?

Until the transaction is completed and the entire package of documents is reissued, you remain the only person who owes the bank. Therefore, you must continue to make monthly payments until the deal is completed.

As a rule, the transaction is concluded for the amount of the outstanding loan balance. Many people draw up two agreements: one with the bank, and the second with the buyer, who pays “a little on top,” which makes re-registering a mortgage a more profitable venture. However, we recommend that you carry out the re-registration in a completely official and legal manner.

Also, when re-issuing a mortgage, it is important to remember that this is a last resort measure to solve your financial problems with the bank. There are other ways to improve your financial situation. If you are having trouble making your monthly payments, consider the following options:

Registration of refinancing will allow you to transfer the mortgage not to another person, but to another bank, and get a more favorable interest rate on the loan. The savings will be significant, allowing you to later make early repayments or improve your financial situation through lower monthly payments. If you're worried, how to transfer a mortgage to another person, since you can no longer cope with payments at your bank, we advise you to consider the offers of other banks and implement. It’s the same as refinancing, but it’s not a person who buys your loan, but a bank.
Plus, don't forget that you can take advantage of tax deductions! The tax deduction allows you to return a significant amount: more than 300 thousand rubles (not at a time, of course), and is a good help with monthly payments.
If you're wondering Is it possible to transfer a mortgage to another person?, since you had children and went on maternity leave, having lost the corresponding level of income, consider using maternity capital.

It is important to remember: maternity capital is transferred to the bank for two months, during which you will have to continue paying in the same amount. In this case, you will have to submit an application to the Pension Fund in person.

If you're wondering Is it possible to transfer a mortgage to another person?, since you are experiencing serious financial difficulties, first try to talk to the bank about the possibility of providing a credit holiday or restructuring your loan. Provide all relevant documents and outline the time frame within which your financial situation will be restored. The bank will meet your needs, and you won’t have to transfer the mortgage to another person.

Is it difficult to transfer a mortgage to another person?

The main difficulty in re-issuing a mortgage to another person is that such a practice is unusual for our banks. Many banks (especially small ones) directly indicate in the contract the impossibility of re-registration or impose fines on such a decision. Carefully study the contract before signing it: this will help you avoid many problems later.

Banks are also reluctant to part with those who can still pay the mortgage, but prefer to either move to another apartment or simply transfer the mortgage to someone else. Of course, you will have to work hard to prove your right to take advantage of this opportunity. It is impossible to quickly and easily transfer a mortgage to another person; you will have to try. But it is still possible, and we tried to tell you how to do it correctly and with minimal energy consumption on your part.

When all methods have already been tried and there is no other way out, re-issuing a mortgage to another person can be a real lifeline. The bank does not need you, but its money, and if you can prove that the new borrower is exactly what it needs, the bank will not refuse you. Therefore, carefully select buyers and check all documents before contacting the bank. This will allow you to save your time.

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