Spanish Mortgage Advice

New Mortgages:  If you need a mortgage provided by a Spanish Bank, you can apply for it directly via our office. We would need to fill in a form to start the process with your personal circumstances, and in a few days we will have a mortgage offer or a reply for you.

Old Mortgages: If you already have a Spanish Mortgage, it is almost certain your bank owes you money.

The reason is because in most cases the interest is based on a tracker known as EURIBOR, and is calculated adding for example 2% on top of it. The EURIBOR has been as low as 0% in the recent years.

In a typical mortgage loan agreement, there is usually a clause to state that in any case, the interest will never be under, say 4%.  This is known as a “floor clause” In this example you would have been “overpaying “the Bank 2%.

Due to recent legislation in December Law 1/2017 of 20th January 2017, banks have to refund all the unlawful interest they have collected on this basis to their clients. There is a simple procedure to claim but Banks are not paying as easily as expected, so you stand much better chances appointing us to do this for you. When a Lawyer is involved, the banks often pay up quicker to avoid Legal Costs and Court Fees. We offer a no win no fee basis, and will check your mortgage deed to see if you have a floor clause and how much you will be due. On average its 10.000 EUR.


We also recover unlawful expenses paid to banks and negotiate the return of Spanish Property to the mortgage providing Bank, in exchange for the debt to be cancelled.  A deed has to be signed in front of a Spanish Notary for this and there is quite a lot of negotiation involved.

Spanish Mortgage Advice

Updated on 2017-09-29T12:17:54+00:00, by Jordan.