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As a novice home buyer, it may not be very clear whether buying a mortgaged house can be remortgaged. But don’t worry, below I will give you a brief introduction to the question of whether it is possible to switch to a mortgage when buying a mortgage house.

Can I refinance my mortgage to buy a house?

Can I remortgage my mortgage to buy a house? Remortgage, as the name suggests, means that within the repayment period of a personal housing loan, the borrower sells the property as collateral. With the approval of the lending bank, the purchaser of the property will continue to repay the seller's undue loan. In short, when a property that is still under mortgage is sold again, the buyer of the property needs to continue to repay the mortgage payment of the seller.

The process of remortgage

1. The buyer and seller sign the "House Sales and Purchase Contract";

2. The buyer, seller and the law firm sign the "Remortgage Transaction" Security Guarantee Contract";

3. The buyer pays a down payment of 30% of the house price (based on the principle of whichever is lower between the transaction price and the appraisal price, appraisal is exempted within one year, and the original purchase price shall prevail);

4. A confirmation letter from the seller’s lending bank agreeing in writing to repay the loan in advance (including the principal and interest of the capital owed, and the repayment account number);

5. The buyer submits the aforementioned documents and personal credit documents Apply for a second-hand housing mortgage loan from the lending bank (loan application, preliminary review by lawyer, and bank review);

6. The seller actually delivers the house to the buyer;

7. Release the loan after passing the bank review , transfer the money to the seller's bank;

8. After receiving the payment, the seller will terminate the loan contract and mortgage registration with the original lending bank, handle the transfer with the buyer and lawyer, and mortgage it to the buyer's lending bank;

9. The buyer’s lender will pay 30% of the down payment to the seller.

Materials required for remortgage

1. Materials required by the original borrower:

1. Copy of ID card of the borrower and the person with rights;

2. Original real estate title certificate;

3. Original loan contract (mortgage contract);

4. Original bank repayment statement for the first period; < /p>

5. Copy of repayment card or repayment passbook;

6. House sales contract.

2. Information required for new borrowers:

1. Borrower and rights ***Copy of ID card;

2. Borrower and Rights ***Copy of household registration book;

3. Copy of borrower’s marriage certificate;

4. Proof of income of borrower and loan participant;

6. House valuation report;

7. House sales contract;

8. If the provident fund loan comes with a provident fund account number ;

9. If the consumer loan is accompanied by proof of consumption purpose and utility bills.

Editor’s summary: After reading the above introduction, I believe everyone has a better understanding of whether buying a mortgage house can be remortgaged. If you want to know more relevant information, please continue to pay attention to our website, and we will present you with more exciting content in the future.

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