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Spread, time and expense – are slowing the portability

There are many Italian families who, after the Bersani decree took advantage of subrogation to move at no cost to finance a new house near the bank and thus improve the conditions of the loan. Not always, however, the much vaunted 'portability' has proved a simple and above all free of charge: just this week, the Antitrust Authority has announced the use of the State Council to appeal the ruling by which the tar had annulled the fines imposed in Authority in August 2008 led by Antonio Catricalà to 23 banks for "unfair trade practices" regarding the application of Decree Bersani.

The duel between banks and Antitrust (next to which were deployed consumer groups) is therefore intended to continue in the classrooms of administrative tribunals.

Banks continue to defend itself claiming that portability has been hampered by difficulties in interpreting the standard, but now it is a thing of the past, because the subsequent clarifications and decrees (as many as six have been necessary measures to regulate matter) have been used to better manage the situation more delicate. In effect from June last date of entry into force of the automatic procedure which facilitates the transfer of the loan between banks, were second 's Abi subrogation approximately 27,500 operations carried out. Expediting transactions is still seen, but the fact remains that a few grains of sand in the mechanism is still present, are not uncommon and your comments that signal trouble in the 'removal' of the mortgage.

And presumably, throughout 2009 there will be brought into account a slowdown in the number of subrogation and substitution. The significant reduction in interest rates in the last six months (the Euribor base for variable rate dropped from 5% in October to 1% in recent days) made it less necessary to resort to the "mutual exchange" on the part of families. But portability could also help curb the worsening conditions of the lending market: if it is true (see table opposite) that the overall rates have declined, both for fixed and for variable, it is also true that the spreads charged by Banks benchmarks showed a strong increase in response to economic and financial crisis.

Looking at offers on this site MutuiOnline, it has gone from less than 1% of the average charged last August (before the bankruptcy of Lehman Brothers) to values approaching 1, 5% and over the counter price rises are, if possible even more pronounced. This means that, unless you want to just change the type of rate (via an example from a fixed to variable or vice versa) or trying to shave a few tenths at a fixed rate, very few customers will be encouraged to abandon the "old" product for one that could prove far less competitive.

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