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Brilliant Real Estate and mortgages

7 January 2018

If you have purchased a property in Spain, you could be in for a surprise if you took out a mortgage in Spain to buy the property.


Several Spanish banks have, and continue to, include a series of abusive clauses in their mortgages. Floor clause (Cláusula suelo) is probably the most well-known of them, but others do exist, for example clause 360-365, mortgage fees (Gastos de Hipoteca) and IRPH to name but a few. These are unknown to most of the people affected by them.


Pablo Clavero the New Business Manager from the international financial claims company Stanton Fisher, with offices in the UK, Panama, Ireland and Malaga, states that “we have found that lots of British mortgage holders in Spain are unaware that may have been affected by the numerous abusive clauses that have been present in Spanish mortgages for several years." The amount of the claim depends on numerous factors and to calculate an exact amount is no easy task. Most of the banks make it quite difficult to claim and use their own methods of calculating a claim amount which may not be the amount that an affected person is due. Our group has experience in dealing with financial and medical claims across the world and has already helped lots of mortgage holders in Spain to recover money paid because of the presence of abusive clauses in their mortgages."

According to the data from the Association of Property and Commercial Registrars of Spain, in the last decade alone more than 65,000 British people have brought a home in Spain. One in three homes of these purchases were funded with a mortgage. This means that there could be up to 40,000 Brits in Spain who have been subject to abusive mortgage clauses and could make a claim..
If you purchased your property in Spain, with a mortgage from a Spanish bank we would advise that you have your mortgage reviewed by a claims specialist to see if you have a valid claim.

Sources found by Brilliant Real Estate:

http://www.registradores.org/…/estadistica-registral-inmob…/
http://www.eleconomista.es/…/Un-tercio-de-las-viviendas-com…
http://www.ine.es/
https://www.fomento.gob.es/…/DIRECCIONES_GENE…/ARQ_VIVIENDA/
https://www.notariado.org/…/cien/estadisticas-princi…/inicio

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