The Monetary Authority directed yesterday, Monday, real estate financiers to offer one or more options to their customers as other alternatives and to continue with the existing mortgage contract, with the possibility of converting the customer's real estate contract from variable to fixed cost without administrative fees if the product is available at the current financier, and enabling real estate financiers to transfer the debt to another real estate financier if they obtain terms that suit their circumstances.

Real estate financiers have the right to transfer the indebtedness to another real estate financier if they obtain terms that suit their circumstances. The Monetary Authority said: “The real estate financier is not entitled, when transferring the indebtedness, to charge the customer a term cost for the remaining period except to the extent permitted by the early repayment provisions... The customer should not hesitate to inquire and ask any questions to the employee of the financing entity in case the product agreement or conditions are not clear.”