no annunciato misure di aiuto per i mutuatari, come l’allungamento delle rate dei mutui variabili e la flessibilità nel rimborso dei mutui. Il governo sta lavorando con le banche per implementare ulteriori aiuti per le famiglie in difficoltà.New Methods to Decrease Monthly Mortgage Payments: Banks and Government Introduce Financial Support
The cost of mortgages continues to rise, along with interest rates and monthly loan payments. Recent calculations show that in the past year, the cost of a variable interest rate mortgage has increased by 60% to 75%. As a result, people are searching for the most effective strategies to reduce their monthly mortgage payments. Let’s explore the current methods available and the upcoming support from banks and the government.
What are the 3 current methods to decrease mortgage payments?
The three current methods to lower mortgage payments are:
1. Mortgage renegotiation
2. Mortgage substitution
3. Early mortgage repayment
Mortgage Renegotiation
Renegotiating a mortgage allows borrowers to modify certain conditions in their existing mortgage contract with their bank. By doing so, they can secure more favorable terms. Borrowers interested in renegotiating their mortgage should visit their bank and explain their reasons for seeking a renegotiation, as well as their specific needs. Through mutual agreement, the borrower and the bank can modify certain conditions of the existing mortgage contract.
For example, borrowers can switch from a variable interest rate mortgage to a fixed-rate one, or vice versa. They can also request an extension of the mortgage duration, changing from a 20-year mortgage to a 30-year one. This reduces the amount of each individual repayment but extends the repayment period.
When renegotiating a mortgage, the previous contract remains in effect, and there is no need to take out a new one. The contract is simply modified to be more advantageous for the borrower. Mortgage renegotiation does not incur any fees and can be done through a private agreement, even without notarization. It can be carried out through correspondence between the bank and the customer, without the need for a notary.
Mortgage Substitution
Mortgage substitution allows borrowers to change their mortgage, including switching from a variable to a fixed interest rate, without any cost, by changing banks. This involves transferring the remaining mortgage to another bank after evaluating different offers. The transfer of a mortgage from one bank to another concerns the mortgage registration on the purchased property. By substituting their mortgage, the new bank takes on the responsibility of paying off the remaining debt. The borrower, in turn, commits to paying the installments of the new mortgage. Once the transfer is completed between the banks, the old bank no longer requires any payment.
Early Mortgage Repayment
Lastly, borrowers can also lower their mortgage payments by making early repayments without penalties. According to current laws, those with available funds can reduce their installments without any additional charges.
What are the new aids from banks and upcoming government support for mortgages?
In anticipation of official government support for those with existing mortgages and facing high payments, banks have implemented specific measures to provide assistance.
For example, Intesa Sanpaolo has decided to extend the duration of variable rate mortgages to reduce the financial burden on families and businesses in paying monthly installments, considering the increase in interest rates by the European Central Bank.
Similarly, Unicredit has introduced a new flexibility plan for mortgage repayment for individuals and families. This plan allows for the modification of the mortgage at no cost, including the possibility of suspending the repayment of the principal for 12 months or reducing the installment amount while extending the repayment period for up to 4 years.
Intesa Sanpaolo and Unicredit have taken these measures in anticipation of further government interventions to support mortgage borrowers. Minister Salvini has announced ongoing collaboration with the Ministry of Economy and the banks to extend the repayment period for those with variable rate mortgages and support families facing financial difficulties, while ensuring regular mortgage payments.
Key Takeaways:
– The three current methods to lower mortgage payments are renegotiation, substitution, and early repayment.
– Renegotiating a mortgage allows borrowers to modify the terms of their existing contract with their bank.
– Mortgage substitution enables borrowers to switch their mortgage to another bank without incurring any costs.
- Early mortgage repayment allows borrowers to reduce their installments without penalties.
– Banks such as Intesa Sanpaolo and Unicredit have introduced measures to assist mortgage borrowers while awaiting further government support.
How do the new measures introduced by banks and the government help borrowers reduce their monthly mortgage payments?
L costs. By making larger payments or paying off a portion of the principal amount, borrowers can decrease their mortgage balance and subsequently reduce their monthly payments. This method requires careful financial planning and budgeting to ensure that borrowers have sufficient funds to make early repayments.
What are the new measures introduced by banks and the government?
Recognizing the increasing financial burden on borrowers, banks and the government are working together to implement additional measures to support struggling families. These measures aim to alleviate the pressure of increasing mortgage payments and provide more flexibility in repayment options. Some of the new measures include:
1. Extension of Variable Interest Rate Mortgage Terms
Banks are now offering the option to extend the term of variable interest rate mortgages. This means that borrowers can spread out their repayments over a longer period, reducing the monthly payment amount. This allows borrowers to better manage their finances and cope with the rising costs of mortgages.
2. Flexible Repayment Options
To accommodate borrowers facing financial difficulties, banks are also introducing more flexible repayment options. This may include temporary interest-only payments or reduced monthly payments for a certain period. These measures aim to provide temporary relief to borrowers and give them time to recover financially.
3. Mortgage Payment Deferral
In some cases, banks may allow borrowers to temporarily defer their mortgage payments. This means that borrowers can take a break from making monthly payments for a specific period. However, it’s important to note that interest will continue to accrue during this deferral period, and the missed payments will be added to the outstanding balance.
These new measures aim to support borrowers in managing their mortgage payments during challenging economic times. By implementing these options, banks and the government hope to provide relief to families facing financial difficulties and ensure the stability of the housing market.
In conclusion, there are various methods available to decrease monthly mortgage payments, including mortgage renegotiation, mortgage substitution, and early mortgage repayment. Additionally, banks and the government are introducing new measures such as the extension of mortgage terms and flexible repayment options to further assist struggling borrowers. These initiatives aim to alleviate the financial burden and provide relief to families facing difficulties in managing their mortgage payments.
