You have waited several years, but finally, your home is ready to move into. Years of waiting that have been worth it, because you have obtained a social housing (VPO) at a much more reasonable price than the market prices. And, much more moreover, taking into account that in this last five years there have been practically no subsidized developments due to the crisis and the lack of budget of the different administrations.
The moment of truth has arrived and you have to start the process to formalize the transaction. Are you interested in subrogating the mortgage offered by the developer?
Subrogation of VPO mortgages: What are mortgages for protected housing like?
You should know that protected housing is linked to an agreed loan, that is, to a mortgage with supposedly more advantageous conditions than those offered on the free market to facilitate the monthly payment to its owners. It is the Ministry of Public Works - after negotiating with the banks - the one that sets these conditions, although the Autonomous or Local Administration can determine its own for the promotions that are built within its radius of action.
Currently, the reference rate for agreed loans is set by the Euribor , plus a spread that is usually lower than the average with which banks work.
Certain profiles of applicants may also benefit from a subsidy of a percentage of the monthly loan payment. Generally, it is the autonomous communities that establish the requirements for granting these aids (income level, type of housing protection). , family members, if the holder is separated or divorced with family responsibilities, etc.)
The loans you agree to do not oblige you to take out any additional products, such as life insurance or a pension plan.
Although this mortgage may seem advantageous at first glance, it is advisable to ask for proposals from other financial institutions so that you can compare which operation would be the most attractive for your pocket.
The most practical thing, before making any decision, is to go to the entity that has financed the developer/builder and ask them to detail the conditions of that mortgage and the amount pending repayment. Subrogation implies accepting the same conditions agreed between the developer and the developer. and the bank.
One of the main advantages of subrogating yourself to the developer's loan is that you will save the costs associated with the opening and constitution of the mortgage. The only commission you will have to pay will be the subrogation costs , around 0.5% of the outstanding capital. to amortize.
However, loan approval is not automatic. The financial institution will carry out a prior risk assessment of the client and reserves the right to authorize the operation.
It's a matter of doing the math and evaluating the most interesting offer for your pocket. An ace you can play is to start negotiations in parallel with the entity with which you would be subrogated, your usual branch and a third entity with an interesting proposal and, in when signing the deeds, choose the most attractive offer.