Do you have a mortgage? Here are the mortgage expenses that you can reclaim.

For decades, many banks have taken advantage of their position of power and the inexperience of consumers to include unfair clauses in the mortgage loans they offer to their clients. One of which in particular, is a clause obliging the consumer to pay all expenses related to the mortgage loan.

Since 2015, the courts have declared these clauses abusive and therefore void, condemning many banks to return a large part of the mortgage  expenses paid to their clients.

What expenses must the bank bear?

The Supreme Court has declared that the bank must bear the following expenses:

I. Property Registry Expenses (100%).

II. Management expenses (100%).

III. Notary fees (50%).

IV. Appraisal expenses (100%).

What expenses must the consumer pay?

The client must pay the Property Transfer Tax and Documented Legal Acts (IPT and AJD) , in addition to the other half of the notary expenses.

What to do if the bank forced me to pay certain expenses that I am not obliged to pay?

If you signed your mortgage prior to the 2016, it is very likely that the bank has imposed payment of all mortgage expenses. This means you would be able to claim the Property Registry fees, agency fees, half the notary fees and appraisal fees. 

In addition, the bank will also be forced to pay interest on the initial amount from the date of payment until you reclaim. In many cases, this can mean the return of large amounts of money. 

What amount can I claim?

The amount adds up to the expenses paid at the time you sign the mortgage plus interests. Depending on the amount, this can come to approximately 2,000€.

Can I reclaim mortgage expenses if my mortgage is cancelled/if I sold my property?

Yes, even if the mortgage has already been cancelled or if you have sold the property and are no longer paying for it, the clause remains null and you are entitled to a refund of the amounts paid.

What documents do I need to be able to claim?

All you need is the mortgage loan contract and a copy of the invoices of the expenses paid. 

Recover up to 3,000€ in mortgage expenses with Nieto Jones 

If you want to recover the mortgage expenses paid, contact us by phone +34610632963 or email contact@nietojones.com and we will be happy to review your case without any commitment.