Financial institutions are willing to grant new mortgage loans, and not only to finance the purchase of their own homes, which remain many.
But its concession is now subject to a thousand and one conditions, unlike the times of the real estate boom where mortgages were granted as churros without excessive regard.
Clients are looked with a magnifying glass to
Insofar as possible, ensure a more or less guaranteed solvency – never at all because at any time they could become unemployed or fall ill – to ensure the payment of fees.
Solvency that requires a minimum payroll of 2,000 euros to be domiciled with the entity, the payment of social contributions for the self-employed, and, for both, both those who work on their own account and those who do it on behalf of others, hire insurance and domicile two or three receipts for supplies.
From here, we start talking about the granting of the loan. If all these conditions are not met, better refrain because they will not even study the demand.
One of the least toxic credits
Good Finance, one of the least toxic credits it has having sold a large part of this hard-to-recover portfolio to foreign funds, has returned strongly to the mortgage market.
Until last December, it sold a fixed-rate mortgage loan of 2.45% during the first 12 months and Euribor plus 1.69% for the rest of the period. But it has improved. Now, fixed interest has lowered it to 2% during the first year and Euribor plus 1.49% the rest of the term for those customers who have accepted the bank’s conditions.
In addition to direct salary or minimum pension payments of 2,000 euros per month
Social contributions, and contracting insurance, Santander also requires a minimum of three quarterly operations with any debit or credit card of the entity.
Failure to comply with any of these conditions does not prevent the mortgage from being granted, but, if so, it would not be done under the best conditions and the interest rate, instead of fixed, would be variable with a differential of 2.60%.
The financing, in the case of a first residence, reaches up to 80% of the appraised value with a maximum repayment term of 30 years. And, if it is to buy a second residence, only up to 70% of the appraisal is granted, and lowering the return of the principal to 25 years.