It plans to ask a mortgage? These are the new rules

This Sunday went in in force the new Law of agreements of real-estate credit, that rediseña the loans to buy house. Discover how they will be

Only it is missing a day so that one of the most sounded laws of the anterior term of office among in force. As it is foreseen in his own text, this Sunday, day 16 June, will do effective the norms of the new Law of agreements of real-estate credit, that reconfigura numerous essential elements of the mortgages. To avert any doubt on the eventual retroactividad of the rule, the legislator left clear that this does not apply “to the agreements of loan subscribed prior to his entrance in force”, but with two important exceptions: the principle of no retroactividad will derogate in the case of novación or subrogation that take part after the entrance in force of the new normative and in the mortgages that contain clauses of vencimiento anticipated.

Like this they go to be the new mortgages.

How it evaluates now the bank to the client that asks the mortgage? The new law establishes that the entity has to value the solvency of the potential user of the mortgage “in depth” before conceding the loan. What translates in escudriñar his use, his present income and those that presumably will have during the life of the mortgage, the active that eventualmente detain, his savings, the fixed costs and the already assumed commitments. “Likewise, it will value the predictable level of income to perceive after the retirement”, in the case that the loan continue reembolsando once finalised the labour life of the borrower, prays the rule. And, very important, the evaluation of solvency can not base in the initial contribution to the purchase by the debtor. Neither it will serve the forecast that the well will augment his value in the future, except if the mortgage awards for the construction or the renewal of sakes real estates of residential use.

Bank or client, who pays what? Except the valuation, that has to sufragar the headline of the loan, all the other costs run to charge of the bank: gestoría, notarial tariffs for the writing, registration in the register of the property and the tax of Juridical Acts Documented (AJD). This tribute, that pays for formalising a mortgage, created a big stir this autumn, when the High court, with a controversial decision, revertió a sentence that had pronounced previously and dictated that it had to credit it the client and no the bank. The Government approved then a decree that put an end to the question, imposing that they went the financial entities those who paid the AJD.

It follows existing the opening commission? Yes; another thing is that the bank delete it to capture clients. In any case, the bank only can charge a commission for services sure enough loaned or costs that can accredit , and only if they have been requested or accepted by the client. When among the lender and the borrower pacte an opening commission, this will have to englobar in an alone payment “the whole of the costs of studio, processing or concession of the loan or other similar”. In the case of a mortgage in another currency, this commission will include also any collection by the change of coin in the initial outlay.

The bank can impose a clause am used to? No. The new law establishes that “in the operations with type of variable interest will not be able to fix a limit to the drop of the type”, closing like this the door to that they go back the called clauses am used to, that the courts have annulled by abusive in 96% of the resources judged in the first quarter of this year. Nevertheless, to avert that an entity pay for loaning money, the rule also dictates that “the interest remuneratorio can not be negative”; that is to say, when the index of reference (like the euríbor) was in negative and give the case that it surpasses the differential that charges . Likewise, the index that uses to compose the type of variable interest has to be “clear, accessible, aim and verifiable by the parts”, and does not have to be “susceptible of influence” by the entities. This prescription that excludes the utilisation of indexes of reference like the IRPH, whose supposed fault of transparency and permeability to the manipulation are subjected now to the trial of the Court of Justice of the European Union (TJUE).

How it can reembolsar in advance a fixed mortgage? Amortise the debt of form advanced (total or partially) translates in a saving, since they reduce the capital to give, the interests and other costs like the insurances linked. But it will be necessary to pay a commission forthat. If it does in the 10 first years of force or from the day in that it results applicable the fixed type (in the case of a mixed mortgage),the commission will have a limit of 2% of the capital reembolsado in advance. If the amortización advanced did sometime back, the ceiling would be in 1,5%.

How it can reembolsar in advance a variable mortgage? It will apply also in this case a commission. The law establishes that the entity and the client can negotiate his quantity, but with these limits excluyentes among himself: or until 0,15% of the capital give with antelación, if the repayment anticipated made during the five first years of the agreement, or until 0,25% if it did during the three first years. “In distinct suppositions” to these, the bank “will not be able to charge compensation or commission by repayment or total or partial early repayment”, prays the rule.

What spends when the client can not pay his quota? The bank will apply the called interests of demora on the capital of the loan that the user has left to pay. The High court, when judging excessive the interests of demora that were used to pactar in the mortgages does some years, and that they could arrive until 25%, dictated that these did not surpass in more than two points porcentuales the type of interest pactado in the agreement. Now the law establishes that the interest of demora will be the interest of the loan “more three points”. That is to say, if the type established in the agreement was 1,5%, would apply some interests of demora of 4,5%.

It can have evictions? Yes, but so that the bank execute the mortgage —that is to say, put end to the agreement with antelación with regard to the planned term and do with the very put like guarantee of the loan—, the headline has to have left to pay more quotas that before the new law. The quantities foreseen now are 3% of the capital conceded or a quantity of money that correspond to 12 monthly quotas if the Muslim produces in the first-half of length of the mortgage; and 7% of the loaned or the equivalent to 15 mensualidades when the non-payment occur in the second half. It will be necessary to take also that, although the law foresees explicitly that his norms are not applicable to the agreements signed before his entrance in force, these quantities yes will use in ancient loans that contain specific clauses of vencimiento anticipated. It will be the debtor the one who decide if these are more favourable for him or prefers to receive to the new regime.

They follow existing the products linked? A common practice that the entities have used up to now to recess the differentials of the types of variable interest is to sell to the client some products linked like the insurances. In general lines, the new normative forbids it, although it allows that the bank demand to his client the subscription of some insurance like the one of guarantee of fulfillment of his obligations or the one of harms to the real estate mortgaged, among others. If this was the case, the financial entity would engage , however, to accept the alternative policies that proposed him the client and that have conditions and equivalent provision. Likewise, in each renewal of the policy the client will have the faculty to pose alternatives, for whose analysis the financial entity will not be able to charge any commission. If it accepts the offer of some provider of sure proposed by the client, this will not be a reason to worsen the conditions of the loan. The entity that loans the money will be able to link the mortgage also to that the headline of the credit, his spouse or couple in fact, or a relative, hire some financial products authorised by the Ministry of Economy, “whenever they serve of operative support or of guarantee to the operations and that the debtor and the garantes receive precise information and detailed” on them.

What spends with the mortgages multidivisa? The headline of a loan can turn an alternative coin that it was the currency in which it perceives the main part of the income or have the majority of the active with which the reembolsa, or that it was the one of the Been member in which it was resident in the moment of the byline or of the application of conversion. The exchange rate with the euro will be, of home, the one of the ECB in the date of application, except that the agreement have another thing. The bank is now obliged to inform periodically to the client of the increase that in his case have produced by the exchange rate and of the applicable mechanisms to reduce this risk. Anyway, it has to do it every time that the quota differ in more than 20% of the amount that the client had paid if it had applied the valid exchange rate in the date of the byline.