When it is necessary to purchase a property on which a mortgage is already levied, one of the possible solutions for the clients of the credit institutions is to carry out an assumption of the mortgage already in place, which involves having to take over the obligations assumed by the contractor originally from the financing. But when should the mortgage be accepted ? Let’s try to understand more closely how this option works by briefly explaining the basic mechanism of this type of loan, which basically represents a contract between the original borrower of the loan and the person interested in buying the house for sale.
Types of take-over
Generally, cumulative mortgages are accepted in Italy : in this case, the mortgage-backed mortgage is linked to the adhesion of credit institutions that do not completely free the original borrower from their obligations. According to this method of acceptance, therefore, those responsible for the mortgage debt are both the original contractor and the successor, and if the latter fails to pay the installments, the responsibility for the repayment falls on the original contractor.
Banks prefer this method because they feel more protected, but it is not the only type of takeover: in fact, in the case of the loan agreement, the renunciation of any responsibility on the part of the original contractor was expressly requested, in this case the accollo is classified as a liberating type, so any reimbursement and burden is borne by the successor.
The mortgage is governed by Article 1273 of the Civil Code, does not provide for disbursements of money to start the practice, allowing the successor to save some costs of igniting the mortgage such as notary costs, also if the accollato is a company such as the construction company, the amount that the borrower will have to repay will not be as full as in the case of a private individual, but may be at most 80 percent of the residual debt . The mechanism formally takes the lead at the time of the deed; however, it should be stressed that banks may also not agree to the takeover, in the event that the successor is deemed unfit because it does not meet the requisites required from the point of view of the credit capacity.
When it’s convenient
Now we come to the nodal point: when should it take a mortgage to take over? In fact there are some aspects to which attention must be paid before requesting this option from a bank. First of all, it is necessary to make sure that the accolade is in order with the payments , since otherwise the substitute would find himself against his will to suffer the consequences of his position as a bad payer, as if he were the debtor himself.
If the accollato was a construction company, the latter could also ask for the reimbursement of part of the expenses incurred to light the loan itself, and in this case it would significantly reduce the savings on expenses and financial charges, which actually represents one of the strengths of the convenience of the take-off. In this case, therefore, it is necessary to be aware of the type of loan stipulated by the manufacturer, and of the type of expenses to be met, including commissions, rates and all other charges, asking for a quote to assess whether the takeover results be really cheaper than taking out a completely new mortgage.
The last aspect to which attention must be paid with regard to the convenience of the takeover are the conditions applied by the credit institution , which could for various reasons not be able or willing to apply the original conditions of the loan to the borrower, requesting otherwise similar to those of a mortgage contract concluded from scratch.