The changes in the new mortgage law

As more relevant guidelines, we find two orders: the transparency that can be obtained by those who request a mortgage and the legal security of the banks that establish them.

The retroactive nature will affect the current mortgages and those that will be requested once the new law is confirmed. In this way, if you already have one, it can be exchanged for a variable term mortgage. This transfer will be beneficial for those who decide to change it, since the established commission will only be 0.25% if it is requested in the first three years. Apart from that, it will substantially reduce the costs that would go to the registries.

Another factor to be highlighted is the change in the early maturity where a greater flexibility is established for the consumer and an extension to the banks.

On the other hand, if you still do not have a mortgage but you intend to request one, all the new changes will be established without the need to take any action.

Finally, it can be said that with this new model, customers will be able to maintain the capacity to improve the mortgage concession and may refuse to contract binding products, such as life insurance, which also have a very high cost.

On the other hand, the banks will only be able to establish a maximum interest of 9% of the total that is owed, thus avoiding the boiling of the prices of the last years.