The joint mortgage is a good alternative for both debtors and banks. But the benefits are compounded by risks and unknowns
The joint mortgage it is a possibility to buy a house which can be used in the event that two people take out the loan. The bank receives a double guarantee on the repayment of the loan but, if one of the debtors does not pay, the credit institution can recover from the other debtor by requesting all the amount due. In the case of a joint loan, the loan is signed by at least two or more debtors who, upon signing the loan, undertake to repay the installments until the debt is paid off. The bank is more prepared to provide the loan, being able to count on a double guarantee. Also, if there are two of you to apply for a mortgage, it is possible to request a higher sum and, in general, the interest rates are more advantageous.
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For i debtors, on the other hand, the advantage of a joint mortgage lies above all in paying only a part of the installment which is divided in two. Both can deduct 19% of the interest payable, up to a maximum of 4 thousand euros but, if one of the two is charged to the other from a fiscal point of view, it is the other who will be able to deduct 100% of the interest payable. To apply for a joint mortgage, all applicants must present their personal data and income documents to the bank. A problem could occur though the mortgage holder does not pay. In fact, if there are episodes of insolvency, the bank will be able to request from each of them the full amount due and not just the amount due. It is also complex to be able to get out of the joint mortgage when the property belongs to several subjects. Among the options are the sale, the rental of the property or the acceptance of the mortgage.
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Various cases
I cases that can occur are different. To make the point is the lawyer Ada Barbera, interviewed by the Idealista.it portal. “One of the feasible solutions during the separation is that whereby only one spouse continues to pay his or her share of the installment. One of the two former spouses can still choose to pay the entire installment, then deducting the amount from any maintenance allowance granted to the other spouse: obviously such a solution must be declared in the consensual separation agreement “, explains the lawyer. This, in the case of consensual separation. In any case, the bank is extraneous to any legal choice made by the spouses during the separation phase. As regards the transfer of one’s share of ownership to the other former spouse, from the bank’s point of view, the problem arises of having to assess whether the residual spouse has a creditworthiness such as to be able to offer guarantees regarding the fulfillment of the installments mortgage residuals.
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