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Spanish Banks Ordered To Refund Overpaid Mortgage Interest

25th October 2015 by Rainer Hobrack

In a latest State Of The Nation Debate, President of Spain, Mr. Mariano Rajoy declared that the mortgage customers will be subject to get a refunded by their corresponding bank or the mortgage provider, if they have contracts contained a “ground” clause or a “minimum interest”. Thus the new law regarding the mortgage-interest-Spain came into force with effect from 9th of May 2013 ordered Banks, who previously overcharged homeowners, to refund the difference in the amount of the mortgage.

Thus the mortgage contracts containing persons would be never deemed to be exploited by the lender at a greater cost to the borrower.

A consistent rise in interest rates of mortgage reaches over 4%, in 2007, due to which many have to face the financial hardship.

However, contracts containing the “ground” and “ceiling” clauses are in the safe zone. Regardless of the Euribor interest rate, they are only chargeable to a monthly payment of predetermined minimum and maximum level. The monthly payments of the mortgage holders would never go below or above a stated level.

It is in 2007 where most of the mortgage borrowers have been paying well over the odds in interest Purchasing-Mortgagepayments, because they do not have the knowledge of the fact. The main reason is that, the true implications of the clauses were not brought to their attention.

The clauses were declared null and void in May 2009, stating that the borrower should be made fully aware of the new clauses, while should be given their express consent to the matter. The Spanish Supreme Court also agreed to the matter that the users should first have the full education of the ‘ground’ clause before its implications.

The petition filed by the reputed lenders BBVA and Cajasur appealed were rejected by the Supreme Court, while also the bank ordered to refund the borrowers on a case-by-case basis.

Spain realizes that the Mortgage Finance system always worries about organizing our finances to secure us from the financial problems for the rest of your life. A proper financial plan arrangement lessens your future money worries for the rest of your life. Having a good financial health can land you in a better position. The personal finance system can guide you in this regard; they assist you by giving appropriate suggestion and financial guide which help you to invest in a correct way.

The Finance System should give you a real picture of inflow and outflow of money, with the help of graphical charts and reports. Thus the report shows the sources from where money comes to you and the applications where your money is going. This report is done lot of planning your future finances. With the direct help of personal finance you can able to manage your financial tools like portfolio and mutual funds and stocks. Receive current tax articles, pay your bills and bank online by trading bonds, real-time stock reports and other information. You can submit this data to the tax software division to be better equipped for tax season.

Recently, many ideal personal finance software has been developed to assist you in many ways as it is having an ample user-friendly aspects like letting you manage all types of fiscal affairs consisting managing your financial accounts, which includes your investments, accounts, taxes and future plans. This advanced software also informs you with the recent information about the current tax law.

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Rainer Hobrack

Rainer Hobrack

Rainer Hobrack, founder of Health Care Insurance Spain has been an expat living in Spain for over a decade now. He understands the frustrations of dealing with health insurance and the pain of dealing with the public health system.

Why should you trust Rainer Hobrack with such a big decision?

Mr. Hobrack is passionate about helping others, he's an expat too! He's very experienced in dealing with all aspects of health insurance. Mr. Hobrack is fluent in both English and German. So you know if you have questions he will be able to effectively answer them using his great communication skills and experience.

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