The latest official data, the National Institute of Statistics (INE), indicates that the number of mortgages on housing stood at 29,516 last June, 16.5% higher than the same month of 2016. they sell more houses, again, and they sign more mortgages, again.
In fact, the bank presumes to have learned the lesson of the crisis. The Spanish Banking Association (AEB) says that now they only grant mortgages in a “transparent and responsible” way. And yet there are communities where the payment of the mortgage exceeds the recommended limits; that is, those families enter the risk zone to pay their fees . In the Balearic Islands, Madrid or Catalonia, the mortgage takes more than 30% of the salary.
To describe the basic features of the current mortgage scenario would add that 62.2% of mortgages are signed floating rate and 37.8% fixed rate. The Euribor is still the type to which the majority of variable rate mortgages are referenced. In addition, according to data from El Hipotecador, the new mortgage loans are in an average term of 23 years and most of them of the variable rate (63.2%).
If you are determined to buy a house and you are obliged to sign a mortgage, before you start visiting bank branches try to know if you meet all the requirements . In RN Tu Solución Hipotecaria propose these six as essential.
It is important that we provide the bank with all the necessary information about our current situation. Sometimes the impression is everything, and in this first meeting we have to go as if it were a first date.
Make a good purchase
The market value of homes is important so that, in the event that we can not continue paying the mortgage, the bank has the possibility of selling it at a good price and without losing money. It is taken into account from the location of the same, the use due to whether it will be first or second residence or the type of housing.
Normally a continued job stability is demanded over 2 years. Having saved 20% of the purchase.
This factor depends on the type of mortgage we choose, but it is important to bear in mind that most banks will ask us to contribute 20% of the purchase price to start the procedures. The goal is for the consumer to provide a significant value of the total price of the home to demonstrate their commitment to the mortgage loan.
Contribute 10% of expenses s
Although the Constitutional Court considered all mortgage expenses to be abusive for its consumers, and that banks are considering how to distribute mortgage expenses to try to avoid new judicial battles, we are still asked to contribute an amount for the derived expenses. Normally the expenses can be of 10% on the total price of the purchase and include the notary, the property registry or the expenses of appraisal management among others.
Have demonstrable fixed income
The stability of our income is one of the most important requirements. A continuous job stability of more than 2 years is usually requested, and in which the employees or workers with a fixed contract are more valued. On the other hand it can generate more problems if our salary depends on bonuses, commissions, etc.
Become a “friend” of the bank?
The loyalty of the client is something important for the bank that grants the mortgage. For this reason having contracted, or the intention to hire other products that assure our commitment, can be an important factor at the time of validating our mortgage. Normally what helps us to add points is the direct debit of our payroll or having contracted another product such as life insurance.