August 23rd 2017

Mortgage pain leads to Spanish claims

Posted by:

Lisa Wilson, Head of Tax

Do you own a property in Spain?

If you bought a property in Spain with a mortgage from a Spanish bank between 2001 and 2014, you may have been a victim of financial abuse and could be entitled to money back, according to a European Court of Justice ruling.

In December 2016, Spanish banks were found to be using discriminatory clauses when granting mortgage contracts to non-Spanish residents buying property in Spain.

The ruling entitles those who purchased residential property to claim back the excessive interest charged on their mortgage amongst other expenses. The ruling impacts people who purchased Spanish property between 2001 and 2014 while a resident in the UK and using a mortgage from a Spanish bank, based in Spain.

At Cowgill Holloway, we’re working with clients who bought properties in Spain with a mortgage from a Spanish bank during this period to see if they’re entitled to a pay-out.

To find out more about the reclaim process visit our dedicated webpage: www.cowgills.co.uk/services/spanish-property-tax

 


This article is for general guidance only. It provides an outline, and may not include points which are important to your situation. You should not depend on this blog without taking advice based on the full facts of your case. The information given was correct at the time of publication.