The document, created by eight consumer associations and the federnotai, is called Mortgage Manifesto, which allows all consumers to understand clearly and simply the rules that regulate a mortgage contract and therefore those of the general conditions on the basis of which a loan is granted for the purchase and/or renovation of a property.
The starting point is a document developed by the ABI, the Association of Banks, and which is already used by various credit institutions. Furthermore, these are basic rules that can be used for any type of mortgage (from fixed rate to variable rate, from constant installment to other less usual types).
The document can be useful above all to avoid being taken aback by the frequent circumstance of coming into possession of the mortgage contract only a few days before and therefore being able to view it only when you can no longer argue anything with the bank.
By connecting to the website www.federnotai.it you can view the document and ask questions if necessary. In terms of mortgages, fixed rate loans currently range between 5.70%-6.1% for a ten-year term and 6.50-6.95% for a twenty-year term. Instead, for those who decide to take out a variable rate mortgage, the rates for a ten-year duration are around 4.2-4.5% while for a twenty-year one between 4.7 and 5 percent.
Two innovations recently launched which liven up the offer: a thirty-year fixed rate mortgage from Woolwich Bank and the 100% mortgage line from Abbey National Bank. That is to say that on products the maximum financed amount increases until it reaches 100% of the value of the property.
With the aim of better protecting customers, Abbey offers the 100% mortgage line combined with two insurance policies, Salvagente Abbey and Salvarate Abbey which cover, respectively, the risk of sudden death of the policyholder and the risks associated with temporary illness, unemployment, temporary injury and hospital stay.
source: Real Estate Observatory
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