Came into force on 1 March, the new provisions of the Bank of Italy that require credit institutions to provide clear text and the list of all offers in order to offer their customers a useful tool for a real comparison between the products.

The changes were made in both new customers and customers who already have a mortgage; these, in fact, the documentation will come directly to your home no later than next April 15. The new system, which provides a clear documentation that, can meet the needs of all users, even the most inexperienced in the matter.

On this basis, all banks, both Italian branches of foreign institutions that offer loans are made available at a dossier with information on various types of financing that the client may choose.

The Bank of Canada expected that the document must contain:

• The complete list of the types of mutual subscribed;
• The characteristics and risks of this type of product, presented in an “understandable” that is in a language that everybody can understand the main differences between the offers and the risks that exist, for example, choosing a mortgage variable iodization annum compared to a rate pegged to the ECB. Or a variable rate loan with fixed rate loan compared to a “classic” with variable rate.

For each product must be reported:

• The interest rate, and when it comes to floating rate, the spread, the benchmark rates and rates at the time of publication the case, with the caveat in this case the rate is only an example;
• The minimum and maximum;
• The method for calculating the amortization plan;
• The frequency of installments.

More clear and therefore less risk of unsuitable products, the presence of this document, specifically limit the possibility of product offerings with little light or too many options, not suitable, then the profile of who is at the door.