Is it feasible to modify the terms of a mortgage agreement?

In order to change the conditions initially signed, it becomes imperative to pursue what is known in the financial sector as a “novation”. To do this, it is necessary to reach a new agreement between the client and the bank and subsequently generate a new public document: a revised mortgage deed and an updated entry within the property registry.

Common scenarios for this are:

  1. Necessity to fund new part projects: this situation frequently arises when seeking an augmentation in the mortgage principal, as mortgage loans typically proffer more favourable terms compared to alternatives such as personal loans.
  2. Shifts in personal circumstances and/or risk profile.

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