Mortgage Law (2/2)

Ferran Busquet, to the program "Consulta Oberta" of Canal Taronja TV tells us the most important news and changes in the relationship between consumer and bank of the new Mortgage Law.

This law is much more consumer-friendly.

Many points change:

• Early maturity: In case of default, you will now have to have unpaid, if we are in the first half of the duration of the loan, twelve installments or 3% of the amount of the loan, and if we are in the second half, 15 installments or 7% of the amount. In any case, the bank has to make a prior requirement to the customer with a month of time.
• Delay interest: It can never be higher than the contracted interest plus three points.
• Commissions:
  • Opening - Single commission for all concepts.
  • Early cancellation - For fixed interest, a maximum of 2% within the first ten years of the loan and 1.5% thereafter. If there are variable intervals between 0.15 and 0.25%.
• Suelo clauses: Abolished, but there can never be negative income.