many months, the new Mortgage law It has been approved. A few weeks ago we wrote a post with the changes that were expected. But now it is here, although it will come into force in three months, period that banks have to adapt. We tell you about the changes in the Mortgage Law.
AJD.- The financial sector must pay the tax on Documented Legal Acts. This supposes between an 0,5% and in 1,5% of the mortgage responsibility, depending on the CCAA How much does it cost?
Commission for early repayment.- This is one of the novelties. In the case of variable mortgages, the limit is 0,25% during the first three years of life of the contract and 0,15% between the third year and the fifth year. In the case of landlines, the final text includes a commission of 2% during the first 10 years and an 1,5% thereafter. Obviously here the limits are marked.
The notary acquires greater prominence
Commission for opening.- No limits are established and it will be agreed.
Valuations Independent and carried out by approved professionals that the client can decide.
Client and notary.- The notary charges more even more prominence. The client is obliged to go to the notary before signing the loan to resolve any doubt. It is a free visit and you must sign a document stating that you understand all the sections. The objective is to avoid later denunciations.
Evictions for non-payment.- The financial institution can activate the call early termination clause due to non-payment of the client when the arrears exceeds the 12 monthly payments or the 3% of the loan during the first half of the mortgage's life. Likewise, the interest rate is limited by when the client delays payments.
The abusive clauses.- They are prohibited by law.
Customer payments.- The client only pays the appraisal and the copies that he requests from the deeds. The banks will have to pay the first copies of the notary, the expenses of the registration in the registry of the mortgage and of the agency. We talk about the mortgage, not with other taxes in the sale.
Abusive clauses are prohibited by law
Linked products.- Many entities gave mortgages subject to some product, now they are prohibited.
Ease to convert the mortgage.- Moving from a variable mortgage to a fixed one will be cheaper
Multi-currency mortgages.- They can be converted to the currency in which the client receives his income.
Control of the bank.- He is obliged to analyze the solvency of the client before granting him the mortgage.