In June 2019, the new Mortgage Law came into effect, which sets the conditions for granting mortgages. There are many new features that this new regulatory standard incorporates, but it is especially noteworthy that the new mortgages that are signed incorporate more and clearer information and include greater guarantees for mortgages and lower costs, since some tax and other expenses must now be assumed by the banks.
We summarize the main changes of this New Mortgage Law:
- Notary, registration and agency expenses borne by the bank.
- Elimination of the ground clause.
- The client must have a series of documents 10 calendar days before signing the contract.
- To initiate an eviction, they need a minimum of 12 unpaid receipts.
- Greater facilities to change the mortgage of entity.
- The bank will only charge an opening commission.
- Customers cannot be forced to take out home insurance, life insurance…
If you have any questions, do not hesitate to contact us. We advise and inform you without obligation.