Nine Cats How Many Legs

September 2009

are in list prices, but remain in the drawers of the subsidiaries. There is talk of ECB rate mortgages, mortgage loans that have as a benchmark for calculating the rate the rate set by the European Central Bank. The survey shows a clear tendency in the subsidiaries not to offer the product. The advantages of a mortgage (almost) unknown

are in list prices, but remain in the drawers of the subsidiaries. There is talk of ECB rate mortgages. Those mortgage loans, that is, that as a benchmark for calculating the rate, the rate set by the European Central Bank, which is now 1% (the lowest rate) and maybe even come up to a distance 0 , 50% by the end of 2009. The other variables are parametrari Euribor, which is a likely value of the humors of the international market and that a month has started to rise again after be precipitated from 5.38 to 1 October 2008, 24% today. It 'basically a rate policy, the ECB, which should be protected from speculation in the markets: the Euribor, in fact, ricominicato a slow climb from mid-May.

To speak first of the ECB's variable rate was the Bank of Italy Governor Mario Draghi, the end of October 2008, the month notorious for overheating in interest rates. "Because of the tensions in the interbank markets and the scarcity of trade," remarked the Governor during the day of savings, "the Euribor not more adequately reflects the costs of collection. Looking forward, it is appropriate that banks use to index variable-rate mortgages parameters more closely related to the actual cost of borrowing. "She had echoed Lorenzo Bini Smaghi, member of the board of the European Central Bank, which was deployed on the positions of Draghi, saying flatly that "the interbank rate is totally out of line and pay the price are the citizens who have their mortgage indexed to Euribor."

investigation for MigliorMutuo OF 2009, ongoing these days, shows a desolate scene: the tests made in branch showed first of all a lack of knowledge of the product by the bank ("I have to ask," "I do not know," was the most frequent response). Secondly, and this is more serious, have not shown a clear willingness to give the product to whoever requests it explicitly. Why? The responses were varied: the sincerest has put his finger on the "convenience" means the ECB rate mortgage is not at all a good deal for the bank, because the rates are too low. But on the contrary a great deal for the customer.

Mutual ECB instead of drive?

For example: if you ask your mortgage ECB today, the departure of Tan is on average (see table below) of 1, 85% (but in fact the actual average is 2%), while the coupled to a variable Euribor is equal to 1, 4% (although the spread of the variable is still climbing, and some banks have already attested to 1, 6%). It means that an ECB loan costs about 25% more. A loan of € 100 thousand in 15 years has a starting rate of € 690 if you require a mortgage of ECB and € 680 if you require a traditional variable. This is because the spread increased to eliminate the advantage of the ECB reference rate (ECB = 1% against 1.24% in the three-month Euribor). Despite this "architectural barriers" raised by the banks, the ECB is mutual beneficial, because it is expected that the rate drops to almost zero share in the coming months, to remain fixed for a period not less than 3 years with the possibility of gradual deviations, "political," aimed at families. In summary, mutual ECB, while variable, might be a valid substitute for fixed, now at a disadvantage compared to the variable by 3 percentage points. Which is really a lot, also calculating short payback periods (5 to 10 years).

only exceptions, BPM and Ing direct: in the first case, the mortgage subsidiary is known, but it is difficult to obtain unless you are a customer for several years. For ING, this is a mortgage online, and the response was fast as always.

Street: http://www.osservatoriofinanziario.it

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