35% mortgage It has undergone changes in force in our country. In 2022, eight points higher than the data recorded in 2021 (27%). More in Ireland (44%) and Slovenia (42%) only innovations or successionsBased on data published by the European Central Bank (ECB) and the European Mortgage Federation (EMF) and collected by benchmarking tool and mortgage advisor iAhorro.
From the changes made by the Spanish mortgagee, 19% of the total was done by renewal and the remaining 16% by succession.. However, according to comparator and mortgage advisor iAhorro’s director of Mortgages, Simone Colombelli“This rate would have been much higher if cancellations with the aim of changing the terms of the mortgage had been counted”.
To better understand the enormity of the issue, it is first necessary to understand what assignment, succession, and mortgage cancellation are. “Renewal of a mortgage is a change of conditions After reaching an agreement with the bank with which you have signed the loan. This condition can be changed with the successor, but the loan is transferred to another bank.”, they explain from the mortgage comparator.
However, about cancel They ensure that “what is done this way, as the name suggests, cancels the mortgage and opens a new one in another institution with better conditions” and “if the transaction is done in this way, the transaction is done in the records”. recorded as a new mortgage and not as a change in mortgage”.
Why are cancellations not saved as changes?
According to Simone Colombelli, “Most of those who want to change to improve their mortgage terms first seek a succession.n, but businesses prefer to cancel, that is, cancel the existing mortgage and open a new mortgage on other terms”. This expert said that one of the reasons “Mortgage cancellation is a more expensive procedure for the userbecause they have to start the whole procedure from scratch, but the bank also earns more”.
If these are taken into account, the iAhorro spokesperson assures that the percentage recorded by the European Central Bank and the European Mortgage Federation regarding changes in mortgages will be “much higher”. So much so that, according to Colombelli, “over the past few months, more than 40% of users coming to iAhorro change the terms of your mortgage to pay less”.
Germany or Austria on the tail of exchanges in Europe
If we compare Spain’s data with the rest of Europe, we can only Slovenia And Ireland The percentage of total changes in outstanding mortgages is higher. Increases to 41% (33% regen and 8% substitution) in the first case and 44% (39% regen and 5% substitution) in the second shot. in queue Germany (% fifteen), Cyprus (15%) or Austria Colombelli adds that “mortgage weighs much less than rent” (13%) because of the difficulties of issuing mortgages.
Inside Germanywhen concluding a mortgage, the borrower also signs an extrajudicial contract in which he agrees to pay the mortgage on the conditions signed at the beginning, so it is very difficult to change them throughout the loan: all he can do in this case is to open a new mortgage, recourse and recourse cannot be made.
in his name United Kingdom There is an ‘all money’ clause where the mortgage also secures future debts to the same creditor. In practice, this means that the mortgage is used very generally for other financing beyond the purchase of a home, and variation is not very common.
And in addition to those mentioned, “Many countries in Europe where a surrogacy figure is not available, Therefore, such an operation cannot be carried out”, admits the director of iAhorro Mortgages.
Saving is the key to change in Spain
Replacing mortgages has now gone to more. euribor started his climbIn April 2022, the reference index for variable mortgages at the time returned to positive values after more than six years of being negative. This argument is reflected in data collected by iAhorro: in March 2022, only 15.30% of signatures by benchmark tool and mortgage advisor users were aimed at improving mortgage conditions, which data doubled in August of the same year (30.32% and January). It reached a maximum of 48.14% in 2023.
However, in order to interpret these data, it is necessary to understand that “approximately three months from the start of the mortgage search process to signing”, explains Simone Colombelli, so if we talk about the demand for change, the real turning point will be May, not August.
Source: Informacion
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