Changes in bank fees 10/01/2023

If you want to change your mortgage from variable to fixed rate, now is the time: a recent law has modified the conditions to do so and some are temporary...
Measures. You will have heard that the Government has approved a package of measures to alleviate the mortgage burden of the most vulnerable families given the increase in interest rates and prices in general. Attention! Other measures have also been approved to facilitate the conversion of mortgages from variable to fixed rates, applicable to any person, without the latter having to be in a situation of vulnerability to be able to take advantage of them. See what they are.
No commission. The first measure is temporary, it came into effect on January 1 and will be maintained throughout 2023. It consists of the elimination of the commissions or compensations that are applicable in the following cases:
• By early amortization. In other words, if you want to advance the payment of all or part of a credit or mortgage loan, you will not be charged any commission if you do so during the year 2023. Take note. This measure is limited to variable rate operations, so you will be charged a commission (if applicable) in case you have a fixed rate operation and want to redeem it.
• By conversion from variable to fixed rate. Nor will any commission be applied in the event that you request the conversion of your mortgage from a variable to a fixed rate during 2023.
Later. Secondly, it is permanently established that, beyond 2023, in those cases in which a variable rate is changed to a fixed rate and an early repayment or amortization is also made, during the first three years of the life of the loan the commission applicable is reduced to 0.05% of the capital repaid early if there is a financial loss for the bank. Note. Before this commission was 0.15%, which represents considerable savings.
Attention! These changes, which have been published on November 23, 2022, represent a modification of the regime provided so far, although the rest of the indications contained in said article remain in force.
The change from variable to fixed mortgage is facilitated by eliminating commissions during 2023 and, subsequently, reducing the commission for early repayment from 0.15% to 0.05%