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The keys of the future mortgage law, which enhances the treatment to the buyer in front of the banca

The banking loses the game. After years of putting conditions leoninas to the borrowers, the new law of real Estate Credit introduces measures to favour the customers. A good part of the expenses will be the responsibility of the financial institutions , and the commissions will be reduced significantly. Even, many of them will be limits.

last Tuesday we held the last presentation, and it has convened for tomorrow, the Commission of Economy for its ratification, and voting of some outstanding issues. Then, in the last full year, is expected on the 20th of December, they will vote. And from there it will jump to the Senate . To be a accelerated procedure there will only be one week to submit amendments. In this sense, the PP has the key in the upper House to be an absolute majority. As this transposition, the european already been delayed (Spain is threatened with a fine of 105.000 euros per day ), if there are amendments not be returned to the Congress and published directly into the BOE . If this occurs at the end of February, just a month after, in march, will enter into force. Then the dealer will have to take all the changes , despite the fact that it requested three months to adapt to the new law . Here we recount the latest modifications approved.

Amortize prior to cost less

The text that left the team of the last minister of the PP, Luis de Guindos, distinguished commissions of amortization in function of whether they were fixed or variable on the capital repaid early. For the variable type was contemplated to remove them from the fifth or third year, as agreed by both parties, with a maximum cost of 0.25% (or of 0.50%, respectively. The new law establishes these limits at 0.15% and 0.25%. In the case of fixed-rate mortgages, and the commission for early repayment is differed among the 4%, if the commission were produced in the first ten years and 3% since then. The new law reduces this cost by half to limit it to 2 per cent in the first ten years and 1.5% since then.

Apportionment of costs between banks in the subrogation

Another of the changes introduced is referred to the subrogation of mortgages, since they opted to perform a cost allocation that leads to the execution of a mortgage between banks. These new conditions of subrogation of mortgages, who were not initially referred, are set after the changes in the tax on documented legal acts and the sharing of expenses contemplated in the law. The political groups fear a hardening of credit terms and conditions on the part of banks to prevent that, with the increase of the expenses of constitution, would compensate more to carry out subrogation to formalize mortgages. This deal, as reported by the groups, will include all of the expenses provided for in the new law that must take the bank and will be made proportionately on the basis of the interest collected and outstanding since the distribution of these is not regular throughout the life of the credit.

The dealer will have to wait twelve months to foreclose

Even now, with three months of non-payment of fee, the bank can take legal action to foreclose the mortgage, as a step prior to eviction. When it enters into force the new rule, if the default occurs during the first half of the loan, the borrower will have to have stopped paying the 3% of the capital stock granted or twelve monthly installments. If it occurs in the second half of the life of the mortgage loan, it will require 15 months of non-payment or the equivalent of 7% of the capital granted.

financial institutions shall pay the expenses of attorney and agency

Another change we are going to introduce is that the financial institutions will pay the notary fees linked to the mortgage; whereas, the appraisal shall be borne by the customer. They will also take care of the banks of the agency expenses, as well as the registration and the first copy of deed of the notary. For a loan of 150,000 euros, the average costs of the notary are between 800 and 1,200 euros; the agency between 200 and 300 euros, and the registration between 180 and 300 euros. In taxes you would have to pay 3.161 euros, as the tax on documented legal acts is calculated on the mortgage liability and not on the principal of the loan.

it is Not mandatory to hire more products in the same bank

The entities will be able to force your client to hire certain financial products to give you the mortgage, like insurance of life or insurance for the house. But the customer will have the freedom to hire that product in the entity he chooses.

The retroactivity in executions

To the Commission of Economy is pending to resolve the possibility that the new conditions on the early maturity may affect foreclosures that are currently suspended in the courts, waiting to be resolved the preliminary reference to the Court of Justice of the European Union.

“we All agree that should not be unlocked all the processes that are currently pending in the ECJ judgement,” he assured the spokesman, socialist Economy, Gonzalo Palacín, who said that “the agreement is practically closed,” and that “it is a question of style”.

Well, the PSOE has submitted a proposal to ensure, both in the statement of reasons as a transitional provision, that the scope of retroactivity of the rule does not allow you to unlock these procedures.

“The groups are working on a proposal to try to deliver what we said to the minister, Nadia Calviño of that does not apply to foreclosure proceedings that are in progress, and there is not a final draft”, apostilló, for his part, the deputy of United we Can, Rafael Mayoral, who advanced that his group will not participate in this agreement because its position, defended in these debates and not accepted, is that “should guarantee to return the money to the people.”

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