New Year new mortgage? It is worth thinking about, if the agreed conditions do not convince us anymore, but we need to know what the alternatives are and how to move. Especially since lately the Council of State has intervened in the matter, stressing the lack of clarity on procedures outlined by the original legislation. However, if the rates are becoming unbearable to know that you can still suspend temporarily or access to the solidarity fund (see articles below). More clarity
In Case 9322/2010, the Council of State rejected the appeal of the Competition Authority in respect of certain banking institutions. The behavior of the banks deemed improper are substantiated by the Antitrust Authority in having proposed to customers without having to replace, however, highlighted the possibility of substitution that did not involve additional costs. According to the judges of the Palazzo Spada, however, was the original text of Law 40/2007 to present the rules so flawed, then no crime was charged to banks. In fact, only two successive adjustments to the law could be said concluded the process of the portability procedures. Today, the investor is dissatisfied with the mortgage signed before more linear rules and can more easily move between portability (subrogation), replacement and re-negotiation of the loan. But here is a summary of the alternatives and next steps (see also infographic made on the basis of the indications www.pattichiari.it).
"Migration"
The operation of portable or subrogation is the transfer of the loan from one bank to another (Article 8 DL 7 / 2007 into law 40/2007). These are the guidelines issued by ABI: first the customer must verify on the market offers the best conditions, identifying the bank with which the operation. Then take the new bank to the surrogate (without then having to go to the original bank). At this point, the successor bank, following an inter-bank electronic communication institute the original date of the transaction and formalization requires to transmit the same amount of the outstanding debt of the customer up to date. Within 10 working days of receiving the request from the bank of origin, is the successor and the client must know the necessary information and determine the date of transfer of the loan.
The "successor" to the closing of the transaction proceeds through the signing of the loan agreement and request for record (Article 2843, Civil Code) in favor of the transfer of previously recorded mortgage. The operation of portability must be completed within 30 days from the date of the request: after this period, the customer is entitled to request the original bank compensation equal to 1% of the value of the loan to be transferred, for each month or part month overdue. With portability, the customer should not bear any cost of legal fees or penalties for early repayment, however, can change the type of rate or duration, but not the outstanding principal.
With Extinction and re-substitution, however, have the chance to extinguish the old firing one new loan with another bank, an amount higher than the previous and improved. So that the operation is advantageous necessary that the savings produced by reducing the interest rate is greater than the cost of replacement. In fact, this can lead to the application of penalties for early repayment of loans taken prior to February 2, 2007. In addition, there may be legal fees or for the registration of new mortgage on the property or for the investigation, appraisal and insurance costs of the new practice.
Terms magazines
The third option involves the change of the bank, but only an agreement between the bank and customer. The original contract remains valid, but change some conditions such as interest rate or duration. In short, a simple operation that allows the customer to adjust the reimbursement conditions in line with its economic and financial conditions. Then you can go to his bank agreed to change the type of loan, the interest rate or duration. Law 244/2007 allows the customer to renegotiate the mortgage without the burden of bank charges, simply by signing a deed also not authenticated (ie without the assistance of a notary). Since May 2008 there is an agreement (between ABI and the government) to allow clients to renegotiate their adjustable rate mortgage into a fixed rate mortgage (only for variable rate loans for first home signed before January 2007). So, you have the transformation of the mortgage loan in the original installment set parameters interest rates applied in 2006. The difference between the amount due with the initial loan and the renegotiated will be set aside in an account opened in the customer financing accessory, on which charge a flat rate of 10-year IRS rate plus a spread of 0.50 percent. On expiry of the original loan if the residue of the account is negative accessory extends the term of the loan with a fixed rate until the extinction, but if rates were to fall to zero until the bill is ancillary, the original loan will expire on the natural expiration. The market
BRICK AMATO
While the economic and financial market does not help the families in the growth of net wealth, on the other the brick remains the preferred investment: a recent study by the Bank of Italy estimates that in the first half of 2010, household wealth would have declined by 0.3% in nominal terms, following the reduction of financial assets and liabilities increased , in particular for the ignition of mortgages for buying a first home. This trend is confirmed by ABI points out that in the December report that the bank loans in the first ten months of the year grew by 8, 2%, with a focus in the mortgage market for the purchase of property.
INTERVENTIONS
The extent of the temporary suspension of the loan, according to ABI has affected up to September 2010, almost 31mila customers for an outstanding debt of 4 billion €. Also according to surveys Abi substitutions and replacements represents approximately 32% of the dispenser
- Stefano Rossi, Il Sole 24 Ore, January 3, 2011
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