NEWS: WE HAVE WHAT ARE THE MOST INTERESTING CHANGES FOR YOU AS A BUYER WITH THE NEW MORTGAGE LAW.19 Jun 2019 Back
Are you thinking about buying your home and need a mortgage? At APYSUR we are aware of all the changes and novelties of the market, so we believe that this news may interest you.
With the new Mortgage Law approved by the Congress of Deputies, customers can save money when formalizing their mortgage. The new Mortgage Law entered into force on June 16, after its publication in the Official State Gazette ( BOE). As of this moment, the new mortgaged will be able to enjoy the advantages of the law.
Among the most noteworthy novelties, said law establishes that from now on it will be the banks and not the clients who will have to take charge of the payment of the first copies of the notary, the expenses of the registry; there will be a reduction in interest on late payment and early amortization, among other innovations that have improved in the benefit of the client.
1. The distribution of mortgage expenses
Most of the expenses related to the hiring of a mortgage, which until now fell on the client, will become the responsibility of the bank. The costs of notary and registration will correspond to the entity, while the client will only assume those of appraisal and those of notarial copies. The controversial tax on legal acts documented (IAJD) will also be borne by the bank, according to Royal Decree-law 17/2018.
2. News in the links
The new law establishes that entities can not impose their related products (home insurance, life insurance, cards ...) although they can make bonuses for the products that are hired, as is currently done. Banks may continue to market their linked products, but now the customer may present alternative policies to their entity and "in no case" the acceptance by the bank of an alternative policy other than the one proposed by them may lead to worsening of the loan conditions .
2. Goodbye to the floor clause.
The approved Law prohibits the clauses floor, this way in the operations with type of variable interest a limit can not be fixed to the loss of the type of interest. The purpose of this rule is that the client can benefit from the falls of the Euribor, although the minimum interest will be set at 0%, it can never be negative.
4. The role of the notary
The role of the notary becomes relevant when ratifying that the owner knows the product he is hiring. Before the Law, the mortgaged only had to go to the notary to sign his mortgage. However, with the new law, the owner will have to go to the notary a minimum of two times. The first will be without the entity to be able to ask any questions that arise about the intricacies of your contract. The second will be with the entity for the signing of the mortgage contract. In addition, the notary will ensure that the client knows perfectly the ins and outs of his contract. The contracting party will have to answer a questionnaire to prove it.
To know all the news about this law you can read it in this link with the publication in B.O.E