22 February 2018   |   by Sitgeshosues      

How will the new Mortgage Law affect the financing of housing?

Before next summer, the new Mortgage Law will come into force, which was approved on July 19 of last year. This new law supposes substantial changes when contracting a loan to acquire a house.

– Greater protection to the consumer, who must go through the notary before the date of signing the contract so that, free of charge, he receives all the information related to the clauses he will sign and commitments that he will acquire, being informed by the notary if detects some abusive clause. After receiving this information, the buyer must sign a document certifying that he has understood perfectly what he is going to sign, without this document the contract can not be formalized.
– Modification in the execution of the mortgage. The delay period prior to the foreclosure is extended, which can not be done until the default is 9 installments unpaid in the first half of the mortgage and 12 in the second half. Interest on delay may not exceed three times the legal interest.
– Reduction by changing the variable to fixed rate mortgage. The change of a variable mortgage at a fixed rate will be encouraged with the reduction of notary and registry expenses.
– Currency exchange. Multi-currency mortgages may be transferred to the euro at any time, although this measure is not retroactive.
These are, in broad strokes, the main novelties involved in the entry into force of this new law, for more information do not hesitate to contact us, we will be happy to assist you in our office of the Bóvila 1 de Sitges, make an appointment by calling to +34 93 853 29 19 or by email to info@sitgeshouses.com

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