Those Italians who have a variable rate mortgage, have resorted much more consistently this year to the tool of renegotiation, thus managing to mitigate the impact on rates from the increase in interest rates.
It signals it the bisexual based on data just published by European Central Bank explaining in a note that in the first nine months of 2023, the amount of renegotiated mortgages (which involve extensions, changes from variable to fixed, revision of the interest rate) was 17,4 billion euros, over 3 times compared to 5,1 billion in the first 9 months of 2022.
The portion of Italians who have signed a variable rate mortgage, and who are therefore exposed to the increase in installments, is lower than that of those who instead chose the fixed rate. According to the latest data from the Bank of Italy, the amounts of fixed rate mortgages they stood at 63% of total mortgages.
The Italian Banking Association reports that in terms of international comparison, in the first 9 months of 2023, compared to a value for Italy of 34,4%, the incidence of renegotiations on the total new disbursements in the euro area is 24,4%.
The many forms of renegotiation
In any case, the Abi recalls that it has promoted the adoption of for its members measures in favor of families with adjustable rate mortgages, such as: the extension of the repayment plan for loans for the purchase of the first home; the expansion of the number of beneficiaries of the renegotiation of mortgage loan contracts, introduced by art. 1, paragraph 322, of Law 29 December 2022, n. 197 (for example, admitting to the measure also subjects with ISEE income or with mortgages of a higher amount than required by law); the further dissemination of knowledge among its customers of the possibility of resorting to the Solidarity Fund for mortgages for the purchase of the first home (so-called Gasparrini Fund), in order to suspend - upon the occurrence of specific events - the payment of the installments of the financing.
The demand for mortgages is starting again. Last weeks for the under 36 Guarantee Fund
Meanwhile, the mortgage application, which had seen a sharp decline in the first months of the year, is getting back on track, on the sole expectation of an easing of the monetary tightening by the ECB. A further growth in requests is expected in the coming months, also taking advantage of the still open window of the old version of the Guarantee Fund for under 36s which expires on 31 December. In the new version the Fund it will also be renewed for 2024, but without tax discounts.
