The serious housing crisis has convinced thousands of citizens to mortgage – with the permission of the bank, which reviews much more than economic solvency – is the least bad option, now that the financing is cheaper. In other words, the very high price of rent and the lack of available floors are tilting the balance in favor of the property for those who at some point bet on the lease and payment of monthly income as a vital solution. In the first half of the year, 243,257 loans to buy house, 25% more compared to the same period last year and the highest figure since 2011, collects the INE, were signed. Only in July increased 25.8% year -on -year, according to the College of Registrars. Obviously, in this global calculation there are not only main homes (to live), but also secondary (those that are bought to invest), but give a good idea of the mortgage bum. An analysis of the Fotocasa Real Estate Portal reveals that 73% of the active Spaniards in the housing market consider that the current price of the rent makes it more to pay a mortgage than to lease a property. “The traditional roots for the property in Spain again,” says María Matos, director of Studies and spokesman of the portal. However, not all citizens who consider the idea of mortgageing will be achieved. Banking maintains prudence and has not lowered the guard in the criteria for granting these products. Moreover, in the third quarter of the year there was a slight increase in the rejection of applications, although still far from the tightening applied in 2022, according to the BCE bank loans survey, which an entity accepts or denies the loan depends on a multitude of factors. Some are well known: lack of sufficient income, previous defaults or excess indebtedness. «It is essential that the monthly mortgage quota does not exceed 35% of net income. In addition, it is crucial to have an emergency fund for unforeseen expenses,» they recall in Caja Ingenieros. But others are completely ignored by most applicants, who never finish finding out about the real motive of denial. The bank’s response is limited to indicating that the interested party has not overcome scoring. Negotiating Agency, Real Estate Credit Intermediary registered in the Bank of Spain, thanks to daily contact with financial entities, reveals some of the factors that score downward or directly make the operation unfeasible. Without generalizing. «As unexpected reasons as working in a sector considered risk, having changed your home frequently, requesting the purchase of a property between family members or the simple location of the floor can become authentic pitfalls, generating confusion and even a certain sense of helplessness in those who seek financing,» says Pedro Javaloyes, spokesman for the company. One of these little known realities that affects apparently solvent applicants is the sale among direct relatives. «The bank suspects that there could be internal pacts to inflate or make up the value of the operation. Although legally it can be done, they look at it with magnifying glass. The same happens with operations between individuals without agency in between: they are afraid of inflated values or prices not market,» explains the intermediary company. Another reason that causes suspicion in banking is the advanced payments. «Some buyers, before having the approved mortgage, deliver to the seller very high amounts in cash or little justified transfers. For the bank it is an alert signal that you may want to bleach money or move unplaced funds,» adds Javaloyes. The entity «interprets that the asset has less real value and, in an execution, can be caught.» They generate doubt the homes with considerable age and without rehabilitating, especially in areas where the lack of reform is penalized. And easily «occupy» floors, as low with direct access from the street, those who have tenants inside and have not agreed the eviction. Nor do they like those located in conflicting areas. For banks, neighborhoods with high concentration of tourist floors subtract points because they are considered unstable for coexistence. They look with antipathy, and this is more logical, those in flood areas, close to water courses without channeling or close to annoying infrastructure, such as cemeteries, prisons, electrical stations and industrial polygons. There are certain professions or sectors that cause rejection, although the client has a fixed contract, according to the negotiating agency. For example, mining, printing and coal, among others. Perceiving part of the salary in B or obtaining non -recurring bonus generates distrust of income stability. The bank perceives frequent management changes declared as instability. Also recent work changes (less than 6-12 months), although the new job is better.
Risk calculation
Curious is the issue of family charges. If they are high, for example, three or more children, even if the income is high, is punished. «It implies a very high fixed expenditure level. The bank calculates the indebtedness ratio against net income, and automatically discounts it. It is not a personal issue, it is risk of risk,» says Javaloyes. The entities are not friends of the inherited real estate without formal inheritance acceptance, and buildings without a habitability card or with unresolved urban problems. «It is vital to confirm in the Property Registry that the property has no previous loads (such as an earlier mortgage) that can delay or complicate the firm,» they indicate in Caja Ingenieros. Those who manage to pass all the entity’s filters have to decide what type of mortgage they want, one of the most important dilemma given the duration of the loan. The fixed mortgage has consolidated its leadership compared to the variable two years after the Euribor fails to get off 2% (in August it rose to 2,114%). «When the buyer sees that the Euribor stagnates and that the quotas can climb if he chooses a variable or mixed, the logical thing is that he seeks to protect. The fixed one offers that tranquility, with very competitive interest rates, around 2% TIN and even below in some cases,» says Marcel Beyer, CEO, CEO.