The Italian Banking Association announces a new Memorandum, in five points, dedicated to the issues of those who have problems consequent to the choice of variable rate mortgages and to the growth of interest rates consequent to the decisions of the ECB.
The ABI indicates, in a simple and immediate way, the possibilities that are available today in Italy for families to reduce the impact of the rise in interest rates on variable rate mortgages.
First of all, the ABI recommends that at the first signs of possible difficulties, the mortgage holder should contact his bank to evaluate possible solutions for dealing with the increase in interest rates: the bank will provide all the information needed to understand the different options and to assess the impacts in advance.
In particular, the ABI points out that the mortgage holder can:
- agree with your bank to extend the duration of your loan;
- request a review of other contractual conditions;
- carry out the so-called portability/subrogation of mortgages, i.e. the possibility of transferring one's mortgage loan without expenses and costs to another bank, modifying the relative contractual conditions;
- use the Solidarity Fund for first home mortgages, the so-called "Fondo Gasparrini" which allows you to suspend the payment of the mortgage loan installment for the purchase of the main home, up to 18 months, extending the amortization plan for the period of suspension , in the event of events such as, for example, the loss of a job, a reduction in working hours (so-called redundancy fund) or a reduction in turnover for self-employed workers;
- convert the mortgage from a variable rate to a fixed rate. The budget law for 2023 has established that banks are obliged to transform, in the event of a request from the borrower who is not late in repayments, for loans of up to 200.000 euros and with the ISEE of the borrower who must not exceed 35.000 euros.