Subrogate mortgages, “Covid effect”: because it is better to request it now


Although Coronavirus has brought with it very negative consequences for several sectors of the economy, there is at least good news for those who wish make a mortgageo o request the subrogation of your mortgage, to transfer the debt from the bank that issued it to a new one that offers better conditions.

Debt now: pros and cons

Since the cost of money is very low, borrowing is convenient in this period. The Euris, a parameter that measures the cost of long-term money and to which fixed rates are linked, is 20 years at 0.14%, 30 years around 0.08%.

It is true that, these days, getting a mortgage is not easy, because, even if the conditions are quite convenient, the lenders want to check carefully the solvency of the debtor. Another downside to add these days the timings they are lengthening due to the “traffic jam” of practices caused by the lockdown.

Mortgage substitute: how much you save

But for those who intend to transfer their mortgage to a new bank that guarantees better conditions, the period is decidedly favorable. According to the data that emerged from the search for the online broker MutuiSupermarket, a 140,000 substitute for a house worth 280,000 euros at these times costs at the best fixed rates on the market between 0.6 and 0.7% (around 625.29 euros). This means that, with a 1% mortgage, savings are about € 18.60 per month; with 1.5% financing, savings are raised at 50.24 euros per month, to 82.96 euros with a 2% mortgage.

The conditions

What requirements must be met to request and obtain a subrogation?

  • First, the lockdown must have had no consequences on family income;
  • the relationship between residual debt and the value of the house to which the mortgage would be transferred must be under 70%;
  • the amount to be requested must be reasonably high, at least 70-80 thousand euros.

The Cura Italia decree intervened on mortgages (here the special QuiFinanza), which established a moratorium. According to Nomisma estimates, 9% of borrowers have already asked for suspension of installments, and 15% would be considering doing so. It is not a decision that the owners of a mortgage can take lightly: the freezing of the installments, in fact, involves a 50% increase in interest accrued in the suspension period, while the other half is borne by the State. And in view of asking for a mortgage subrogation, adherence to the moratorium is not prejudicial, but on the other hand it could discourage banks from granting it.

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