Altroconsumo: subsidized mortgages for young people? Poorly informed banks

How is the situation of soft loans for young people, more than three months after the entry into force of the Sostegni bis decree now converted into law? To find out, Altroconsumo consulted the parties concerned: the banks. In September, the consumer association noted, “we went to 73 bank agencies in 8 Italian cities to find out if access to credit for young people has really become easier”. The legislation approved under the Sostegni bis decree provides for the possibility for young people to request a guarantee from the Consap Fund up to 80% of the principal amount of their mortgages. This opportunity is given to children up to 35 years of age and with Isee within € 40,000 to whom the bank grants a loan with Ltv (ie the ratio between the capital and the value of the property) of more than 80%. The same rules also apply to other fragile categories: couples under 35, single-parent families with minor children and those who live in public housing. The aim is to make it easier for young people to access the loan, without having to resort to the guarantee of a relative. On the Consap website you can find the updated list of participating banks and the form to be filled in and presented to the bank. There are more than 280 member banks but in reality finding a “State-guaranteed” offer is really difficult. To understand if this procedure is really as simple as it seems, Altronconsumo points out, “we checked in the field if the member banks correctly inform about Guarantee fund specifically for the part concerning young people under 36. We visited 73 agencies of 18 banks all belonging to the Consap Fund: these are Banca Carige, Banca di Cherasco Bcc, Banca Patavina, Banca Popolare di Puglia and Basilicata, Banca Popolare Etica, Banca Sella, Banco Bpm, Banco di Sardegna, BCC di Bari, Bcc di Milano, Bcc di Roma, Bper, Credit Agricole, Emil Banca, Intesa San Paolo, Mps, Poste Italiane (offers Intesa San Paolo mortgages), Unicredit . Our visits were made in 8 cities: Bari, Bologna, Genoa, Milan, Naples, Padua, Palermo, Rome “. The profile adopted by the consumer association:” a couple of thirty years old Fabio and Sonia, Fabio has a contract to you indefinite mpo and Sonia for a fixed term. The total salary is around 2000 euros per month (this means that our Isee income is within the 40,000 euros provided for by the Sostegni bis decree). We are buying our first house to live in (now we are renting) the cost of the property is € 200,000, we need a mortgage of € 160,000 with a duration of 25-30 years “. The profile of our collaborators, underlines Altroconsumo, “it is precisely that of a couple of young people who have the characteristics to be able to access the facilities provided for by the support decree bis later converted into law. Therefore, since we have visited banks that are members of the Fund, all of them should have made an offer with the Fund without asking for a guarantor and also making few problems about the fact that one of the two had a fixed-term contract. Having an offer guaranteed by the Consap Fund means obtaining favorable characteristics, that is: obtaining a loan capital that exceeds 80% of the purchase price of the house at controlled rates thanks to the state guarantee. Having a mortgage with a capital anchored to the purchase price means being able to obtain much more capital than what is normally obtainable (ie max. 80% of the appraisal value of the home); not needing a guarantor to obtain the loan; have the certainty that the rates applied regardless of the duration of the loan cannot exceed a certain value (up to 31 December 2021 max 1.94% for fixed rates and max 2.18% for variable rates) “. The guarantee that should helping young people to make plans, such as buying a house, notes the consumer association, “is still entirely theoretical. The risk is that of losing precious time, we remind you that the measure is currently valid only until 31 December 2022 (thanks to the extension that will come with the budget law for 2021). Only in 32% of cases it was possible to obtain an offer linked to the state guarantee and which therefore provided for subsidized rates and did not ask for a guarantor. It should be emphasized that in 15% of these offers it was we who spoke about the Fund and therefore explicitly asked for a “guaranteed” offer, otherwise the bank would not have spoken about it at all. In all cases, the consultants admitted that they did not know much about the Guarantee Fund and were not even aware of the requisites necessary for access “. None of the appointees, notes Altroconsumo,” was in possession of the form to be used for the request and everyone was expecting the arrival of implementation methods in the coming months. In reality, the form to be filled in has been present for some time. On the other hand, all the officials were quite prepared regarding the tax innovations introduced by the Sostegni bis decree: they all correctly said that we would not have to pay the substitute tax on the mortgage, due to age requirements (under 36 years) and income (Isee within 40,000 euros. ). The unfair practices continue and there is no difference between offers with the Fund and without the Fund: in 86% of cases it is necessary to have an account in the bank that grants a mortgage and in 33% of cases even a home salary. A mortgage necessarily has a fire and explosion policy on the house that the customer can buy where he sees fit. If the bank does not allow it, it carries out an incorrect practice. This prohibition occurred in 40% of the offers recovered; and in 17% it is also compulsory to take out a policy to cover the credit and buy it at the bank. In the case of offers with the Fund this happens even in 25% of cases “. Are you looking for a mortgage? First of all, inform yourself well:” if you are a young person within the age of 35 and you want to get a mortgage thanks to the dedicated Fund managed by Consap – advises Altroconsumo -, the first thing to do is go to the bank with a clear idea of ​​how the initiative works. If you decide to contact an official for clarification, you risk only wasting time and having incorrect information. But do banks have any obligations towards customers? No, the banks are not obliged to grant you the loan, but to submit a request to Consap yes. In short, if you meet the requirements to access and the bank is among those that have joined the Fund, the bank is obliged to make a request to Consap. So the risk is that the state measure is not really used to give credit to young people: a scenario similar to what we had documented in 2016, when none of the 61 agencies visited was aware of the precarious youth fund. The thing to underline is that it is still necessary to pass the financial reliability analysis by the bank and therefore comply with certain requirements. If you are looking for a mortgage, check the economic conditions of dozens of mortgages with our online service “.