Any financial transaction includes costs related to the management of the file, sometimes early repayment indemnities and guarantee costs. Here is a full overview of the guarantee fees linked to loan buy-backs.
Struggling with a difficult end of the month, thinking about buying back credit? This operation can indeed allow you to restore the situation and get out of your financial worries. To obtain loan consolidation studies and find the best deals, the use of a credit buyout comparator is often advised. Most online credit organizations – if not all – also offer a simulation tool. This allows you to make comparisons very simply and very quickly.
Guarantees during a loan consolidation
When a borrower has a financial situation allowing him to subject his debts to the repurchase of credits, he automatically inquires about the guarantees which will be asked for by the banking establishments.
According to the beneficiary’s file, its debt ratio and its budgetary situation, the banks generally ask for a bond or a mortgage to protect themselves from the non-repayment of the monthly payments.
In the case where the subscriber has acquired one or more real estate, the credit institution can ask for a mortgage guarantee which remains the traditional guarantee for the repurchase of loans to the habitat.
It is possible for the borrower to be guaranteed by a third party or by a guarantee organization if he is not the owner.
What fees for a credit buy-back?
The cost of a bond fluctuates according to the profile of the beneficiary, in particular according to the types of loans he has taken out. Be that as it may, to guarantee the repayment of the loan, the surety establishment requires a commission, the value of which is calculated in relation to a percentage of the total cost of the loan or a price fixed in advance.
The costs related to the mortgage are determined according to the total amount of the loan which is guaranteed and the age of the property. In general, they represent more or less 2% of this amount and are added to the mandatory notary fees.