Spain’s IRPH Mortgages to be revised by Europe?

Clients with mortgages linked to the IRPH index in Spain aim to refer their case to the European courts. They have been encouraged by the vote of two Supreme Court Magistrates who believe that the clause does not meet the required transparency control. On November 22, Spain’s Supreme Court ruled … [Read more...]

Santander, BBVA, Caixa & Bankia are coordinating on a new mortgage deed standard template

Four of Spain’s biggest banks, Santander, BBVA, CaixaBank and Bankia, have taken account of the legal challenge regarding the floor clauses and have launched an image cleansing operation that will, among other aspects, implement a new generalized model of mortgage deeds in Spain. The objective is … [Read more...]

Questions and answers on extrajudicial (out of court) procedure for the return of overpaid interest due to floor clauses in Spanish Mortgages

How to claim a refund of overpaid interest due to floor clauses in Spanish Mortgages These steps need to be followed:1.- Claim to your bank office/branch 2.- The bank must send to the consumer the calculation of the amount to be returned, including interest or, where appropriate, the … [Read more...]

Remove the Floor Clause from your mortgage and claim a refund of overpaid interest

1. What is a Floor Clause? (Cláusula Suelo) Many property buyers in Spain were sold mortgages by Spanish Banks at a variable rate linked to the Euribor (the Eurozone base rate). However, a large number of those mortgages also included a 'floor' (Cláusula Suelo) which was normally set anywhere … [Read more...]

Claim a refund for fees imposed on you by the Bank when opening your Spanish Mortgage

IF YOU HAVE A MORTGAGE IN SPAIN YOU COULD CLAIM A REFUND FOR SOME OF THE FEES YOU PAID WHEN TAKING OUT THE MORTGAGE In December 2015, the Spanish Supreme Court ruled that mortgage clauses introduced by Banco Popular and BBVA that forced borrowers to pay all fees related to taking out the … [Read more...]

Nullity of mortgages on illegal properties

A thinking after finding some excellent Court Decisions by Appeal Courts (Burgos is always great on protecting consumers rights of off plan buyers): Nullity of sale due to lack of consent by the buyer as he did not know or knew wrongly on important features of the property BRINGS ATTCHED the … [Read more...]

What happens once I default in my mortgage payments in Spain?

Q-What happens once I default in my mortgage payments in Spain? I really cannot afford keeping those payments up... A- 1. Generally, Bank will send to you a notice after three monthly defaults. This is not regulated in any Law, it is just common practice.  An active negotiation with the Bank, with … [Read more...]

Tips when taking a mortgage

1. Only obligatory Insurance is a  home insurance with coverage against flood, fire or earthquake. Just the house ( nor soil or content) needs to be insured. Look at the  "insuring value" that the property has. This is contained on the valuation report made by the Bank. 2. Any other insurances … [Read more...]

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