What are the three current systems for lowering the mortgage rate, the new aid from the banks and the upcoming government aid? The cost of money is still increasing, interest rates are rising and mortgage payments are rising. According to the latest news, in the last year alone the cost of a mortgage has increased between 60 and 75% for those with variable rate mortgages. We are therefore looking for the best solution to lower the installments of a mortgage. Let’s see if and when we can
What are the 3 current systems to reduce the mortgage payment What are the new bank aids for mortgages and incoming government aid
What are the 3 current systems to reduce the mortgage payment
I three current systems that allow you to lower the mortgage payment are: renegotiation of the loan; loan subrogation: early repayment of the loan. There Mortgage renegotiation allows you to modify some conditions contained in the loan agreement in force with your bank with the definition of more favorable conditions. The borrower who intends to renegotiate his loan must go to his bank, explain the reasons why he decided to renegotiate the loan and his needs in order to choose the new solution according to his needs. Following this method, the borrower and the bank, by mutual agreement, modify some conditions of the existing loan agreement.
For example, you can switch from a variable rate mortgage to a fixed rate one or vice versa; or you can request an extension of the duration of the same loan with respect to the initial established term, passing from a twenty-year loan to a thirty-year one, consequently reducing the amount of the individual repayment installments but increasing the repayment time of the same.
When you make a mortgage renegotiation, the previous contract does not expire and it is not necessary to turn on a new one, but it changes, certainly becoming more advantageous for the same borrower who has opted for the changes. The renegotiation of a mortgage does not require expenses and can be carried out by means of a private deed, even if not authenticated, and can therefore also take place through an exchange of correspondence between the bank and the customer, and the intervention of a notary is not even required.
The subrogation allows you to change your mortgage, also switching from variable to fixed rate, at no cost, by changing banksi.e. by transferring one’s residual loan to another bank, after evaluating the various offers proposed, changing the type of loan (rate) but also its duration.
The transfer of a mortgage from one bank to another concerns the registration of a mortgage on the house that has been bought and, by subrogating its mortgage, the new bank takes on the burden of paying off the residual debt. The customer, for his part, undertakes to pay the installments of the new loan. Once the transfer from one bank to another has been made, which takes place automatically between the same banks, nothing more will have to be paid to the old bank.
Finally, to lower the mortgage payment is also possible pay off in advance without blackberries. According to the provisions of the laws in force, those who have liquidity on the side can reduce the installments without any penalty.
What are the new bank aids for mortgages and government aid incoming
In support of those who have mortgages in progress and have high installments to pay, in waiting for new official aid from the government for those with mortgages in progress and risks seeing doubled installments to be paid, the banks have decided to define specific aid measures.
Intesa Sanpaolo for example, it has decided to lengthen the installments of variable mortgages to reduce the difficulties of households and businesses in paying the monthly installments, considering the increase in interest rates by the ECB.
Also Unicredit for private individuals and families has provided for a new flexibility plan in mortgage repayments, extending the zero-expense remodulation of the mortgage with the possibility of suspending the repayment of the principal amount for 12 months, or reducing the amount of the installment with a simultaneous extension of the expiry of the repayment plan for a period up to a maximum of 4 years.
Intesa Sanpaolo and Unicredit have anticipated what the government is preparing to do to support borrowers. In fact, Minister Salvini announced that he is working with the Ministry of Economy and with the banks to extend the installments of those with variable rate mortgages and thus support families in difficulty who must, however, observe the regular payment of mortgage installments.
2023-07-18 15:10:00
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