Subrogations and early repayments risk becoming taboo again. On July 2, Italy implemented the European directive on mortgages, the measures for which must be made operational by March 21, 2016.
At that point the danger is that our country will reintroduce the early termination penalty, at the same time putting the market for substitutes in crisis which in recent times has been the protagonist of a real boom.
In other words, the measures established by the Bersani decree of 2007 could be sent to the attic in order to harmonize the Italian legislation with the Community one. In fact, eight years ago, the then Minister of Economic Development gradually canceled the penalty that customers paid to repay their mortgages in advance, considered an obstacle to competition and the mobility of customers who, to move from one bank to another , they may have to give up up to 6% of the outstanding principal for fixed rate contracts.
La EU directive instead provides that "Member States may provide that the creditor is entitled, where justified, to fair and objective compensation for any costs directly related to the early repayment" .
In simple terms, the penalty is likely to come back into effect. Added to this is the fact that the aforementioned text states that banks can link requests for the opening of current accounts, deposit accounts, investment products or pension plans to the loan, which will have the purpose of guaranteeing the institutions repayment of the loan.
