How to know if your mortgage was mis-sold
Proving that your Spanish mortgage was mis-sold is difficult, and generally, you overpay on payments due to the false information your bank gave you. In the past, it was common for lenders not to carry out finance checks before offering mortgages, resulting in borrowers taking on loans they could never afford.
On the back of irresponsible lenders, when property prices started to decrease, the majority of property owners ended up in negative equity, which in return left a large shortfall which must be paid in full.
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Mis-selling practices are common knowledge across Spain; however, this does not make it easier to get compensation. Borrowers have spent small fortunes on legal fees in attempts to get justice to no avail, and several Spanish court rulings have failed to deliver compensation to the borrowers.
EU Property Solutions have provided realistic solutions to Spanish property owners for over a decade. Our UK-based team works hand in hand with Spanish legal representatives to achieve the best outcome for you.
Call us today for a free case review on 0330 124 1230 or email [email protected].
No, there have been many attempts over the years, but the Spanish Government have never established any kind of scheme to compensate victims of mis-selling. You need to go through the courts, which can be a lengthy, expensive, and most likely unsuccessful process.
If you default on your Spanish mortgage, your lender can repossess your property and sell it, often at a reduced price. Any remaining debt after the sale remains your responsibility and may be sold to a vulture fund. They will aggressively pursue repayment in Spain or the UK, risking your assets.
Yes. Another common misunderstanding is that if you were mis-sold, you do not have to pay off the remainder of your mortgage. As there is no legal basis for this, it is untrue. You need to pay your mortgage, and you will face the same consequences if you fail to do so. If you are experiencing significant mortgage arrears, we can assist you in resolving these issues.