softlad

Heard about this from a friend last week. I had been out of Spain for a month. It seems that anybody who took a mortgage out with a Spanish lender from the 4 years up to December 2015 might have paid illegal charges in the form of registro, notaria and impuestos. I've been reading up on Spanish website and it appears you should approach the bank in the first instance to see what they offer. Any ex-pat in the same boat as me? Care to share what you have heard and learnt? Web links etc. Anything out there in English? Anybody ever had any dealings with the consumer group called OCU? Thanks folks.

Loafing Along

This is a comprehensive summary, unfortunately you will need to stick in Google Translator or similar :

https://www.idealista.com/news/finan...a-que-te-cobro

In the first instance the judgement has an effect on mortgages from BBVA and Banco Popular. It is assumed , but not yet proven, that other banks applied the same fees. Although all the major ones have subsequently changed their procedures which suggests they are equally guilty.
You need to start with the Bank itself and make a claim , justified by the mortgage documentation and then you will probably need professional assistance if they give a negative response.
This particular judgement has taken five years to reach its conclusion.

So far nothing in english, but then a particularly Spanish problem. Have studied what information is available and worth following up, approx €3.100,- on a typical €150.000,- mortgage.

spainrico

This might help............

Abusive banking practices in Spain: Government, opposition reach deal on “floor clause” refunds for mortgage holders | In English | EL PAÍS

softlad

Thanks for the info. Funny enough I had bookmarked that article. I do speak Spanish but it wouldn't do any harm to get another take on it in English. The process explained by yourself is pretty much how I understood it. I shall approach Sabadell in the first instance and take it from there. One thing I am not sure about is why it has come about. Did these charges not exist before or were they absorbed totally by the bank rather than the person taking out the mortgage?

spainrico

To be honest, I don't have a mortgage so don't have personal experience of this issue, I thought it was all to do with 'clausia suelo' not the expenses. The problem is/was the contracts had a maximum and a minimum interest rate payable.
Because interest rates have been so low, people have effectively been paying more interest than they need have with this fixed minimum rate - I heard the banks never expected rates to go so low so it was an unintentional 'scam' but perhaps I am being naive!
But maybe you are right and some of the expenses are also an issue........talk to your bank, can't believe you will be the first. Lots of abogados offering to sort it out for you! It has been going on a while and I think some claims already settled.

VFR

Hard to believe this part ...................

{“Should the lender decide that the return of the funds is not applicable, the reasons upon which this decision is based will be communicated [to the client], and the extra-judicial procedure will be considered concluded,” the draft text reads. That is to say, while all banks are obliged to inform clients as to whether they have a floor clause, if the bank considers that it is not opaque (as Banco Sabadell argues), the law will not call on the lenders to return any money.}

Loafing Along

Yes there are two issues :

1. The "Clausula Suelo " which has attracted a huge amount of attention.
2. The recent judgement on mortgage set-up costs

They are quite different.

The opportunity to reclaim mortgage costs has two deadlines :
a. If the mortgage is still active until 2019 - four years after the decision
b. If the mortgage has been paid up, 4 years befoire the decision, so 2011

softlad

Thanks for clarifying things regarding the 2 issues with the banks, Loafing Along. Mine falls into the latter. I am still unsure how the situation came about. Not sure if previously these charges were paid by the bank or they were invented illegally. I shall pursue the matter, naturally.

Loafing Along

I think they have always existed just like in UK but no one ever queried who should really pay them. They were just another expense along with everything else when buying a property.

spainrico

In El Pais today

Floor clauses in Spanish mortgages: Spain’s Bankia to refund all clients over “abusive” mortgage clauses | In English | EL PAÍS

Tominspain

Hi guys,

Recently been contacted on this subject by a company called Mortgage Services Spain, talking about doing my claim on a no win no fee basis. I think they said something like 15% of the claim amount.

Does anyone else know about this company? The lawyers they use are registered in their respective colegio de abogados so it looks good but was wondering if anyone else had any experience with them?

All help appreciated, thanks guys!

Rosemary

Hi and a warm welcome to the Spanish forum on BE. Myself and Fred James are the moderators for the Spanish forums whilst BEVS moderates Europe. Moderators are there to ensure that the site runs smoothly within the rules of BE. This is so that members gain the information that they are looking for and find their experiences on the forums to be friendly and worthwhile.

Problems and complaints should always be addressed to a moderator who will look into the matter and deal with it efficiently and fairly. Our members who post in the Spain Forums are usually friendly and helpful with a wealth of knowledge about the issues of living in Spain. I hope that you enjoy your time participating in the forums.

Please let me know if you need any further help.

Rosemary

NickBarca

I was also contacted by these guys and I have had my friend (who is a Spanish abogado) look over the documents they sent and it all seems fairly standard stuff. I have sent them my papers already for their team to look over and they have everything in English and Spanish which is useful for expats. They take care of everything once they have the mortgage docs. Seems like a very similar company to the one I used to reclaim PPI in the UK on no win no fee so hopefully they can get me as good a deal as I don't have the time or enough knowledge of mortgages to do this myself

Rosemary

Hi and a warm welcome to the Spanish forum on BE. Myself and Fred James are the moderators for the Spanish forums whilst BEVS moderates Europe. Moderators are there to ensure that the site runs smoothly within the rules of BE. This is so that members gain the information that they are looking for and find their experiences on the forums to be friendly and worthwhile.

Problems and complaints should always be addressed to a moderator who will look into the matter and deal with it efficiently and fairly. Our members who post in the Spain Forums are usually friendly and helpful with a wealth of knowledge about the issues of living in Spain. I hope that you enjoy your time participating in the forums.

Please let me know if you need any further help.

Rosemary

Loafing Along

If you have the original mortgage documents and the associated invoices there are several examples of a standard letter you can use on the web, plus a list of the necessary attachments. Send the package ( copies of documents )to the Customer Services Dept of your bank. They then have three months to respond, would suggest , if you get a negative response after that period, then is the time to use a lawyer as you can make a repeat claim through the courts. First phase not convinced it is worth spending money on.