The European Court of Justice (ECJ) is set to publish their final ruling on whether Spanish mortgages which have or which had their interest rates set & calculated based on the IRPH index (Índice de Referencia de Préstamos Hipotecarios) are to be deemed abusive. These mortgages could then be deemed unfair, untransparent and therefore an abuse of the consumer.
We hope that you have all had a great festive period and are looking forward to having a fantastic start to the new decade as much as we are at Fluent Finance Abroad. As we begin a new decade, we also see the beginning of a new era within Spanish mortgage lending, and while we all welcome changes which are better in the long term, it does inevitably come at the price of a period of pain whilst the changes are interpreted and adopted by the banks.
Comments Off on FFA continues to support local Butterfly Children
The Butterfly Children’s Charity was created to improve the quality of life for children with Epidermolysis bullosa (EB), a rare genetic condition that causes the skin to be as fragile as a butterfly’s wing.
Comments Off on Important FFA update regarding the new LRCCI Spanish mortgage regulations
Fluent Finance Abroad is very happy and proud to report that Marc Damian Elliott de Lama (owner of FFA), Ainara Anacabe, Eva María Perdigones and Ronald Kubiak have taken the new examination course via AFI Escuela de Finanzas and have successfully passed the test and now are fully qualified Spanish mortgage consultants or Intermediarios de Crédito Inmobilarios (ICI’s).
Comments Off on New Spanish mortgage law or Mortgage Credit Directive
There has been a lot of talk regarding the new Spanish mortgage laws that came into force on the 16th June 2019 so we thought it was about time we addressed some of the major changes that potential or existing borrowers should be aware of…
Comments Off on When moving your Spanish mortgage lender is the right thing to do!
ince the changes to the mortgage tax rules in Spain back in November 2018 (actos juridicos documentados), which are now in favour of the consumer rather than the lender, we at Fluent Finance Abroad have been busy working on a re-mortgage package specifically designed for clients who are not happy with their current Spanish mortgage terms.
Our next feature in our series regarding claims against Spanish banks is mortgage interest rates calculated against the IRPH or The Mortgage Loan Reference Index, which was an alternative to the Euribor and is basically another reference for calculation of the mortgage interests. IRPH was sold to the public as a stable and less volatile alternative to Euribor, but resulted to be entirely controlled by the bank entities themselves, being an even more expensive one for customers than the Euribor index. Although, in some sense it is stable: it has always been several points higher than the Euribor and given today’s Euribor historical lows, IRPH is extremely expensive. As an Index it is never fixed, so it should have never been sold as a more stable index than other alternatives.