The government is preparing a new Mortgage Credit Law, and plans to transfer to the entities all the notary and registration expenses necessary to sign a mortgage, as well as those related to appraisal expenses.
Something that without being legislated as such, if it is true that the courts were responsible for returning to customers of banks.
The parliamentary majority supports at least two of these points, so it is certain that soon the entities will have to assume new burdens.
The paper that is in charge of the study and drafting of this new law, ensures that the intention is that the bank charges 100% of the first two expenses (notary and registry), but it seems that in the case of appraisal costs, the members of the commission do not have so much consensus. The reason that the Popular Party has used and has been well received by Citizens is that the client can take this appraisal to another bank in case he decides to change the mortgage. A compelling reason for borrowers to continue to assume this cost.
The financial sector, however, can be happy, since proposals, such as Podemos’s, to promote dation in payment have a short way to go. Assuming this requirement would mean a setback for the entities, which would reduce to the maximum the granting of mortgages, with harmful consequences for the economy and citizens.
The Congressional Committee wants to speed up this bill, known as the Mortgage Law, not only because of the uproar generated by the Supreme Court in the mortgage market, but also because it takes advantage of and shows its hard hand with the banks. Also because if the law is not passed soon, Spain faces a fine of more than 105,000 million euros per day for the delay of Congress in transposing European Union directives for the mortgage market.