The Banks hid the “ground clause”
to 87% of their mortgage holders, according to facua
The consumers’ association facua denounces, following a survey carried out among more than 3.200 mortgage holders, that 42% of mortgages include the so-called “ground clause”. In 87% of the cases the Banks did not inform their clients about this clause at the signing of the mortgage. Furthermore, 27% of those polled do not know whether their mortgage includes this clause or not.
The 40% of the mortgage holders declare not to have received full and comprehensive information about the interest rate to be applied to their mortgages, nor about the subsequent revisions before taking out the loan and 55% were not even informed about the commissions and expenses entailed by the signing of their mortgage.
The number of complaints against Banks continues to grow among clients whose mortgages include ground clauses. These complaints are based on the lack of information they received when taking out their mortgages as well on the fact that this clause is considered abusive and imposed by banks.
For further information please do not hesitate to contact Manzanares Lawyers that will be pleased to study your particular case in detail.
Source: El Mundo
NEWS OF MANZANARES ABOGADOS · LAWYERS
1. Express eviction
2. Spanish Government cut VAT to 4%
3. General Elections in Spain on the 20th of November
4. The Banks hid the “ground clause”
5. Foreign investment in Spanish real estate grows
6. New record of evictions during the second trimester
7. Buyers from the North of Europe and from Russia, warm the market