The majority of the political groups have agreed to in the Congress to lower the repayments in advance of the mortgage within the text of the new law of real estate credit. In the case of a mortgage variable, the legislative text that left the then minister Guindos already reduce these commissions to eliminate them from three or five years of the life of the mortgage, as had been agreed with the bank. If you remember, five years ago, at that time the client had to pay a 0.25% of the capital repaid in advance. If pactaban three years, then the commission amounted to 0.50% during that period. Now those commissions of 0.25% for five years and 0.50% for three are reduced to the half: 0,15% and 0,25%, respectively. In the legislation in force, a policy of 1994 was fixing the roof of the commissions in the 1%. And another from 2003 placed in the 0,50% to all loans made thereafter.
In the event of a mortgage to a fixed rate, much more expensive for the bank because it has to cover the risk of changes in interest rates, the cost of these commissions is also trimmed in half. In the proposed Guindos were in the 4% during the first 10 years and 3% in the rest. Now the parties have agreed to with the exception of We that are placed in 1.5% and 2%, respectively. Currently, there is no legal limit to the fees of early Goldenbahis redemption on fixed-rate mortgages.
This agreement shall be recorded in the future law of credit real estate last Congress and which is expected to vote next Tuesday, day 10 in committee to send it then to a vote in the last plenary of the year, probably on the 20 day of December. Then, you have to be approved in the Senate and then go to Congress. The intention is to come into force early next year.
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The bank can only foreclose if the customer wrongfully withheld between 3% and 7% of the credit to The mortgage law, will require the bench to examine the creditworthiness of the customer The bank will pay all expenses of the signature of the mortgage unless the appraisal
on the other hand, by imposing that the banks have to pay the tax on documented legal acts created a problem: an entity could take advantage of that another bank had already paid the costs to sign the mortgage to try to attract the customer in the best conditions. It created a problem of unfair competition. So that the deputies have agreed that there is a sharing of the costs in the subrogation of the mortgage. Basically, the entity is left with the customer will have to compensate the former paying for the costs of constitution of the mortgage, in function of the interests that has been disbursed already by the client. That is to say, if the customer has paid 20% of all the interest that I would pay for the credit, then the new entity will have to pay a 80% of the costs of the mortgage.
Although there is an agreement in principle, the parliamentary groups have not closed yet how to implement the retroactivity of the law. You run the risk that if they apply to the credits that you have already signed the new requirements that make it more difficult to start the process of foreclosure of the mortgage is up with a new wave of foreclosures. These were paralyzed by a ruling european who said that the legislation in Spain was abusive. And if they applied the new law might start up processes.
