January 16, 2021

The bank puts its offer of mortgages under review

The bank puts its offer of mortgages under review


The judgment of the Supreme Court that obliged the banks to assume the tax of Documented Legal Acts (AJD) in the writing of the mortgages, instead of the clients, and the unusual rectification 24 hours after the own High Court paralyzing temporarily and leaving That failure without effect already have consequences at commercial level. The main financial institutions of the country have put in review their offer of credits for the purchase of housing while waiting to know the final position of the Supreme Court.

From the big banks admit that those consumers who go right now to their branches to request information about the conditions of their mortgages will not get a response, since after the rectification of the Supreme the entities do not know if, for example, they will have to assume or not the payment of that tax, which means an average of between 2,000 and 3,000 euros per credit. In addition, in the event that the High Court finally upholds its criteria and also obliges to return the amounts previously paid by customers, the entities will have to review the clauses of the contracts and, presumably, modify the conditions, including prices.

Proof of this temporary stoppage of the offer is that entities such as Santander, BBVA and Bankia have temporarily removed from their web pages the details of the terms of their mortgage loans. Other banks have not removed that information, but acknowledge that they also have their products under review. Moreover, some entities already recognize that mortgage rates have been revised upwards – raising the differential in proportion to the average term of the credit and the tax – and "except for transactions already indicated for the firm and binding offers, it is applicable to all new mortgages new prices ».


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