January 25, 2021

The crisis of the mortgages leaves in the limbo sales by 1.800 million

The crisis of the mortgages leaves in the limbo sales by 1.800 million


"Mortgage loans continue to be normal". It is the message that financial institutions are transmitting in these days of uncertainty after the decision of the Supreme Court to paralyze the sentence by which banks and not customers are those who have to pay the Tax on Stamp Duty upon signing public deed before a notary. Until November 5 there will be no definitive solution of the High Court. Taking into account that in October of last year, credit institutions granted loans to households for the acquisition of a home for an amount of 3,149 million euros, in the two weeks between October 19 and November 5, mortgages worth about 1,800 million euros (the rate of growth of the concession this year is 14.68%) remain in legal limbo pending the final decision of the Plenary of the Third Chamber of the Supreme Court.

The banking sources consulted by LA RAZÓN assure that the operation of granting mortgage loans is normal since the firms that are being carried out in these days correspond to operations that began to take shape a few months ago and which, therefore, are subject to the same legislation that existed before the sentence of the controversial sentence of the Supreme Court later paralyzed. All the entities continue to pay the tax payment to the client, waiting for a decision that feels jurisprudence for the future or dictates whether it is retroactive.

The reason that there has not been a paralysis in the mortgage firms is that many of the buyers have signed a deposit contract while waiting to find the necessary bank financing for the acquisition of their home. A deposit contract is nothing more than agreement between the parties (seller and buyer) by which you can book a home by delivering an advance that can exceed 5,000 euros. If after a certain time (usually about two months) the buyer reverses his decision he may lose the signal provided.

One month to pay

Another reason why, according to the bank, the decision of the Supreme Court in the firms is not noted is that the borrowers (the buyers) have a period of one month to satisfy the amount of the tax, so there is enough time to know the final decision of the Justice.

What banks are noticing is the increase in questions from citizens who begin the formalities to formalize a mortgage loan, even if it is signed later.

While waiting for doubts to be cleared, investors continued to punish bank securities, although to a lesser extent than last week. Yesterday, only Bankia managed to close positive (+ 0.49%). The other seven financial entities yielded between 0.53% of BBVA and 3.23% of Sabadell.

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