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Radiocommunications Act 1989

Mortgages

75: Alteration of terms of mortgage by endorsement

You could also call this:

"Changing the Rules of a Mortgage"

Illustration for Radiocommunications Act 1989

You can change the terms of a mortgage in a few ways. The amount of money owed can be increased or decreased. The interest rate can also be changed. You can also change the length of time you have to pay back the mortgage. The conditions of the mortgage can be altered or new ones added. This is done by filling out a special form. When you fill out this form, you can include some or all of the changes you want to make. The form will be adjusted to fit the changes you are making. In some cases, you or the lender may not need to sign the form to make certain changes.

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View the original legislation for this page at https://legislation.govt.nz/act/public/1986/0120/latest/link.aspx?id=DLM197126.

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Topics:
Money and consumer rights > Banking and loansHousing and property > Buying and selling homes
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76: Consent to variation of mortgage, or

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Part 9Mortgages

75Alteration of terms of mortgage by endorsement

  1. Subject to subsections (2) and (3), in the case of every mortgage under this Act,—

  2. the amount secured by the mortgage may be increased or reduced; and
    1. the rate of interest may be increased or reduced; and
      1. the term or currency of the mortgage may be shortened, extended, or renewed; and
        1. the covenants, conditions, and powers contained or implied in the mortgage may be varied, negatived, or added to—
            1. by a memorandum in the prescribed form.

          1. The memorandum may include all or any of the matters specified in subsection (1), and in that case the prescribed forms shall be modified accordingly.

          2. It shall not be necessary for a mortgagor to execute a memorandum of reduction, or for a mortgagee to execute a memorandum of increase, of the mortgage debt or of the rate of interest payable under a mortgage.