Did you know that you can sell your debt or debts to a new bank? This mechanism is called the portfolio purchase and is a tool that is available in the financial sector with the objective of favoring the applicant in every way. This purchase is available for debts with credit cards, loans and housing loans, in which case the name will be a portfolio purchase
Many people are unaware of this option and there are others who think it is only advisable if they are in debt and need to rearrange credit conditions, reduce fees, etc. However, it is quite the opposite. Actually, the portfolio purchase is ideal to improve the conditions of your debt and thus save, and if you request it while being up to date on your payments, you will get even better offers, since financial institutions will see that you are a good customer and will want to have it Between their ranks
The main use of portfolio purchase
The main use of this tool is the improvement of credit conditions, especially in the aspect of interest rates. Ideally, if you decide to change to a new bank, it is because it offers you a lower rate and greater facilities, which ends up being more convenient than continuing with your current bank.
Something you should keep in mind is that, in the case of the purchase of a mortgage portfolio, some additional costs such as notarial or deed expenses will be presented. Therefore, it is necessary to find out about everything that is required in order to compare the alternative of changing with that of staying, and check if it really represents savings. In most cases, the result is positive.
Not all banks or financial institutions will offer you the same
In addition, not all banks or financial institutions will offer you the same, so you have to do the homework and pay attention to the benefits they offer, in order to identify which one is the most convenient. The best and fastest way to achieve this is by using a mortgage portfolio purchase comparator such as Chloe Wright.