Most mortgages have been taken out by debtors for at least 3-4 years, and since then, a lot has happened on the market.
On the one hand, banks have introduced benchmark pricing, more sophisticated customer rating, a positive list of debtors and much more. Many banks want high paying customers in their loan portfolio, so they are willing to offer attractive rates to such customers.
Banks have raised the interest rates on existing loans
On the other hand, a lot of banks have raised the interest rates on existing loans in an amazing way, and I see loans with amazing interest rates when I give advice.
For example, one customer at A. bank had an interest rate of 11.03% on a Swiss franc basis. It started 6.5% a few years ago. It had a P3 customer rating, which turned out not to be that bad at a bank, with some paying 14% on the Swiss franc. This would be unacceptable even in forints, not least on a franc basis.
Similarly, those who borrowed forint repayments on early repayments did the wrong thing, because at that time the banks raised interest rates so much that it would not be worthwhile to replace the franc loan despite the lower exchange rate. Those who borrowed then typically received interest rates above 12-13% (interest plus management costs).
There are also many who, simply because of their income or the value of the property, would receive much better interest than another bank.
If your property is not overcharged
And you have at least an average salary (or you have more debtors and a good salary comes together) then it is almost certainly worth looking at your credit because you can save it. The exception is old interest-subsidized forint loans, or if you’re not paying more than 6-7% interest now.
Active BAR (KHR) listers are a pity to try and have a passive status, though it is usually better to wait one year to get out of the list. (It used to be five years, now only one.)
If your property is worth less than your credit due to exchange rate changes and general price drops, you will need to buy new property if you want to move. It is worth doing, but only if you can make sure you pay the loan. It is useless to spend additional money on an already lost loan.
Many people are afraid of switching and a loan change is not a big wasist, simple paperwork, yet you can save millions and even tens of millions. Here’s a table on how much the one to two percent difference in interest matters:
As you can see, the 4% interest rate difference represents an additional expense of HUF 10 million over the term. So it’s really worth a look around the market.
One of my former colleagues if a client might want to review their credit
He and I were mortgaged with him for 5-6 years, and he has remained a credit broker ever since. Unlike many of his new colleagues, he at least really touched it.
Since he gets a commission from the bank, you won’t pay a penny more than you would go into the bank, but he can often save you millions. It knows tricks and unpublished deals that you may not have heard of.
If you would like to review your credit, you can reach her on this website.
Just to see how much you can save, two recent examples from the last few weeks:
My client is on a repayment loan. The bank gave the $ 10 million loan at 12%, which has now been reduced to 10.5%. As a result, the monthly repayment was $ 99,834 for 20 years. Beyond the capital repayment, he would have paid $ 13,961,118 only in interest
Another bank gave it a loan of 6.67%, so the loan was redeemed.