Bank staff usually make mistakes with loan portability and don’t completely understand the method.

Bank staff usually make mistakes with loan portability and don’t completely understand the method.

Which are the disadvantages?

Loan portability is certainly not constantly the cheap and stress-free procedure that banking institutions vow:

  • Bank staff usually make errors with loan portability and don’t understand the process fully.
  • There may nevertheless be a partial reassessment of one’s situation, or even a complete application that you’ll need certainly to complete.
  • You won’t want to signal a brand new loan agreement but you’ll if you’re borrowing more income. Then you’ll have to undergo the normal home loan application procedure anyhow!
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