Author Topic: mortgage rip off  (Read 27549 times)

Offline conairTopic starter

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mortgage rip off
« on: August 03, 2012, 19:46:57 pm »
Just trying to find out the general situation regarding the interest rates the banks are charging.
Unfortunately have 2 mortgages with solbank and are currently being charged 4.5 %.
With all the hoo haa regarding rates in Spain and the euribor at the lowest level ever just over 1% why are the rate sbeing sharged still so high.
 

Offline Deso

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Re: mortgage rip off
« Reply #1 on: August 03, 2012, 21:24:31 pm »
Our mortgage is 0.75 over 12 month euribor and for this last year has been around 2.3%.
If the rate stays roughly as it is then next years will be around 1.8 ish.
 

Fuerteventura Forum

Re: mortgage rip off
« Reply #1 on: August 03, 2012, 21:24:31 pm »

Offline conairTopic starter

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Re: mortgage rip off
« Reply #2 on: August 04, 2012, 17:16:37 pm »
Hi Deso.
Thanks for your reply.
Is this a solbank mortgage or another bank.
Thnaks
 

Offline Lostboys

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Re: mortgage rip off
« Reply #3 on: August 06, 2012, 21:01:35 pm »
you my also find that you have a floor limit on your morgage meaning that no matter how low the Euribor falls, your mortgage will not fall below this percentage.  This will be stated on your title deeds where you signed for your mortgage.  Between 2007 and 2012 many banks were adding this to mortgages although it has since been proven to be illegal.
Have a look at your mortgage deeds and if you do have a floor limit, speak to you bank first about getting this removed.  If they refuse, speak to your lawyer about it.
 

Offline TheCooler

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Re: mortgage rip off
« Reply #4 on: August 07, 2012, 03:23:23 am »
Hi Lostboys,
When was the floor interest deemed illegal?
Many thanks
The cooler.
 

Offline fifi

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Re: mortgage rip off
« Reply #5 on: August 07, 2012, 08:08:17 am »
« Last Edit: August 07, 2012, 08:56:08 am by fifi »
 

Offline Deso

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Re: mortgage rip off
« Reply #6 on: August 07, 2012, 18:06:27 pm »
Hi Deso.
Thanks for your reply.
Is this a solbank mortgage or another bank.
Thnaks

Barclays in Rosario.  :D
 

Offline TheCooler

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Re: mortgage rip off
« Reply #7 on: August 07, 2012, 18:14:22 pm »
Thank you Fifi ,
The banks are still using the floor in their mortgage conditions .
I have recently purchased and the floor was part of the conditions.Banca Sabadell
What should be my first course of action?
Many thanks
The Cooler
« Last Edit: August 07, 2012, 18:17:05 pm by TheCooler »
 

Offline fifi

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Re: mortgage rip off
« Reply #8 on: August 07, 2012, 18:25:39 pm »
« Last Edit: August 07, 2012, 18:28:50 pm by fifi »
 

Offline fifi

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Re: mortgage rip off
« Reply #9 on: August 07, 2012, 19:03:05 pm »
There are a few articles about it on their website if you want to run them through Google translate. I havent had the time to read them to see the updates. http://afectadosclausulasuelo.org/#  http://afectadosclausulasuelo.org/archivos/AdicaePropuestaLeyClausulasSuelo.pdf

Waiting to see if Admin get back to me about the old threads. :)

PS. A July magazine here all about the ground clauses....http://www.afectadosclausulasuelo.org/archivos/Periodico-Boletin_ESPECIAL_CLAUSULAS_SUELO_2012.pdf
« Last Edit: August 07, 2012, 19:13:07 pm by fifi »
 

Offline fifi

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Re: mortgage rip off
« Reply #10 on: August 07, 2012, 19:38:00 pm »
Sorry the old thread was lost with the change over to the new Forum. I will PM you if I find out the details from my friend about his case.
 

Offline TheCooler

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Re: mortgage rip off
« Reply #11 on: August 07, 2012, 20:32:40 pm »
Thank you Fifi for all your efforts. I am out next week and I will make tentative enquiries at the branch.
 

Offline fifi

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Re: mortgage rip off
« Reply #12 on: August 07, 2012, 21:14:14 pm »
Welcome. Good luck with it. :)
 

Offline conairTopic starter

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Re: mortgage rip off
« Reply #13 on: August 08, 2012, 20:40:02 pm »
Spoke with solbank today and they say that the floor is no longer applicable to new mortgages but deny any liability for existing mortgage holders wit this clause in their deed.
 

Offline TheCooler

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Re: mortgage rip off
« Reply #14 on: August 08, 2012, 22:42:25 pm »
I'll be making the same call tomorrow . Took my mortgage in feb 2012, and I have the collar in my clause.
After my first years fixed rate goes , hopefully I can get unlocked from this unfair practice.
Can't contact a lawer though, they all seem to take the month of August off.
 

Offline TheCooler

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Re: mortgage rip off
« Reply #15 on: August 09, 2012, 14:59:31 pm »
Spoke with solbank today and they say that the floor is no longer applicable to new mortgages but deny any liability for existing mortgage holders wit this clause in their deed.



I contacted Solbank, atlantico branch (via e /mail) requesting the removal of my clause.
I have revived the branches reply .
They state that they believe the sentence was against BBVA, & incredibly, they state that all new mortgages still contain the min/ max rate clause, and you couldn't make this up , the min rate has now increased to 4.5% from 4.25%
Oh and I can't have the clause removed.I will let the dust settle ,& then it's roll your sleeves up time.
 

Offline dagwood

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Re: mortgage rip off
« Reply #16 on: August 09, 2012, 15:10:00 pm »
Banks are at every trick in the book and when they get caught its an error. Always rember banks are bas tards.  Thats the first lesson given in the financial services industry.
 

Offline raye

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Re: mortgage rip off
« Reply #17 on: August 09, 2012, 16:54:54 pm »
 

Offline conairTopic starter

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Re: mortgage rip off
« Reply #18 on: August 09, 2012, 17:18:08 pm »
Sounds like a number of the banks are sticking together wth their reponces.Have previously heard that a few clients were offered refunds does any body know which are the banks that have offered this.
 

Offline dagwood

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Re: mortgage rip off
« Reply #19 on: August 09, 2012, 17:44:22 pm »
Is there a Spanish version of The Consumer Credit Act or a Regulator of Spanish banks you could speak to.Its  suppose to be the same all over the EU states. Also I would ask for one of those complaint forms that all retail outlets in Spain must keep. Dont forget a bank is a retail outlet.   
 

Offline fifi

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Re: mortgage rip off
« Reply #20 on: August 10, 2012, 08:55:55 am »
Adicae are the consumer association for the banks Dagwood. I found a reasonable explanation in English about what is going on here.... http://www.spanishpropertyinsight.com/buff/spain/faq/spanish-mortgage-loans-beware-of-abusive-clauses/

The July Adicae magazine above lists the banks that are involved in legal cases.
 

Offline dagwood

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Re: mortgage rip off
« Reply #21 on: August 10, 2012, 09:20:54 am »
Interesting stuff I will study it later. When you look at the carry on of our own banks, British and Irish it makes you ask yourself what tricks are they up to if you cant read the contract. Just rember the banks are stuck for money and desprate people will do desprate things. 
 

Offline fifi

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Re: mortgage rip off
« Reply #22 on: August 10, 2012, 09:28:13 am »
 

Offline conairTopic starter

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Re: mortgage rip off
« Reply #23 on: August 19, 2012, 11:38:58 am »
Latest information from solbank is that the floor limits on mortgages have not been deemed illegal in any court.
Does anybody know different.
Any info much apprecaited.
Thanks
 

Offline fifi

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Re: mortgage rip off
« Reply #24 on: August 19, 2012, 13:01:26 pm »
Page three in the Adicae magazine seems to be giving an up to date account of how the cases are going. http://www.afectadosclausulasuelo.org/archivos/Periodico-Boletin_ESPECIAL_CLAUSULAS_SUELO_2012.pdf

I dont know how to do an online translation with a PDF file.

Perhaps someone else can translate it.
 

Offline Lostboys

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Re: mortgage rip off
« Reply #25 on: August 19, 2012, 13:17:15 pm »
 

Offline Paddster

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Re: mortgage rip off
« Reply #26 on: August 19, 2012, 16:40:27 pm »
I love and appreciate all the tips and advice you put on ere Fi,if i ever manage to buy somewhere over there in the future you're the first person i'm coming to..Great stuff and really helpful.....
Regards,Paddy..... :) :)
 

Offline fifi

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Re: mortgage rip off
« Reply #27 on: August 19, 2012, 18:59:20 pm »
Thanks Paddster and Lostboys for the translation. :)

Is there a way of doing  translations of a large PDF file with an online translator?
 

Offline TamaraEnLaPlaya

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Re: mortgage rip off
« Reply #28 on: August 19, 2012, 20:45:22 pm »
 

Offline fifi

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Re: mortgage rip off
« Reply #29 on: August 19, 2012, 22:15:16 pm »
Thanks Tamara, I have just tried Translator toolkit, but without any success. I will play around with it tomorrow again and see what I am doing wrong. Perhaps the file size is too big or something?

Will let you know if I manage it. :)