Read your mortgage conditions carefully
What should we read carefully when taking out a mortgage? Experts say there are three key aspects to bear in account when taking out a mortgage and which should be compared between banks.
One of the points the experts continue to stress is the clause concerning the interest floor rate, which prevents the user to enjoy a rate cut beyond the level specified in the mortgage itself. According to the Bank of Spain, 29% of the mortgages granted to Spanish families do not benefit from interest rate cuts.
They also stress that we must find out about the securitization of the mortgage, to avoid having to pay compensation if you cancel the mortgage to switch banks.
And the recommendation that we should not forget is to always ask about all the points that do not completely understand, either at the notary’s office or the land registry offices, which offer free advice on any subject related to buying a home and binding offers from banks.