homeloans

[nicsai]

hi every one . ineed advice please. i signed a fixed rate on my bond when interest was high. get my income from letting properties. so to get another bond with banks seem impossible. got other property with no bond. where do i find private investor for abond. or is that a waste of time. are their rate to high. thanks.

[Blurock]

First get a quote from another Bank. Approach your bond holder and re-negotiate a rate. There will be penalties to pay, but it may be cheaper than the registration fees on a new bond. If not, move to another bank.

[Martinco]

First get a quote from another Bank. Approach your bond holder and re-negotiate a rate. There will be penalties to pay, but it may be cheaper than the registration fees on a new bond. If not, move to another bank.

If you give your present bondholder 3 months notice, these should not be any penalties but remember that there are costs involved to register a new bond. Get a quote from several conveyancers/lawyers and play the one against the other. This saved me +- R 7000 on a transfer and registration deal.
I would first try the re-negotiating route as suggested by Blurock

[johnwarner75]

In your contract when can you re-mortgage? It may be 2 or 5 years from commencing.

[nicsai]

i dont know what is in contract. i have a flexi on bond. even if i get money on other property i could pay money in on fixed bond and save. problem is bank want 12 month rental contract for i dont know what. how must i get 30 familys to rent in one month and all for 12 months. i have bond for 11 years now. never skipped a payment. that was why i was thinking of private investor. thanks every one.