THOUSANDS of mostly British homeowners in Spain have successfully claimed millions in compensation from their mortgage provider, after Spanish banks were exposed for putting abusive clauses in mortgage contracts, and charging excessive fees.
Legal Ruling
A ruling by the Spanish Supreme Court in 2014 allowed mortgage holders to claim compensation from their bank, and many thousands of people have already made claims. However, it is estimated that as many as 200,000 people have yet to make a claim, unaware that they are owed money, under the law.
Claim In Spain, based near Malaga, are one of the largest Spanish Mortgage claims companies operating in Spain. They have handled over 2000 claims on behalf Spanish mortgage holders.
Here’s Damian Byrne, Operations Director, ”Pretty much every bank in Spain was involved, but many people don’t realise they have a legitimate claim. Anyone who had a mortgage between 2000 and 2019 can qualify, even if you sold the property and paid off the mortgage”.
What can be claimed?
There are 3 types of claim people can make against their mortgage provider: mortgage set-up fees, where the bank charged excessive fees for approving the mortgage; a ‘Floor Clause’ claim, which is essentially overpaid interest; and the third type of claim is for Life Insurance, where buyers were often forced to take the bank’s life insurance product as part of the loan.
Here’s Damian again, ”about 90% of people who enquire with Claim In Spain have a claim for mortgage set-up fees, with the average compensation around €2500; about 1 in 5 mortgages have a Floor Clause claim, and these can be significant – €20,000 on average; and the average for mis sold insurance around €5000.
So it is always worth enquiring – as the chances are you will have at least one of these claims”.
Why Use a Claims Company like Claim In Spain?
Making a claim yourself can be time consuming and expensive, not to say stressful, as the banks are often less than helpful; and even if you win the case, the legal costs could be more than the actual compensation itself, leaving you out of pocket.
Claim In Spain work on a ‘no win no fee’ basis – so there are no upfront legal fees or additional expenses. The client pays a success fee as a percentage of the compensation awarded, so there is zero risk for the client.
How to Make Claim
It’s actually very simple – the devil is in the deeds. Here’s Damian, from Claim In Spain, again, ”The mortgage deeds are the key to every enquiry”. Known in Spanish as the ‘Escritura de Prestamo Hipotecario’, the mortgage deeds contain the clauses that will uncover any wrong doing by the bank.
”The client sends us a scanned copy of the deeds, and the lawyers assess them for a potential claim. We then inform the client they have a claim, the nature of the claim, and an estimate of the compensation they will receive”.
How long does it take? ”Claims can take up to a year to conclude – it sounds like a long time, but it soon comes around. However, sometimes claims are settled early by the bank, and we have had clients receive compensation within a few months of submitting the claim.
The best part of our job is informing the client that their claim has been successful and they’re about to receive a payout. Many people were ripped off by the banks, and so it’s great to help get something back, which could be many thousands of euros”.
Claim Enquiries.
Find out if you have claim, and how much you could receive, click on the link below and follow the prompts https://now.claiminspain.com/
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