The current scenario runaway inflation and uncertainty in economic prospects fully affects the real-estate market Yet the constitution of mortgages, who see their rhythm reduced to a large extent also in the face of the increase in value of the euribor, the reference index for these banking transactions. And in the face of this situation, the demand for financial entities so that the client has contracted a life or home insurance, or both, when signing the mortgage that cover situations of hypothetical defaults.
But is this requirement legal? The Organization of Consumers and Users (OCU) certifies that the law protects financial entities that claim the existence of such insurance, but warns the user that they have the freedom to choose with whom to contract the insurance and that, therefore, they are not obliged to acquire the one presented by the bank.
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Another thing is that the user does his calculations and is interested in contracting the insurance with the financial entity to take advantage of the better conditions in the mortgage that are usually accompanied by said coverage, warn from the OCU.
The owner can also change the insurer whenever he wishes during the mortgage, as long as the legally required coverage.