Dealing with ‘expensive mortgages’: strategies, protection tools and econometric expertise to protect consumers.
The increase in daily costs and interest rates is putting a strain on the finances of Italians, in particular those who have taken out variable rate mortgages. This implies a significant increase in the monthly payment, making it increasingly difficult to manage the family budget. However, there are tools and strategies available to consumers to alleviate this financial burden and protect their interests. In this article, we will explore the tactics and tools available to help consumers mitigate the effects of “high mortgage prices” and ensure more sustainable financial management.
Mortgage costs: tools to reduce the financial burden and protect the customer
The increase in inflation, daily expenses and interest rates is putting a strain on the finances of Italians, especially those who have variable rate mortgages. These increases are directly reflected in the mortgage repayment, in addition to the banks’ policies, making access to credit more complicated and imposing unclear expenses. We will offer you advice to survive the “expensive mortgage”, trying to lighten the installment and protect consumers from possible irregularities.
Effective tools against ‘expensive mortgages’: reduce the financial burden and protect the customer (www.designmag.it)
How to reduce your mortgage payment
- Mortgage renegotiation: one possibility is to renegotiate the mortgage with your bank, requesting a lowering of the installment and an extension of the duration of the loan. This solution could make the installment more sustainable in the short term, but involves an increase in interest and overall debt.
- Mortgage subrogation: it involves taking out a new mortgage with more advantageous conditions with another bank. However, this option comes with additional costs and the need for the new bank to revalue the property to which the mortgage is attached, which could create complications if the value of the property has decreased.
Customer protection tools to reduce the installment
In addition to the renegotiation and subrogation options, there are other protection tools for families that can also be applied if the bank has initiated legal actions for the recovery of the credit. For example: econometric expertise. It is an analysis that allows you to evaluate the customer’s real debt towards the bank, discovering possible irregularities applied by the institution. This expertise allows you to:
What does the econometric appraisal evaluate
- Usury of interest: evaluates whether the rate applied exceeds the limits set by the Ministry of Economic Development, configuring objective usury.
- Determination of the applied rate: identifies ambiguous or unclear rates, which can increase mortgage costs.
- French mortgage and compound interest: analyzes the possibility of interest calculated on interest, especially in types of financing such as mortgages, limiting the practice.
- Unfair clauses: examines clauses such as the “Threshold Rate” (Floor) which only protect the bank, highlighting any oppressive aspects recognized by law.
The econometric appraisal is a valuable tool for evaluating and defending consumer rights in the financial sector, allowing you to identify and address any irregularities in mortgage contracts. These tools can offer greater awareness and protection to consumers who want to reduce the mortgage burden on their finances.
2023-12-18 21:31:04
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