Excellent news for those who have a mortgage in Italy. The installment for the month of May could be halved. Here’s who will be able to take advantage of this benefit and what you need to do to get your mortgage payment halved.
Applying for a mortgage means being very courageous. In fact, in recent years, interest rates have skyrocketed, making it almost impossible for those with a medium/low income to get the money to buy a house. Unlike what happened during the global pandemic, when rates have reached almost 1%we are traveling abundantly right now above 3%to the desperation of Italian and European consumers.
The higher the interest rates, the more difficult it will be to obtain a mortgage for a single-income family or with an income of less than twenty thousand euros net per year. In the last few hours, a piece of news has been causing discussion halving the mortgage payment in the month of May. Some savers will be able to obtain this benefit and today we want to give our readers the opportunity to know all the details to lower their mortgage repayments.
Mortgages too high? Try a surrogate
There subrogation of the mortgage allows those who are already paying their installments to finance the debt with another bank. Practically, the incoming bank purchases the debt from the outgoing one and offers the customer a lower installment. This opportunity can be granted by some banking institutions in the presence of certain requirements. To obtain subrogation of your mortgage, the debtor will have to submit all the required documents and wait for the lender’s response.
Among the documents requested are the debtor’s documents, the birth certificate, documents relating to the marriage, if the mortgage was jointly held with the spouse and everything relating to the current mortgage.
At this point, the new institute will evaluate the possibilities of granting a subrogationbut will have to redo a mortgage from scratch. For this reason, the customer will have to present the last two pay slips and the tax return.
If the applicant is registered in a register and has a VAT number, he will have to present all the income relating to the previous year to the bank. The successor banking institution needs some time before providing a response, usually at least sixty days pass from the request before obtaining the subrogation.
Should the new bank accept, the debtor will have some discounts compared to the previous mortgage. There are those who decide to lower their installment and those who prefer to shorten the duration of the mortgage, but everyone has their own needs.
