The “mortgage rewards” of Packager Hipotecario
28.06.2008
Mortgage Packager, an intermediary between financial institutions created by International JZ, has thrown to the market a new product to calm and to relax the clients who are in a difficult economic situation.
The “mortgage rewards” it checks every three months the behavior of the payment of the debt and rewards the good negotiations. If in this period there have been neither debts nor non-payments, the margin on the Euribor diminishes in 0,3 % three following months. But if the opposite is appreciated, the margin for the next quarterly period increases.
JZ International is the principal shareholder of Freedom Finance in our country. Last May it created the first one “broker of brokers” (named Packager Hipotecario) to give solutions specialized to the financial intermediation, principally in mortgages.
Sebastián Ruiz, general manager of this novel figure in Spain thinks that ”the current conjuncture of the housing does even more suitable this financial service, which he will devote himself to form so much as to facilitate the intermediaries' management”.
As we could have stated, Packager Hipotecario is going to work with 90 % ó 95 % of the banking and the Spanish boxes, and with the agents of the real estate property.
Route: The World
The unpaid mortgage loans watched by telematic teams
28.06.2008
The financial institutions have said “BASTING“ to the slowness. This valuation has experienced also a tendency to the rise that it is sinking moreover to the Spanish economy.
Gregorio Mayayo, president of the Spanish Mortgage Association (AHE) has indicated that the doubtful collection credits will close the year in 2 %, opposite to 0,717 % that experimented at the end of 2007. The difference is very notable. According to Mayayo, “the crisis, which intensity and duration are unforeseeable right now, will have as a result that the difficulties of the mortgage market continue at least this exercise and the next one.”
The increase of the slowness has been a fruit of the increase of the price of the money. The families and the individuals who hired his credits when the types were lower (between 2004 and 2005 fundamentally) are those who more have turned out to be affected. They have experienced a growth of his monthly quota 20 % with regard to what they were paying when they requested the mortgage loan.
To be protected, the savings banks of numerous Spanish points, like Alicante, have begun to use special teams of telematic action to discover a client who has a non-payment. The idea is to remind his state to them but without provoking burdens in this one.
This procedure only develops in “cases of extreme need”, when the mortgaged one should many quotas.
The above mentioned initiative has been a fruit of the recommendations of the Spanish Bank to encourage the agreement between client and banking institution, since everything points that the slowness valuation in the mortgages will continue repuntando in the next months.
Route: Europe Press
Another mortgage offer directed to the young people
28.06.2008
An initiative of the Town hall of Burgos, the Box of Burgos, the Box Circle and the Land-bank of Burgos will help the young people younger than 38 years to gain access to a mortgage loan.
The “Young Mortgage” possesses a few excellent conditions and without commissions. With her it is claimed that the persons of the locality burgalesa enjoy the best offers to turn into owner.
The mortgage loan is offered by a differential on the Euribor of 0,20 % during the first five years. Since then 0,35 % increases to the Euribor +.
Also he contemplates the possibility of acquiring 100 % of the value of the appraisal of the building, in the maximum space of 50 years, without opening commissions not of cancellation.
The requisites are to link to the loan the direct debiting of the payroll, a hiring of credit card, an insurance of hearth and a life insurance. All this would be for the first five years. From the sixth one it is necessary as well as the holder hires an insurance of car or motorbike and that it does a half-yearly contribution for 180 euros as minimum to a pension plan.
Another not less significant condition is that the holder at the end of the loan cannot be older than 75 years.
Route: EFE
Free enlargement of the term of the mortgage loan
26.06.2008
That the payment of the mortgage drowns is the whole reality between the Spanish. But the worries can be left aside by a time with the new measurements that we are going to detail.
From the present moment until April 22, 2010 it is possible to obtain an enlargement of free form. The Department of Economy has opened a route for those that want to extend the term of his mortgage loan, and without much ado added costs.
It speaks fundamentally to titular persons of a loan with mortgage guarantee for the construction, rehabilitation or acquisition of a building. Although the mortgage must relapse on the habitual housing and must have been granted by entities of such credits like banks, savings banks, credit cooperatives or financial establishments of credits.
What is modified is one of the conditions of the mortgage loan: the relative one to the pay-off period of the debt. To be able to realize it it is essential to agree with the corresponding credit company. The enlargement will be done therefore by means of an agreement between both parts. Bear the same way notarial steps and register them, but this one time of a free way.
The lengthening reduces the monthly financial load, but if the period of the mortgage loan are already extensive, the reduction of the quota can be scarce. In this case it would be paid more years, and more interests …
Anyway, the benefits of these novel measurements are clear. The interest rates do not change and the costs for enlargement save themselves. It is necessary to warn, nevertheless, that if some another clause changes, the costs will be the habitual ones (commissions, taxes, notary …).
Route: Department of Economy
New product of the Bank Santander: "The second Residence”
25.06.2008
It is not any truth by half. The Bank Santander also helps the persons to want to obtain his second residence. His new product is named “the Second Residence”.
The fan of possibilities that offers this entity is quite wide and it is thought for residents and not residents. His target is the financing of the buy of the second building although located in the Spanish geography.
It is well known by all that the bank at that Emilio Botín presides is provided with one of the most developed scales of mortgages in our country. They grant the necessary capital to construct an apartment, to acquire the bigger one (in the beach or in the mountain, this is already a thing of the clients), or simply to enjoy the second housing for that one has always longed.
Also it grants credits in the business on having financed the acquisition of the real estate necessary for the commercial development.
The period, limits and financial requisites are stipulated in accordance with the characteristics and conditions of the interested parties.
We can move forward to them that for resident persons of Spanish nationality or foreigners with permanent residence the percentage of financing is maximum 80 % of the value of appraisal within a period of 25 years, with possibility of lack the first twelve months. The employed interest rate would be the Euribor + 0,80 %, with annual review.
In case of not being a resident in Spain they change some numbers. It will be possible only to finance a maximum of 70 % of the value of appraisal and to liquidate the maximum loan in 20 years. The interest rate would be Euribor + 0,95 %, also with annual review and the previous lack.
Route: Banco Santander
The mortgage loans are going to relax
25.06.2008
The sale of apartments is clearly in downward tendency. It is the only thing that does not rise in spite of how necessary an increase would be in this sector.
The National Institute of Statistics (INE) had revealed it in his reports and the Department of Housing has confirmed it: "this market is in full free fall” and without anything that holds it …
Until March, 2008 32 % of operations has been executed less than in the equivalent period of last year. It has been months since we do not surprise the real estate market because his collapse has not been seen and not seen. In few paabras: percussion cap.
There are the second-hand housings those that have registered a major descent: 47 % opposite to the piece of news that 13 % lowered.
It is no wonder that the prices of the real estate have begun to go down and to be moderated. And the fact is that with the banking restricting more and more mortgage loans there diminish the persons who can choose to the buy. Or they reduce the prices or he does not boil away … it is the natural law of the offer and the demand.
With everything there are those who still speak about the deceleration like “soft landing”, while others think it “the first phase of the crisis”. Be which be the name, what has turned out to be more reduced in his growth has been the sale of housings and the consequent sector of the construction.
The Spanish Bank thinks, nevertheless, that the problems in the loans are going to relax from next month because the margins applied to these go to be extending gradually.
Route: EFE
The insurances tied to the mortgages have trick
25.06.2008
To choose well the mortgage loan it is necessary to bear in mind two variables: the interest rate and the final quota of the same one after the sum of the life insurance and of the hearth. In countless cases the last result is distant much from what we were imagining at first.
And the fact is that the entities, in general, demand to hire these "services" without warning first that an extra one supposes that in the mortgage that not all the citizens are ready to pay.
Today numerous costs are added at the irresistible price that appears in television. As we always warn already, it is necessary to read thoroughly the small letter. The taxes and the valuations that accumulate disguise the whole of the price.
To simple sight it can seem that the credits with distinguishing shallows are more economic than others. Nevertheless, the reality demonstrates that not in all the cases it happens. The answer is in the inevitable hiring of insurances and financial products that fatten of important way the monthly payment.
They all wish to save themselves a little in the mortgage. If we bear in mind the high Euribor it is normal that the persons take refuge in the showiest proposal that appears before them. For it we advise to analyze with break the requisites and the guarantees that the banking institutions impose. It is not of more being cautious when it is a question of our housing and of our economic situation.
Finally, we can stress that the differential that joins the Euribor to calculate the final mortgage payment does not constitute in the present moment the first requisite to show what bargain sale or expensive what a credit is.
Route: The Country
61 % of the entire credit is destined for the sector of the construction
24.06.2008
In spite of the ascent of the mortgage types and of the worsening of the climate of the economy, the Spanish Bank affirms that 61 % of the entire credit still keeps on being assined to the financing of the construction sector.
Until March of the present year one registered 1,09 trillions in buys and rehabilitations of real estate, of 1,79 available trillions. Therefore, the construction and the activities related to her, since there are the real estate services, have been financed punctually.
The industrial sector, to the margin of the previous segment, absorbed during the first three months of 2008 a whole of 143.816 millions in what on credit it refers. 18,7 % more than in 2007.
So the housing supposes a quite significant weight in the Gross National Product. We appreciate a “enormous dependency” of our economy on the construction. % of the GDP has spent in eight year 13,3 to 17,9 %.
These numbers come to us to remember how necessary it would be to continue the model applied in other northerly countries, where in addition to being provided with dependency on the construction, it is a question of realizing investments in I+d+i to resist the previous action.
The real estate rehabilitation represents in Spain 24 %, while in Europe it comes to 36 %. To confront the changes of the market the best thing is to diversify, therefore it would be necessary to restate the topic of the construction.
The fitting out subsection between other things does not consume soil. On this matter also it would be necessary to add that in this type of investments there do not affect on a large scale the limitations of loans of the banking.
Instead of attacking to the indicators and to the bad management of the financial system, the best thing is to follow the lead of those who are fine, squeezing to the maximum the solutions that hit in the eye and that many experts corroborate.
Route: The Country
At the edge of the failure for slowness
24.06.2008
The delay in the cashing of the debt of many users is affecting in an irreparable way in the accounts of 90 % of the industrial enterprises.
The slowness that accompanies the economic crisis is coming too much background on the Spanish market. The numbers are well visible: the majority takes serious difficulties as non-payments and between 20 and 25 % is on the point of sinking. If we it move to absolute numbers this information they mean more than 22.000 companies in such a precarious situation.
Deceleration, readjustments, measurements … A slightly encouraging panorama that unites doubtful non-payments and problems at the time of acquiring bank credits. The diagnosis that we can do of the conjuncture of this sector is rather negative. The information that the National Institute of Statistics (INE) gathers reveals happy moments not neither for families, nor for companies, nor for individuals.
At national and international level we can consider it to be without objections a crisis, be already credit or financial. The case is that the reference indicators are to the rise and all the alarms have gone off. In opinion of the analysts, there are great the sectors that are touched, and in enough cases the wound is mortal.
What more attracts attention, and is not for less, the fact is that the conditions are hardening for everything. A banking institution before giving money, verifies scrupulously the solvency of his potential client, the treasury disposition, the indebtedness level, and obviously, his payment habits. According to the results that it obtains, it grants or not the loan.
Since they see, the pressure of the economy is forming a market where nobody trusts in anybody, and in minor measurement, ready his capital. Before the suspense, in any case the best solution is to protect itself of the possible losses.
route: The Country
The financial sector is of fallen layer and the staff stands out
24.06.2008
Citigroup, in addition to which it was the first American company that could have insurances and banking after the big depression of 1929, can be considered to be today the biggest company of financial services of the world.
Nevertheless, the big companies also are affected by the almost world “financial” crisis about which we speak every day. For it he has decided to reduce his staff of banking of investment even in 10 %, what translated means approximately 6.500 dismissals (in whole there are approximately 350.000 workers).
This group accumulates 15.000 million dollars in losses and needs to adapt itself to the new conditions that reign on the market. The prime mover that affects in his negative accounts is the crisis of the mortgages of high risk.
But for calmness of many citizens of our country, Citibank Spain remains to the margin of this restructuring.
During the first three months of 2008 Citigroup registered losses at the price of 5.111 millions, therefore it reduced his personnel in approximately 9.000 workers approximately. In spite of everything, it seems that it was not sufficient and that the absence of liquidity asphyxiates him. In the same period of last year it obtained a net profit for 5.012 million dollars.
The bank giants do not bear the credit crisis and that affects regrettably in the increase of the dismissals.
Route: Expansion
