Am I due a Refund for my mortgage costs?
- Recently Sabadell, Santander, BBVA, Bankia, CaixaBank and Ibercajahave revised their conditions and now pay 30% approx. of the mortgage costs.
Why only 30% ??
Well, In December 2015, The Spanish Supreme Court ruled that mortgage costs, introduced by Banco Popular and BBVA that forced borrowers to pay for ALL fees… 100%... were illegal.
All the costs associated with taking out the mortgage were charged to YOU. The Supreme Court has judged this practice to be unfair to clients. At Legal Costa Rentals WE AGREE!!
The court ruling states that the banks should pay for all, or at least part of these set-up expenses, after all it was the banks who insisted on most of these conditions in the first place.
Did you take out a Mortgage in Spain? Did you, knowingly or unknowingly pay 100% of the set up costs of your mortgage? If so, read on… the following may help you figure out if you are entitled to a refund on at least some of the costs.
Am I Due A Refund?
The Supreme Court’s ruling of December 23rd,2015 relates to everyone who is currently paying a mortgage . The deadline for filing a claim is four years after the change of law making it December 24th, 2019
If you had already cleared your mortgage on or after December 23, 2011, don’t fret, you can still claim a refund. The ruling applies to private individuals, family homes and second homes. Company or corporate business borrowers are not eligible to claim.
How much can I claim?
That depends on the amount of the loan, but a minimum of €3000 isn’t unusual. These mortgage set-up fees typically figure between 2.5% and 3% of the loan. Looking at a mortgage of €300,000 and it soon adds up.
What costs can I claim?
On Claims Legal Costa Rentals are currently filing for clients, we are asking for a refund on
- Notary Fees.
- Land registry Fees(the cost of the companythat ensures the property is registered )
- Claimants have also asked for a refund on the stamp duty.
Proof of payment will be required… So get out those receipts!
What do I Do Now
Legal Costa Rentals need to see the following… The mortgage deed, The Notary’s Invoice, the land registrar’s invoice, the gestoria invoice, and the tax form documenting payment of the AJD duty (form 600).
With these documents we can tell you if you have a claim due to you and if so, approximately how much.
As the work is more or less the same from our point of view we feel it is unfair to charge you on a percentage basis. We think you deserve a break.
We do operate on a No win, No fee basis, so if we don’t think you have a claim, we will tell you for free.
If we feel we can get your refund arranged and back into your account we charge €395.00 plus IVA for our services.
We just don’t feel it is correct to charge you more just because you had a bigger mortgage.
For this Legal Costa Rentals will;
- Advise the best way to progress with your claim.
- Prepare all required documentation.
- Present your case to the correct departments in person and lever the best deal for you.
- Follow up on your refund to payment date.
- Keep you informed as it progresses.
So, why not get the details together and get in touch with us. I’m sure you could find some use for a few thousand euro…
For Further information contact us on +34 648088100 in English or reply to this email.