The Spanish Association of Banking (AEB) has spoken. The banking has gained 10 % more than last year, so everything is fine … for them. In fact there is no crisis, what exists is a “strong, intense and deep deceleration”. According to this vocabulary, a crisis then would be: “a sudden braking overland strong, intense and deep”?

The slowness has raised from 0,91 % a 1,20 % in one year and nevertheless it keeps on being in historical minimums. And less credits grant to themselves that one year ago and nevertheless the banking gains more 10 %.

What yes is true is that we have a stable and sure financial system because it is supposed that till now they have done the things well. Is not it going to be fine to the banks in this country, if the Spanish we have healthy habit of having our house in property and of mortgaging us for the whole life to obtain it? We are champions of Europe in number of owners: almost 82 % of the Spanish has a housing in property. In Holland, less than 50 % of his inhabitants has house in property. We go, the banks have to be strong like oaks here in Spain.

To see how much lasts.

They are already here. The holidays are a need, an inevitable date in the calendar. We deserve a rest, to relax, to disconnect and at least once a year to give us a small luxury, a viajecito, a caprice. With the world within reach of the middle class, there are offers in which to remain at home works out for us more expensive, or this was what was saying Work.

There are the people who resorts on the urgent credits to finance the holidays. The travel agencies, not to remain behind, have turned into financial agencies with multitude of different products. The most comfortable thing the payment is by installments and, normally, without interests, but also they offer another series of facility.

First of all, if we realize the reservation with advance they offer us juicy discounts of up to 8 % in some agencies or 15 % in others; sometimes the promotion consists of giving to the couples the stays of the children. When there is known by time the date of the period of holidays it is very advisable to reserve with advance: we will have a good discount and very much more where to choose, before hotels exhaust the squares in someone or the best offers are finished.

Also it is possible to ask the agency to realize a financing of the holidays, which allows us to pay it in several period, in comfortable quotas, which if not everything together one impresses. It is a new service that many travel agencies already have. In other agencies that they do not finance, more that it is possible to obtain is to pay in two times, it sets off on having done the reservation and sets off on having initiated the holidays.

As always, it is convenient to read well the small letter of the products that we reserve. To look well at the conditions of cancellation or change of dates. In general the hotels allow cancellations up to 24 hours earlier without cost, but the agencies of rent of cars will not allow the cancellation or change without cost.

And for that it is already on holiday, since not at all, that enjoys them, that sooner or later will touch all.

Nobody is safe of having some day a bad gust, a familiar problem, adjustments in his company, illness, unemployment, etc. For any motive it can happen that we could not face to the quotas or to the debts to which we had committed ourselves. First of all we will receive a notice of the bank, but if the payment does not take place shortly or a postponement is negotiated there us will begin a procedure of sequestration of the mortgaged good, since this is the guarantee of the bank to receive his debt.

We have already seen that now we have the option to declare ourselves in payments suspension, as they do the companies. With the new Law Concursal of 2004 the families have the option to request the creditors' contest (suspension of payments) and this way to stop the sequestration procedure and to paralyze the payment of interests of the debts. The contest until 2004 was an option that only the companies and societies had, but now the natural persons have been extended also. When we declare ourselves in contest voluntarily we can try to negotiate with the creditors the partial acquittance (the pardon of a part of the debt) or the waiting (the increase of the pay-off periods).

Disadvantages

When we declare ourselves in contest, although the executions and the sequestrations have been paralyzed, stop being the managers of our own finance, a Receiver will be in charge of arranging a plan of payment of our debts to the creditors leaving to us a quantity to be able to live. Thus it is not going to be easy to obtain in the future new loans again.

Another disadvantage there are the high costs of these judicial processes that increase as it raises the amount of the debt or of the number of creditors. In case of unpaid debts, but on which a guarantee exists, the contest or suspension of payments will not prevent the guarantees from being executed with the guarantors since they are not in situation concursal.

The real estate agencies ask the government to contribute 40.000 million euros to endorse the market of titulizaciones of mortgages so that the companies of the sector could keep on supporting his activity. They try to press knowing that it is the construction the one that has led the economic growth in these years.

In The Interval it has made them sad and for solidarizarse they have started an initiative with the name of “It supports a real estate agency”. José Maria Iñigo and Cándido Méndez have been the first ones in doing his donation.

If it was not in these moments …

To negotiate well the commissions of ours mortgage is so important as to negotiate a good interest rate. We already know that the banks charge from us for everything: commissions of opening, of partial cancellation, of entire cancellation, even commissions or expenses exist for the study of our loan. We have already said in more than one occasion how important it is to work for our loan. There 4 general recommendations go:

1. More guarantees

The first thing is to know which there are our possibilities of obtaining successfully the mortgage for that we look in this one or in other entities. If we are requesting concerning 80 % of the value of appraisal and are provided with a payroll (or with two) or even with guarantees, it will not be difficult that they grant it to us and we will be able to negotiate better with all the entities. All the more guarantees let's be able to offer to the best bank.

2. To calculate and to calculate

Our target is to calculate the final price of the mortgage. In the offers that realize the banks they treat separately the topic of the interest or of the differential, and that of the commissions. It is necessary to be careful with this because a few high commissions or obligatory expenses can suppose a great annual expense major than a few tenths more in the applied interest rate.

It costs, yes, they lower the interest rate to us, but in exchange for the fact that we hire a life insurance, an insurance of the hearth (that of another form we had not hired), or financial products as pension plans or credit cards. There does not stay other one that to do many calculations.

That's why it is not necessary to allow to cheat for the one who offers a very low type but with many expenses or commissions. A life insurance can cost us 200 euros a year, an insurance of the hearth in certain companies can cost the double that in others, the quantities contributed to an alone pension plan recover after the retirement, etc. These expenses or commissions can go out very expensive. Another example that we will not like paying there are the commissions of partial or entire cancellation, which one usually does once a year for fiscal motives, to come to 9015 euros on that it is possible to eliminate tax, if our annual quotas are minor.

3. To look for different offers

It is very important to look in all the banks, also in those of Internet, for the offer that jointly he receives less commissions and expenses from us and better interest rate offers us. We have to start working and look for offers of other banks to be able to begin the game of offers and counteroffers with the bank.

4. To sell our kindness and the offers of the competition

Everything is negotiable. Our trick in the negotiation is to be explaining to the bank our kindness, the good of our situation and the best offers that the competition does to us until it improves his offer.

If someone wants to share his experiences and advices in his negotiation with the banks it can do it in the comments.

A woman asks for help in Tele5 after, on not having been able to pay his quotas of the mortgage, it was coming to a financial intermediary in search of a solution to his problems.

Apparently, in the financier they said to him that he would have to pay 3.000 interests euros and now it turns out that it owes 188.000€ and is on the point of being evicted. In the financier, of course, they do not give signs of life.

We will not get tired of repeating that very much eye with the financial intermediaries and that it is necessary to read very well what we sign, which as we are careless they are going to be given us by all together, which for that put the things in small letter, so that we do not read them. “And remember, be careful there out” (Sergeant Esterhaus in Hill Street).

When we negotiate the price of our future housing and always haggle the same topic arises: what quantity will be paid in black? Dirty money, money B, the second box, the fraud has many names and it is very widespread, and in the real estate business it seems that it is a constant.

The fraud, the dirty money, benefits to both parts of the buy sale. He benefits to the buyer since the expenses and the taxes that originate with the buy of the housing are related to the amount of this one. At major declared, major sale price it is the VAT or transmissions Tax, and the writing expenses, etc. Therefore, the dirty money reduces the expenses of the buy. Also he benefits the seller, since if it obtains an appreciation in the sale of the apartment he will have to declare it and pay for her in the Revenue, but if part of the benefit is realized in black it will not consist and the costs get cheaper also for the seller.

In fact, in these cases the seller is least benefited, since it might obtain the same in a legal way for example requesting an exemption for reinvestment of these benefits in the Revenue. It is different when it is a question of selling a VPO, in this case the seller will be most benefited of the use of the dirty money, it is the only way of selling it at market price until it passes the term that remains to change the qualification of the housing.

When a VPO always sells to itself the appreciation it is paid in black and this causes problems to the buying part since no bank offers mortgage loans to pay in black. The bank at the time of calculating the loan that it grants us will bear in mind the value of appraisal and also the value of escrituración, and, logically, if the loan is not going to remain sufficiently endorsed by the registered value of the apartment, will not grant the loan. Also, and if there is some absent-minded person, obviously the dirty money is not deductible. We will be able to deduce an account I save housing, the quotas of a mortgage loan, the expenses of the notary, but never a quantity paid in black.

Finally, to indicate that in these cases the money is black for the one who receives it, the seller. The one who delivers it, in fact, what he suffers is one on cost and some problems in the buy of his apartment, but the origin of the money is not usually a black; there are usually personal savings that were in the bank, that is to say, it is possible to justify his origin in case of examination for Treasury Department.

The government has approved a decree that allows the free enlargement of the term of the mortgage loans for anyone that requests it any time the contracting bank gives his assent. This enlargement of the term of the mortgage it will be possible to request, without any cost, from May for two years. Nevertheless, this measurement raises someone questions that it is convenient to clarify.

To lengthen the term of the loan has a direct effect in the monthly quota that we pay. To reduce this monthly quota is for what one looks when it considers to lengthen period, but this measurement does not turn out to be a solution to the problems of the price of the housing or of the free increase of the Euribor. To lengthen the term of a loan of 150.000 from 30 to 40 years will allow us a reduction of less than 100 euros of monthly quota. If we lengthen a mortgage of 40 years up to 50 the reduction of the monthly quota does not come not to 50 euros. It seems neither just nor profitable to stick to the payment of the mortgage for ten more years for so small benefit.

This minimal reduction in the quota is due to the fact that when the term of the mortgage is extended what more it increases there are the interests that the bank takes. If we extend the term we will pay interests during more time and we will be late more in beginning to amortize the debt to the bank.

To lengthen the mortgage from 30 to 40 years, or from 40 to 50 years for example, has another consequence easy to calculate day by day: to bear the tensions, the economic problems, the increases of the extra Euribor for ten years weighs more than a reduction for 50, 70 or 90 euros. The worst thing is that the government tries to sell it like solution to an economic crisis that he needs much more than an enlargement of free mortgage to be solved.

A little of humor to go on on Monday depués from the bridge. The Big Wyoming, in his program Interval, gives us another vision of the high benefits that obtain the banks, those big unincluded. It is of last year, but it is worth seeing it again:

Some information of interest that are mentioned in the video:

The first five Spanish banks win every 48th million of euros. The benefits of these banks in one year it is the same as the budget of four departments.

Spain is the most expensive second country of the European Union at the time of doing a transference. Only in commissions they have gained 10.757 million euros.

Since we are in full high period fiscally speaking, can remember how we are affected by the changes that have got this year in the Income tax and what must begin to do now to reduce next year the invoice with Treasury Department.

From March 1 it is possible to request the Draft of the Revenue and the Fiscal Information. It is very advisable to ask for them since this way we will have a summary prepared by Treasury Department, of all our yields (payroll, accounts, investment funds, real estate, etc.). Also, we will receive the draft already calculated at home and if we agree it is possible to confirm or to deliver for any route from April 1 or to rectify it. Also we will be able to present the traditional Income tax return, it is already prepared by a professional or by the programs of help of the Tax office.

In the declaration of this year, of 2007, little we can change now. The most important thing is not to forget to add the things that they give to us right to deduce and that might not appear in the Draft or appear incorrectly like for example the newly acquired real estate, the new-born children, the deduction by maternity, the deduction for birth or adoption or the autonomic deductions to which we have right.

For the declaration of the next year we should not forget that the best way of reducing the fiscal invoice will be reaching port to our pension plan; although the new law has changed the deductible maxima into this concept, now we can deduce ourselves for the minor of: 30 % of our revenues that do not come from the saving, or 10.000 euros like maximum limit. In case of having more than 50 years the quantities will increase to 50 % and to 12.500 euros respectively.

The new Revenue law has created a new product, PIOUS (Individual Plans of Systematical Saving). Similar to the pension plans that although it does not reduce us the income tax return of the year in which it is contributed has another advantage, if he recovers in the shape of annuity generated in at least ten years (like a pension), the obtained yield will not pay, it will be exempt.

The young people or the one who thinks of buying an apartment shortly (up to 4 years), saving housing can begin to be deduced by the contributions to the account. These products are hired traditionally at the end of year, but contributions can go being done during the whole year if it is wished.