2023-09-30 01:03:18
The changes in mortgages to try to lower their cost given the escalation experienced by the Euribor since mid-2021 are beginning to normalize. The total number of mortgages with changes in their conditions registered in the property registries It was in July 10,279according to the latest figures from the Statistics National Institute. This is a 7.1% less than in July 2022. Taking into account the nature of the change in conditions, in July there were 8,044 novations (or modifications produced with the same financial institution), with an annual decrease of 8.4%. For its part, the number of operations that change entity (subrogations to the creditor) decreased by 6.8%.
Some operations that had a considerable increase with the advent of the interest rate increase in mid-2021. Since then the number of novations has increased, fundamentally mortgage changes from fixed to variable rates, due to the increase in mortgage payments for many families. However, so far this year the data is reducing towards the situation prior to the start of the rate increase.
Novations fall 18%
«When the cause of the novations disappears, they decrease and it seems logical that they return to the levels of 2019 and 2020, when the changes really occurred. by the usual commercial management of banks in obtaining mortgages,” recalls financial economist Miguel Córdoba Bueno to THE OBJECTIVE. For now, Novations have decreased by 18% in the first seven months of the year. “I think they will continue to decrease,” predicts the expert.
A reality that, in addition to being seen in the INE figures, is certified by the sector. Sources from a large Spanish bank with a long mortgage tradition assure this newspaper that “the people who were mostly affected by the rise in rates has already made the necessary changes.
«It’s been more than a year, there is always someone straggler, but those who have had to change their conditions and have wanted to change have already done so,” acknowledge these same sources who remember that a year ago the questions in the offices were numerous. «There was a lot of concern, but one way or another people have already reached some kind of agreement or you have changed banks,” he adds.
An opinion with which the head of studies at the real estate portal piso.com agrees. «In general, the people who wanted to change have been changing today even though the entities continue making the effort to obtain mortgages, but lThe rates are very high, so you have to look very carefully if you change the mortgage and under what conditions,” says Ferran Font in conversation with this newspaper.
Owner changes increase
In the INE data for the month of July it can be seen that all registration changes in mortgages fall except for the owner. Mortgages in which the owner of the mortgaged property changes, that is, those known as subrogations to the debtor, increase by 16.3%. A situation that can be explained for several reasons, according to the experts consulted. As Julián Salcedo, president of the Forum of Real Estate Economists of the College of Economists of Madrid, explains, there may be an issue related to developer loans behind it.
It is called a developer loan subrogable to the buyer. “The developer uses that loan to build and when the same deed and delivers the home to the final buyer, the final buyer can be subrogated to the mortgage that the real estate developer had with that entity,” Salcedo explains to this newspaper. “This is debtor subrogation,” he adds.
On the other hand, this data may represent an increase in sales between individuals in which the property is transferred with cargo. “Normally, the fact that the charge is in the registry makes transactions unattractive, but nothing prevents the acquisition of mortgaged assets,” explains Fernando Zunzunegui, PhD in Law and graduate in Law and Economic Sciences from the Autonomous University of Madrid.
On the other hand, Córdoba points out that what happened in the month of July is a specific phenomenon related to the calculation base for the same month of the previous year, which was quite low. In fact, in this year’s total, the number of subrogated mortgages due to the debtor in the first seven months of the year is 2.5% less than last year.
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