For the mutual negotiation the deadline for sending letters, by the credit institutions, expired on August 29th to Italian beneficiaries of the agreement between banks and the government for the renegotiation of mortgages (more than one million).
The variable rate mortgages stipulated by the families
Will have to do with the renegotiation proposal, go to the bank and evaluate the actual convenience of the operation.
From January 2009, there will be the opportunity to change the loan contract (from variable to fixed) with an installment blocked on the 2006 average rate (2% lower than the current ones). For people in difficulty who paid a higher installment to their income, the proposal could prove to be truly valid.
Mortgage negotiation to save on home mortgage payments.
It should be noted that banking institutions are not giving away anything, on the contrary!
The reduction in the installment
It is made possible by the lengthening of the years necessary for repayment of the residual debt. The difference between the initial installment and the new one will flow into another account, on which an interest rate will be applied to the 10-year IRS plus a 0.5% spread that bank customers will have to pay after paying the mortgage (in fixed installments). If the IRS goes up during the repayment of the loan, the amount on the account will also go up, otherwise it will decrease. It could happen that the market rates fall to such an extent that they become the lower old variable installment of the new fixed installment: in this case the difference would be scaled from the accessory account.
It is necessary, according to the Adusbef, to optimize the calculations as with the free portability of the mortgage (replacement with a mortgage from a different bank) it could save considerably.
The first step to take, using online comparators, is to compare the estimates on mortgages exposed by the various banking institutions.