Were You Mis-Sold a Mortgage in Spain?
Discover hidden fees, unfair clauses, and recover what’s rightfully yours.
Here’s What You Need to Know About Spanish Mortgages:
Focus on key, high-impact points that establish the problem and what the user should be aware of. This section will highlight the major issues with Spanish mortgages
1. Hidden Floor Clauses in Mortgages:
Many Spanish banks sold mortgages with hidden floor clauses, causing borrowers to pay much more than necessary, even when global interest rates fell.
2. Excessive Opening Costs:
Until 2019, Spanish banks unfairly made borrowers cover all costs like registry, valuation, and administrative fees—many of which are now eligible for reimbursement.
3. Single Premium Life Insurance Sold with Mortgages:
Borrowers were often forced to buy overpriced life insurance policies bundled with their mortgages, costing them thousands in unnecessary fees.
A Message From Mike Begg, Beat The Banks
In this video, Mike Begg, founder of Beat The Banks Spain, explains more about Spanish mortgages and how banks may have mis-sold them.
Understanding Mis-sold Mortgages and IRPH with Mike
In this video, Mike Begg, expands on Mis-Sold Mortgages and IRPH
Why Choose Us?
- Over £50 million recovered for victims of financial mis-selling in the UK.
- 40+ years of expertise in mortgages, life insurance, and banking systems.
- Unique understanding of how Spanish banks have adopted the mis-selling tactics widespread in the UK since the late 1980s.
- Tailored expertise for Spanish residents and expats.
- No upfront legal fees—success-based payment only.
- Proven track record of delivering results.
Common Mortgage Mis-Selling Tactics in Spain
- Opening Expenses:
Up until May 2019, banks made borrowers pay gestoria, registry, notary, and valuation fees, which should have been the bank’s responsibility.
- Floor Clauses:
Hidden clauses locked borrowers into higher interest rates (e.g., 3.75%), even as global rates fell.
- Abusive Arrangement Fees:
Any fee exceeding 1.5% of the loan amount is considered abusive and refundable.
- Late Payment Penalties:
Borrowers charged exorbitant fees like €35 for missed payments.
- Single Premium Life Insurance:
Borrowers were forced to buy overpriced life insurance tied to their mortgage, drastically increasing costs and interest.
Are you due compensation?
Are you a UK resident with life insurance through a Spanish bank? Since Brexit, these policies may not even be valid for you!.
FAQ
Any fee above 1.5% of the loan amount is considered abusive and may be claimed back.
Yes. Many banks charged borrowers €35 or more for late payments, which are considered excessive and can often be recovered.
If the policy sold to you by your bank leaves part of the mortgage uninsured, this is grounds for a claim, as it could leave you or your family financially vulnerable.