2023-07-03 10:34:17
BBVA and the unions have signed peace after the strong conflict over the workforce’s mortgages with an agreement that improves any solution given so far by a financial institution against the Euribor rally. The bank and the union representation (CCOO, UGT, ACB, CGT, ELA, SEC, CIG and Intersindical) have signed an agreement that guarantees their employees forever that they will enjoy a price on their mortgage loans equal to the best interest rate for the fixed client. by the entity at each moment minus a differential of 0.10%.
At the present time it implies that workers will be able to transform any of their loans for the acquisition of both first and second homes at 2.20% if they have less than 15 years to repay and 2.30% for longer terms.
The novation will be open with said fees until next October 15 for free and without the need to go to the notary. After that date, any novation or new concession will also be governed by that favorable rate less a differential of 0.10%, but with the interest that is set at all times as the best for the client.
The unions had put themselves on the warpath with the bank due to its resistance to cap the interest on the mortgages to the workforce. To mitigate the impact of the rise in the Euribor, it facilitated the conversion of variable loans to fixed ones with interest linked to the Euribor plus a differential of 0.25% (around 3.1% at that time) and the unions demanded to limit the price as Santander has resolved, which capped interest at 1.5% for twelve months, or CaixaBank, whose staff loans are linked to Euribor minus 2.5%, or formulas similar to those established in other entities.
In a joint statement, the unions state that “it has been a tough negotiation in which BBVA’s initial position was very disappointing, with a no to everything, and which has caused a long delay in providing solutions to the workforce.”
However, union sources value that the solution finally achieved improves “any option in another entity” due to the conditions achieved, its universality and permanence over time.
The open window for novations will allow the transformation, even, of the loans contracted to the Euribor plus 0.25% free of charge. And in most cases, the bank will also allow the worker to restore the original conditions of his loan in another change, which would already be final. That is, if the Euribor falls again, they could restore the conditions of their variable loan if they were more favorable for another single time.
Among the improvements achieved is the possibility that the loan term reaches the age of 67, instead of the current maximum 65, and the possibility of shortening the term or reducing the installment with early repayments. Until now, the bank prevented the repayment quota from decreasing and demanded that any early repayment reduce the term, something that the unions had denounced.
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