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SymbolicBlogNoticiasA new analysis about the new Mortgage Law and its operation so far

A new analysis about the new Mortgage Law and its operation so far

09 Mar
Symbolic Monday March 9th, 2020 0

After the entry into force on June 16 of the new Mortgage Law, financial institutions, the promoter sector and homebuyers we face a new scenario of real estate credit full of uncertainties and bureaucracy.

While the spirit of the new law is a guarantee in defense of the rights of individuals,

The legislative change is causing delays in the signatures of the sale of homes. The modification requires, for example, that clients visit the notary twice with a minimum interval of two weeks.

Financial institutions have had to implement new tools to comply with the new law. In addition, these changes have required multiple adjustments until the model has been refined. Throughout this process, the buyer has suffered in his own flesh the new procedure to access a mortgage. And, most worrisome, he has felt disoriented with the new modus operandi.

Given this situation, we cannot miss the opportunity to get to work from the promoter sector, and together with the financial sector, try to provide solutions to those processes in which we have the capacity to improve such as this. We have to try to shorten, within the law, bureaucratic procedures and the feeling of uncertainty about the delivery of homes in which the final buyer needs to access a mortgage.

This proposal does not mean that the deadlines are shortened, but that the procedures are anticipated so that the client can access their home in a shorter period of time since obtaining the first occupation license (LPO). An important legislative change should not be necessary, since it is rather a matter of adaptation to the regulations by all the actors involved.

Banking and promoters have to go hand in hand so that the buyer can dispose of his mortgage and his home in the shortest possible time, without implying any impairment of his rights and always within the new legal framework.

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