A lot has been said over the last three weeks regarding the costs and taxes associated with a mortgage in Spain. The following is from the Money Saver Spain website and is worth a read.
Spain's Supreme Court decided this week, in a
reversal of their initial decision, that it should be the client and not
the bank that pays the tax when taking out a mortgage.
Consumer organisations, amongst others, are
outraged. It was hoped that the Supreme Court would maintain their original
decision but without backdating it, thereby removing the possibility of an
avalanche of claims.
The Government has announced that they will
rush through a change in the law for all new mortgage clients making banks
responsible for the tax payment. But banks are expected to make mortgage
conditions less favourable for new clients.
Now it remains to be seen what will happen
when the case is taken to the European Court of Justice. When this happened
with the mortgage "floor clauses", the ECJ sentenced in favour of
clients and the Spanish Government had to set up special courts to deal swiftly
with the 1000s of claims made by those affected.
For anyone who has already made a claim
against their bank regarding mortgage arrangement fees, you may still be
entitled to the return of other costs. However companies that took on cases on
a no-win, no-fee basis may now not be willing to take on new cases as the tax
made up the largest part of the claim.
More info in this article in English from El País.
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