![]() Many people aren’t aware of their current interest rate, particularly if they’re paying a variable loan. RateCity tips to haggle for a cheaper home loan: Simply put, anyone can talk their way into a cheaper home loan, they just have to know what to say.īorrowers need to shop around and be prepared to walk away if their lender doesn’t offer them the discount they deserve. Negotiating with your bank for a cheaper home loan may seem like an intimidating task that only a financial expert could manage, but you’d be surprised at how easy it is. Mortgagee should enter his/ her contact details at the end of the letter for communication purposes.If you’re currently paying off a mortgage, there’s an interest rate cut waiting for you if you simply ask for it. This request for a moratorium on payment ultimately addresses mortgage payment difficulties during COVID-19 and asks for a waiver of penalties that would apply on a normal basis if Coronavirus was not a consideration. Waive any penalties during the suspension in payment How to use this Document?Ī mortgagee should address the bank/bank manager and use this letter to request the bank to: It lists out the requests by the mortgagee in order to cope with the difficulties he/she encountered: suspend mortgage payment or pay only interests during the period of the Coronavirus crisis, waive penalties for suspended payments, ensuring mortgagee's attributes unaffected.Īfter stating the expected deadline of the mortgage suspension, the mortgagee thanks the bank for considering such request and emphasises his/her intention to be a long term customer of the bank.Ĭontact details of the mortgagee are also included for the convenience of further communications. It then explained the difficulty encountered by the mortgagee, which is the loss of income as caused by the recent global outbreak of Coronavirus. The letter first states that the mortgagee has always been a responsible and diligent mortgagee regarding his/ her mortgage payment in respect of the property concern. This template can be used to draft a letter to the bank requesting for mortgage relief and to suspend mortgage payment or pay only interests during the period of the Coronavirus (COVID-19) crisis. This is a mortgage request letter format in word to the bank. ![]()
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