If you do not pay your instalments on time, the intermediary charges interest on arrears, which is added to the amount owed.
In the most serious cases, the intermediary can have the contract terminated.
If the intermediary is a bank, the bank may dissolve the contract for:
- non-payment of even one instalment
- delay of more than 180 days from the due date in paying even a single instalment
- delay (between 30 and 180 days from the due date) in the payment of instalments more than seven times.
If the bank terminates the contract, the customer shall repay the outstanding debt immediately.
If he cannot repay the debt, the intermediary may have the mortgaged property attached and sold at auction.
If there is a guarantor, he too is obliged to repay what is owed. The intermediary may also report the untrustworthy customer to the Central Risks Bureau, a report that jeopardises the possibility of obtaining financing in the future.
If the instalment over time proves to be too high, seek a solution with the intermediary immediately
If the customer cannot always pay his mortgage instalments on time, it is advisable for him to contact the intermediary promptly to seek a solution together.
Firstly, it is possible to renegotiate, for example, the type of rate, spread and duration, without the notary’s intervention because the original mortgage remains valid.
Another possibility is the temporary suspension of payments, to overcome the moment of difficulty.
Alternatively, it is possible at any time to transfer the loan to another intermediary, without any charge or penalty.
This is known as portability, which allows the mortgage to be repaid using the same sum granted by a new intermediary and keeping the original mortgage.
The sum will be repaid on the terms agreed with the new intermediary. The customer has no right to obtain a new loan. However, if this is granted to him, the old intermediary cannot prevent or hinder the transfer of the mortgage. The customer does not have to bear any costs, not even indirect costs (e.g. commissions, fees, charges or penalties), either for the termination of the loan with the old intermediary or for the granting of the new loan.
In the event of difficulties in paying the mortgage, avoid turning to operators who are not registered in the registers provided for by law.