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Categoría: Mortgage

7 questions about the new mortgage law

how to apply for a mortgage

Questions and Consequences of the New Mortgage Law

There is a lot of confusion with the new Law regulating Real Estate Credit Contracts known as the «mortgage law». For this reason, we offer you 7 basic questions to take into account before this new change that affects banks and clients.

Does the new mortgage law affect what I am already paying?

This new law already in force will apply for all contracts signed from June 16, 2019. For customers who signed at an earlier date, they will not be able to benefit from many of the aspects to take into account. Although some of them will be retroactive.

Extension of the foreclosure period in case of non-payment.
Opportunity to change bank without the current entity being able to prevent it.
Change of a variable loan to a fixed rate with a discount in the commission.

Lawyou — jueves, 25 de febrero de 2021

IRPH, can I claim it?

What is the IRPH?

The mortgage loan reference index (IRPH) is an interest rate that is calculated as a weighted average of the interest rates of loans with mortgage guarantee, with a term equal to or greater than 3 years, for the acquisition of free housing.

For its calculation it takes into account the APR, so it includes commissions, which means that the calculation of the new indexes (issued by the Bank of Spain), are multiplied exponentially.

Lawyou — jueves, 25 de febrero de 2021

COVID-19: Moratorium measures in Spain

María Losada López-Rúa – Lawyou Partner The Coronavirus pandemic has not only been a serious health crisis, but is also fully affecting the economy of many Spanish households. Likewise, the banking and credit entities that are part of the Spanish Banking Association (AEB) and the CECA Banking Association have reached a sector agreement that offers […]

Lawyou — miércoles, 24 de febrero de 2021