New law hipotecaria
Like this it is the new law hipotecaria: reduction of commissions and more limits to the banking
The Government already has ready the Preliminary draft of Law that will regulate in the future the market hipotecario, a rule that will approve in the next months and that has a double aim: protect to the consumers, augment the transparency on this type of agreements, avert avalanches of demands against the banking like the ones of the last months and give juridical security to the financial sector.
The text no only goes to incorporate to the juridical arranging Spanish the European guidelines in matter hipotecaria, but it also goes to include a battery of measures to improve the market and facilitate to the consumers the understanding of the conditions of one of the most important agreements that will sign in his life.
Resumimos The main changes that has advanced the Ministry of Economy and that will affect to the mortgages that sign from his approval, as well as to the novaciones of the current loans:
1. It appears the contractual stage and the visit to the notary before the byline. As it already had advanced the minister Luis of Guindos, once that the bank hand to the client all the documentation, this will have to attend to the notary so that this verify that the conditions of the agreement adjust to the legality and can resolve all the doubts that generate him the text. The visit will be free, even if finally it does not formalise the loan, and will allow to the consumer know in depth the content of his mortgage before the day of the byline. The Ministry has recalcado that the client can choose the notary.
2. There will be sanctions to notaries and recorder. All those notaries and recorder that do not exert his works of information and supervision (for example, that a notary exit you the contractual stage),will be susceptible to receive a sanction.
3. The interest of demora will be of 9%. In the case that it exist a non-payment, the banks will not be able to charge the interest that have pactado with the client. The rule contemplates that the interest of demora will be thrice the legal price of the money, that at present situates in 3%.
4. It toughens the clause of vencimiento anticipated. Up to now, a bank could reserve the right to actuate this clause, that consists in giving by won the whole of the loan before the agreed term in the moment in which debtor breaks his obligation of payment, with a non-payment of three mensualidades. However, the new law establishes some minimum thresholds taller.
As they explain from the Ministry, “the length of the agreement goes to divide in two parts and to each one of them will apply him a threshold. In the first-half will be necessary the non-payment of at least 2% of the amount loaned to actuate this clause (the non-payment can not surpass the nine mensualidades),whereas in the second half said minimum will spend to 4% (or a maximum non-payment of 12 mensualidades). For a mortgage to 20 years, for example, each half would be 10 years”.
5. It reduces the cost to change a variable mortgage by a fixed. Whenever the bank and the client like this it pacten, the regulation contemplates abaratar the cost to change a variable mortgage by one to fixed type. Economy remembers that there are two ways to achieve this change: negotiate with your entity or go you with another. This last option is the most expensive and, thus, the one who goes to live the main change: the commission of repayment that can charge a bank to way of compensation will be of 0,25% and only will be able to charge during the three first years of life of the mortgage that wants to change . Besides, the costs of would note and register will be bonificados in 90%.
6. They reduce the commissions by cancellation anticipated. What also reduces is the penalty that has to pay the mortgaged if it amortises the loan of form anticipated, already was partial or totally. In the case of the variable mortgages, the commission will be of 0,5% if it makes the amortización in the three first years, percentage that reduces to the half among three and five years and that disappears from the fifth year.
For the fixed mortgages, and like compensation to the insurances that hire the entities not to lose money with this type of operations, the cost of the cancellation will be of 4% in the 10 first years. From then, the mortgaged will have to pay 3% if it cancels of form anticipated.
In both cases, Economy leaves clear that the commission will apply on the quantity that advance the client, no on the total capital slope of payment as up to now.
7. It creates a model type of mortgage. The law contemplates the creation of a model of mortgage that was very simple, so that any person, even those that do not have notions of finances or the market hipotecario, can understand the agreement. This model of agreement will be regulated by Royal decree and will be able to use if the parts (bank-client) like this agree it.
8. The agreement has to reflect who pays what. Another of the characteristics of the agreements hipotecarios that sign from now is that they have to include of clear form who does charge of the costs. That is to say, what goes to pay the bank and what goes to pay the client when formalising the mortgage. However, the rule does not go in to value who has to do charge of the costs, but simply it obliges to reflect them.
9. There is a list of problematic clauses. The law also will include a ‘black list'of abusive clauses that will not be able to apply in any mortgage, as for example the clauses am used to. Although the Ministry has not detailed all the clauses that could include the list, yes has left clear that will form part of her all those that have considered abusive by the courts. In the case that it appear an abusive clause, the notary can request to the entity that remove it of the agreement.
10. It will not have retroactive effects. Economy also has insisted in that the changes that includes the rule will not apply with retroactive effects, what means that only they will affect to the mortgages that sign after his approval, except in the case of the clause of vencimiento anticipated, that yes will be near at hand of all the loans. A different case is the one of the novación of a mortgage prexistente, already this considers a new agreement.
In the case of the new limitations to the commission by repayment anticipated, the date to take will be the approval of the project of law, that will produce before the same law. In this case, therefore, his application neither will have retroactive effects.
11. The bank only will be able to offer products that benefit to the client. Another of the novelties that will have to include the future agreements is detailed and additional information of the products that offers the entity to the client to the margin of the mortgage, as it can be the use of cards or the contracting of an insurance of the home. In this sense, and except that have a profit for the client (for example, reduce the interest of the loan), the banks will not be able to 'oblige' to the client to hire additional products. The offers, besides, will have to have the approval of the Bank of Spain, as it has advanced Economy.
12. It protects to the autonomous. The text pretends to benefit to all the physical people, what also includes to the autonomous.
13. The dación in payment and the costs of the mortgage, the big forgotten. Finally, it touches to review two of the appearances that do not appear in the Preliminary draft of Law that has designed the Government. As it has confirmed Economy, the rule does not include reference any on the dación in payment (this is, hand the house to the bank to give by saldada the debt),neither neither on who has to do charge of the costs that comports the formalisation of the mortgage, for example would note it, the registration of the writing in the Register of the Property or the payment of the tax of Juridical Acts Documented. A case that also finds at present in the courts. As we said some lines further up, the agreement only has to reflect which costs pays each part, but does not go in to value who has to pay it.
News offered by idealist in date 24 July of 2017.
