BBVA and the unions have signed peace after the strong conflict over the workforce’s mortgages with an agreement that improves any solution given so far by a financial institution against the Euribor rally. The bank and union representation (CCOO, UGT, ACB, CGT, ELA, SEC, CIG and Intersindical) have signed an agreement that guarantees its employees forever that they will enjoy a price on their loans mortgage equal to best interest for client set by the entity at all times minus a differential of 0.10%.
At the present time it means that workers will be able to transform any of your loans for the acquisition of both first and second homes at the 2,20% if they have left to pay off less than 15 years and 2.30% for longer terms.
The novation will be open with said rates until next October 15 for free y without the need to go to the notary. After that date, any novation or new concession will also be governed by that favorable rate less a differential of 0.10%, but with the interest that is set at all times as the best for the client.
The unions had been up in arms with the bank before their resistance to capping the interest from mortgages to the workforce. To mitigate the impact of the rise in the Euribor, facilitated the conversion of loans variable to fixed with interest linked to Euribor plus a spread of 0.25% (around 3.1% at that time) and the unions demanded to limit the price as Santander has resolved, which capped interest at 1.5% for twelve months, or CaixaBankwhose workforce loans are linked to Euribor minus 2.5%, or formulas similar to those established in other entities.
In a joint statement, the unions state that “it has been a tough negotiation in which BBVA’s initial position was very disappointing, with a no to everything, and which has caused a long delay in providing solutions to the workforce.”
However, union sources appreciate that the solution finally achieved improve “any option in another entity” by the conditions achieved, its universality and permanence over time.
The open window for novations will allow the transformation, even, of the loans contracted to the Euribor plus 0.25% free of charge. And in most cases, the bank will also allow the worker to restore original conditions of your loans in another change, which would be final. That is, if the Euribor falls again, they could restore the conditions of their variable loan if they were more favorable for another single time.
Among the improvements achieved is the possibility that the term of the loan reach the age of 67instead of the current maximum 65, and the possibility of shorten term or reduce fee with early repayments. Until now, the bank prevented the amortization quota from decreasing and demanded that any early repayment reduce the term, something that the unions had denounced.
2023-07-03 08:34:17
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