They are lowered by half for fixed rate mortgages (2% during the first 10 years and 1.5% from this period) while the client should choose the type of amortization at three or five years when his mortgage is at variable rate, whose commissions will be 0.25% or 0.15%, respectively. The Congress today rejected the amendment introduced by the Upper House and that established a compensation in favor of the bank with a limit of 4% of the capital amortized before it occurs in the first ten years of the loan or 3% if it were later. This has been one of the great workhorses of the bank, which defends the application of this clause especially in the fixed rates because, otherwise, no bank would run the risk of giving a mortgage and keep its cost if the client He decides to leave. The May 2019 Calendar Word becomes free of any cost and between the entities a compensation mechanism is established based on the interest collected and the pending collection.
May 2019 Calendar Word
The bank will give the client 10 days to analyze the pre-contractual information of the real estate loans before signing them and must offer a standard file so that the clients can easily compare the mortgage conditions offered by each entity. The new Independent Consumer Defense Authority that the Government intends to approve in the remainder of the Legislature will be responsible for ensuring the protection and transparency in real estate contracting. From now on the complaints and claims of the mortgage clients will be resolved by this body, instead of by the Bank of Spain, as it happens at present.
The new regulation reinforces the bank’s need to “evaluate in depth the solvency of the potential borrower”. Moreover, the rule specifies that the entity must take into account the current income of the client and the presepables in the future, the assets owned and the accumulated savings, the fixed expenses and the commitments assumed. The bank must assess even the foreseeable level of income to be received after retirement in case the client must continue paying the credit after retiring. Six years after the publication of the first list made by the Consumers Organization (May 2019 Calendar Word), illegal containers collection of used clothing are still present in the streets of Spanish cities. The organizations behind these pirate deposits pose as NGOs, even though the pursuit of monetary benefits is their sole objective. If this deposit does not have any identification, “it is most likely an irregular container.