Mortgages and home loans for protesters or bad payersOn May 17, 2019 by Scott Rich
The access route to obtain mortgages for protesters or for those registered in the register of bad payers presents the same difficulties as a normal personal loan, with the only difference that the sums of money a game are even higher, certainly not being able to settle a small loan to buy or renovate a property. How to access home loans for bad payers or protesters? The credit institutions and the financial companies have prepared a series of possibilities which, however difficult, make it possible to have the sum necessary to complete the sale: it would certainly be easier to pay the amount owed and be canceled by the Crif protests, but who has the need to get the money immediately can try through the solutions that we will describe in detail later in this guide to the topic.
The choice of the assignment of the fifth
The most convenient choice for banks to provide home loans for protesters and bad payers is to take advantage of the reimbursement by means of a fifth assignment, a type of loan reserved for pensioners and public employees who can offer the guarantee of the pay slip or pension slip : the peculiar characteristic of the sale of the fifth is that
the monthly repayment installment is paid to the finance company directly by the employer or the pension institution through a deduction on the salary or social security check, the amount of which cannot exceed one fifth of the total received each month by the holder of the loan as the source of income from work or pension.
Thanks to the sale of the fifth, even a protestor or bad payer can obtain a loan for home purchase, even if limited to the maximum duration of 10 years by the credit institutions for the repayment of the debt.
Characteristics of the assignment of the fifth
The sale of the fifth presents a series of advantages and peculiarities that differentiate it from a normal personal loan, and that we can summarize in these salient points:
- Direct withholding of the amortization rate of up to 20 per cent of salary or pension
- Duration between 24 and 120 months
- Reserved for employees and retirees
- No guarantor required
- Fixed interest rate
- No proof of expenditure
- Possibility of disbursement also with other loans in progress
- Possibility of request also for protesters and bad payers
- Insurance policy for credit protection
Since we talk about mortgage loans for protesters and home loans for bad payers, it will be good to remember which are the differences between these two types of financing.
Mortgage and home loan, differences
Even if both loans are aimed at the purchase or renovation of a building, the loan and loan have substantial differences, and it must be said that usually the first is essentially required for the purchase, although there are also examples for the restructuring, while the home loan works better for less exorbitant expenses, such as renovation work and maintenance, but also for the restoration or purchase of furniture. Moreover
the home loan has a shorter duration in depreciation, with the advantage of not having to present any guarantee or almost, and you can get the sum between 48 hours to 15 days depending on the complexity of the preliminary procedure, while the loan has generally much longer than the loan, and provides a real guarantee like the mortgage.
In summary, the home loan has these characteristics:
- The loan generally has a short duration and usually lower than the mortgage
- The sums of money requested are generally small and do not normally require real guarantees, except in special cases
- The loans do not benefit from special tax relief as opposed to the mortgage
- There are no supporting documents, even if the financial offers offers dedicated to specific projects such as furniture purchase or energy requalification
The characteristics of the loan are:
- A mortgage is a loan for the purchase of a predetermined asset, or a property
- The mortgage benefits from special tax breaks so that it is possible to deduct part of the interest from the taxes at the time of the tax return.
- The duration of a mortgage is set in the medium and long term, reaching even thirty years
- The sums of money are generally quite high, and the loan always includes the request by the credit institution for real guarantees, such as the mortgage on the house.
Mortgage restrictions protested: how much money can I have?
It must be said that in spite of the real guarantee represented by the mortgage on the home, a mortgage for protested people has limitations from the point of view of the money that can materially be obtained to buy a property: if in fact a bank or financial company generally covers up to at 80 percent of the value of the home you intend to buy,
the maximum value paid for a loan from protested or bad payers does not exceed 50,000 euros, to obtain a coverage equal to no more than 30-50 per cent of the value of the property. This means that the protestor who obtains the loan must in any case have at least two thirds of the amount necessary to purchase the property beyond the loan.
This is certainly not an easy condition to be respected considering that you have been registered in the records due to liquidity problems, and further credit restrictions certainly do not help the purchase of the property: on the other hand, after the financial crisis of the last few years the conditions of access to mortgages for protesters have become even more restrictive, also considering that the interests are higher than those requested by customers on average without previous problems ascertained in honoring their payments.
Ask for a debt consolidation
An employee struggling with protest problems could consider the possibility of being deleted from the records first by paying the due amount and then possibly thinking about buying a property: already but how to get liquidity if you have credit access restrictions? Having the guarantee of the pay slip you can try to request a debt consolidation through the sale of the fifth: it is a financial instrument
which allows all the loans in progress to be combined into a single installment and also to obtain additional liquidity, having the guarantee of a sustainable installment and an even longer amortization time.
In this way the shortcomings and penalties could be settled in order to obtain the cancellation from the registers, and to be able to request a mortgage or a home loan without the restrictions due to reporting as a protestor or bad payer.
Real guarantees and surety: the solutions for autonomous and freelancers
If a worker with a permanent salary, or a pensioner, has difficulties in accessing credit that must be circumvented by demonstrating their income, the options are even truer for those who carry out a free activity, such as a merchant, entrepreneur or professional who cannot rely on payroll. How to get mortgages for protested or home loans for bad payers in this context? The first possibility to evaluate is to offer a real guarantee like the mortgage on a property owned: having a certain asset available, the credit institution could grant the loan. However the hypothesis of a protestor who wants to buy a house and already has real estate properties available is not so frequent, so we take into consideration the opposite hypothesis: in this case
the only way to be able to hope to obtain a capital for purchase, restructuring and any intervention on a house is to offer a guarantor for the surety, a third figure who in the role of co-payee may present a certain demonstrable income and creditworthiness such as to be able to eventually replace the main debtor in the event of failure to pay the amortization installments.
The choice of the person who can act as guarantor is obviously decisive for obtaining the go-ahead for financing, and often represents the only real possibility to have the necessary capital available.
The rent to buy for property purchase
Having liquidity problems and not being able to immediately count on a mortgage or a home loan with the necessary funds to buy the property, we can evaluate the idea of the rent to buy, an innovative purchase method that emerged in recent years on the market : what is it? Basically it is
a rental contract that contains a promise to purchase the property in which you are going to live within a set duration and at a locked price, without having to pay rent or a deposit. On the agreed date, the full amount agreed upon at the time of the promise to purchase must be paid, it being understood that the buyer can also decide not to buy that property after having used it in a set time.
This very particular type of purchase is applied above all to new buildings or building complexes under construction that are ready in the short term, as the owners run the risk of a depreciation of the asset if the sale does not end. For the protested person or bad payer it can be a convenient solution waiting for the cancellation from the register or the technical times to obtain a loan necessary to purchase the property.
Beware of online scams
As we have seen in general it is not at all easy to get loans for protesters and bad payers who want to buy a house, as indeed to finance any other project. However, looking especially on the Net it is easy to run into loans to protesters and bad payers who are assured with a certain ease, but which often hide real scams, or pitfalls that promise what they cannot keep. That is very often
commission fees are required to instruct the case without having at all the guarantee of obtaining the cancellation from the Central Risks databases, reaching the end of obtaining only a refusal of the loan without the repayment of the sums paid in advance. In the event of requests of this type, it is always necessary to refuse payments on the evaluation of the practice.
The options for obtaining mortgages for protesters and home loans for bad payers are not lacking, but we must take into account the strong limitations related to the problem of being registered in the databases consulted by credit institutions and financial companies in the preliminary evaluation phase of a requesting subject: for the mortgage, for example, you get enough money to cover up to 50 percent of the value of the property, much less than what would happen under normal conditions, demonstrating how the first option should always be, having time and money to afford it, take steps to get rid of the register, since it is cheaper than not to get into the mire of restrictions and obstacles to accessing credit.
For those seeking immediate liquidity, opportunities are not lacking, especially for employees who can count on the certainty of a salary assignment, while it is certainly more complicated for a self-employed worker who must necessarily rely on a guarantor or make a mortgage available. on another property owned to obtain the necessary sum. Finally, do not discard the most marginal market possibilities such as rent to buy, which under certain conditions and in certain contexts can represent a lifeline and a real opportunity for a “post-dated” purchase in the absence of liquidity.