One of the issues that generates the greatest doubts, queries and uncertainty in those who are considering applying for a mortgage loan in order to finance the acquisition of their habitual residence is everything related to the commissions that a bank can charge us in this process. Thus, given this reality and the importance of the matter, it may be very interesting to make a brief review of the main bank commissions that, if any, may be generated during the term of a mortgage loan.
When anyone signs their mortgage loan before a notary, normally for 25 or 30 years (what is colloquially known as “the mortgage”), it is very common to hear the well-known expression “I am already married to the bank”, because as has just indicated, the mortgage loan is a long-term contract in the vast majority of cases. During this period, certain vital circumstances may arise that generate the appearance of the following bank commissions related to the mortgage in question.
First of all, it is necessary to take into account the so-called Opening commission, which takes place when finally, after suffering the unspeakable providing documentation to the bank, once the appraisal of the property has been passed, etc., the mortgage loan is signed before a notary public and the bank makes the money available to the debtor. In such a case, said commission will be charged by the bank in consideration for all the administrative and management expenses derived from the study, processing, granting and formalization of the loan. Currently, the mortgage regulations do not set a maximum amount for this commission (which is usually in practice, for example, from 0.5% to 1%), but it determines that, if it exists, only one can be earned. time.
Secondly, it may happen that a month the debtor is delayed a few days in the payment of the mortgage, because, for example, punctually he does not have the necessary funds for it in the bank account where the monthly payment of the mortgage is domiciled. . In such a case, the bank may charge us the commission for claiming unpaid or debit positions, in compensation for all the steps you must take to claim payment of that unpaid monthly payment from your client. Currently, the mortgage regulations do not set a maximum amount for this commission (which usually ranges in practice between 20 and 40 euros), but the Courts have determined that, if charged, it is only possible to do so when it corresponds to a real service loaned to the client, that has generated creditable expenses to the financial institution, and that is charged in one go.
Thirdly, with 25 or 30 years ahead of repayment of the loan, it may happen that the debtor considers advancing the mortgage payment and thus saving interest for several years, for example, in the event of receiving a large inheritance. In this case, the bank may charge us for the call commission for cancellation or early amortization, which, in accordance with current mortgage regulations, may have a maximum amount, for variable interest rate loans, of up to 0.25% of the capital repaid during the first 3 years, or up to 0.15 % during the first 5 years. Beyond these terms, the bank will not be able to charge us anything. And, for fixed interest rate loans, up to 2% during the first 10 years, and up to 1.5% during the rest of the contract. In any case, in both cases, what the bank charges us cannot be greater than the financial loss that the financial entity may eventually have (this is, explained very simply, the money that it stops earning due to the fact that this early cancellation occurs).
Fourthly, it is well known by all that, given the low margins of the current banking business, banking entities maintain a relentless fight to attract new customers. Thus, one way to do it is by offering to improve the conditions of an existing mortgage, which would mean, in practice, changing banks and transferring our mortgage from one entity to another. In this case, the bank that we left may charge us for the call fee for creditor subrogationwhose maximum amount is 0.15% of the capital repaid in advance, during the first 3 years of the loan contract, while beyond that, no compensation or commission may be required.
In fifth and last place, there is also the possibility of not wanting to change banks but trying to modify and improve the initial conditions of the mortgage. In such a case, depending on the modification we seek, the maximum amount of the commission for novation it will be one or the other. For example, if the variation that is intended is to change from a variable rate to a fixed rate, the maximum commission that they can charge us is that 0.15% during the first three years that has been indicated above, while if what we intend is to extend the repayment period of the loan, they may charge us a maximum of 0.10% of the amount pending repayment.
Roughly These are the main five commissions that appear in the life cycle of a mortgage loan and that every debtor must take into account when contracting their loanbecause as we can see, on many occasions their effects are projected on future situations, and not on the present, which can imply a risk if sufficient attention is not paid to them now.
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Finally, indicate that the law regulates these commissions and, as we have seen, for many of them it sets maximum amounts that, in any case, the entities must respect. Likewise, it is important to highlight as a very important aspect that, in any case, the fundamental thing is to comply with what was agreed between the parties, so that the bank, in the future, will only be able to charge those commissions that were agreed upon when formalizing the loan, and within the legal limits that are applicable according to the moment of formalization of the operation, while, of course, if nothing was agreed in this regard, the bank will not be able to charge us any commission for that non-agreed item.