The law limits to minimize costs by switching to fixed mortgage, There will be a list of conflicting clauses and may be evictions when defaults exceeded up to the 4% capital, tells it in detail CNN
The reform of the mortgage law will grant a key role notaries as advisors to bank customers who are negotiating a mortgage with their entities, forcing to go to the offices of the pubic notaries on two occasions: once to the notary check that the Bank has given all the necessary information to your customer on the loan, to make sure that you have understood the terms of the contract; and on a second occasion, by signing, as it was the case so far.
It is an "obligation" that will include the regulatory text which the Ministry of finance is going to be submitted to the State Council for further processing in the Congress, from the summer. On that first visit to the notary, It is free and does not have that to go the Bank representative, the customer must already know the standardized warnings tab, that were already forced the Bank to offer its customer, as well as another tab "with clauses that could be potentially more dangerous", indicate sources of the Executive. The entity is also required to provide detailed information on the costs incurred by each of the parties, one of the issues that have led to more conflicts in recent months. With all this documentation, the user will have to sign a handwritten record admitting that he knows all the legal consequences of the contract.
When it enters into force the new law, notaries and registrars may not authorise contracts containing unfair terms considered by the courts, and that collected are on the register of the Ministry of Justice, enabled to do so. With regard to the list of "sensitive" mortgage clauses that can legally be included in contracts, Economy will detail what are in the process of regulatory development of law, but in any case it will be those that have led to more conflicts, such as those related to the costs of defaults or the limitations of interest through the 'soils' rates. Además, the related-party transactions be banned, This is, required to accept a 'pack' mortgage in the Bank offering the loan of a particular interest along with a set of products - insurance, cards, etc.-. That does not mean that the entity may offer a rebate of the kind of initial mortgage interest if certain products are acquired, It is the usual practice so far.
The standard will also improve the passage of a mortgage of type variable to another fixed, as announced by the Minister of the economy, Luis de Guindos, Last week. It will do this by removing the Commission by subrogation the banking charges when a customer find a more attractive offer in another entity, provided that you do so from the third year of life of your mortgage; or limiting this rate to the 0,25% capital, If the mortgaged wants to choose a loan in another bank during the 36 months of real estate credit. Además, in this sense, a notarial tariff reduction will be applied and must register for the 90% -against the current bonus of the 70%-, to facilitate the change of model of the fixed rate loan. In what refers to the novation - when credit conditions are modified without changing the Bank-, This can be achieved by an annex agreement to writing, without applying any cost, According to ministerial sources.
In the field of eviction, Although the Act does not incorporate the possibility of applying the dation in payment, Yes is more flexible system whereby the Bank can run a home if its owner fails to pay the mortgage. Until now, the entity could act with three uncollected payments. Now, a limit of unpaid money, as he said of cherry in March, with these figures: If the amount of the payment exceeds the 2% granted capital, You can apply the early maturity of the loan and, por tanto, the execution; If the default is recorded in the second half of the life of the mortgage, This percentage rises to the 4% capital. In the first case, There will be a limit of nine months unpaid; and in the second, of up to one year. This measure will affect all mortgage loans, regardless of which they are already formalised when materializes the law.
If the mortgaged wants to make advance redemption of your loan may do so with more flexible conditions. If it's a mortgage type fixed, There will be a maximum Commission of the 4%, If it is made in the first three years of life; y del 3%, in the other cases. For variable mortgages, the maximum Commission will be of the 0,5% for the first three years; un 0,25% between the third and fifth year; and there will be no Commission refund advance thereafter. This measure will only affect loans that enter into force when the law is adopted.