Business Analysis : Mortgages in Spain : What difficulties are common Spanish consumers ?

Tuesday, October 15, 2013

Mortgages in Spain : What difficulties are common Spanish consumers ?

From the year 2009 have been increasing difficulties in obtaining mortgages and savings banks as these entities are more restrictive and applications look more closely. The following explains some of these impediments that could pose a bank to its customers when granting a mortgage.

Borrowing Capacity

The bank estimates that the borrowing capacity of the applicant bank mortgage is 30 to 35 percent of household income. Not more.

But it should include other debts, not only the possible monthly mortgage payment but other characters such as the car or credit card . If the sum of these debts is greater than 30 percent of family income may be negative response or be negotiated .

Lists of defaulters
Persons appearing in Asnef , Rai or any other list of defaulters it more difficult , though it may seek banks granting mortgages despite this but the interest on the loans will be substantially greater .
Present a guarantor

If the documents do not entirely convinced that the bank may ask for a guarantor , a person who assumes the monthly payments if the holder fails mortgage loan with them.

This is a disadvantage because they must ask another person ( the prospective guarantor ) to be put in a compromising position , to take a risk. Generally, only the parents are willing.

labor Sector
According evolve sectors of the economy banks are adapting and prefer clients who are employed in affluent areas or companies consolidated and that the employment contract is for an indefinite period (fixed ) .

This is a problem because the labor market trend is temporary employment or for a specific task .
customers concidos

It is a clear trend that banks considering applications from their own customers more willing than new customers.

This is because customers know their credit histories and employment and know in advance how much may or may not take the risk of granting a mortgage or not.
This limits the possibilities for consumers who should go , first, to the entities which have a previous connection , which usually refers to mortgage deals one or two institutions.

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