Spain Explained

A guide for foreigners on every aspect of safe property ownership in Spain

Posts filtered by Spanish banks

Getting a mortgage in Spain step by step

Getting a mortgage in Spain

You may not have sufficient capital to be able to pay for your property without some form of finance. In this case you might decide to apply for a Spanish mortgage. In this article we will go through the process of getting a mortgage in Spain. Changes in the process of getting a mortgage in […]

Clarify your mortgage clauses

During the very busy years of buying in Spain, mortgages were easy to get hold of. Banks carried out only the most rudimentary of checks and purchasers often knew little about the mortgage they’d taken out. In this article we explain that more protection is to come.    In the rush to seal the deal […]

EU commission rules on floor clauses

The EU Court of Justice has ruled that banks in Spain must return all the interest on mortgages that they have over-charged prior to 2013 as well as after. During the property boom, many Spanish banks got their customers to sign mortgage agreements that included a floor clause. This floor clause meant that the amount […]

Spain’s banks have their knuckles rapped

A judge has ruled that a clause included in 30% of mortgages in Spain is illegal. Ábaco’s legal department explain why and what this might mean for you. In the past, Spanish banks have not always been transparent when selling their products, particularly when it comes to mortgages. They have taken advantage of people’s lack […]

When should I set up a bank account in Spain?

This is a question that we have been asked quite frequently recently. It’s a busy time for buying in Spain and those who do have their sights set on having their own property here want to do it right. It seems logical that setting up your own bank account should be the first step in […]

SEPA in Spain: How does a SEPA Credit transfer work?

SEPA Credit transfer

You may have already received a communication about SEPA in Spain. SEPA stands for the Single Euro Payments Area. It is an initiative introduced by the EU governments, the European Commission and the European Central Bank to create an integrated payments market across Europe. It is expected to make financial transaction more straight forward and […]

Mortgages with a floor but no ceiling

It should be a time for rejoicing for anyone with a mortgage. With interest rates so low, provided you are still in employment, you should at least be enjoying the lowest level of mortgage repayments you could hope for. However, not all home owners with a mortgage are actually feeling the benefit of the low […]

Expensive small print on your Spanish mortgage

We all know how difficult it can be to work your way through small print. Who actually does? Often written in legal terms, and as the name suggests, in very small letters, it is unintelligible to the majority of us. So, no wonder it caught some people out when they agreed their mortgages in Spain. […]

Are you in possession of preference shares?

Preference shares are shares in a company which give their holders an entitlement to a fixed dividend but do not usually carry voting rights. They have made the headlines recently because of the number of clients complaining about the way in which they have been mis-sold. Those who acquired these shares, later realised that they […]

Were you misled by your bank?

The banks have received a significant amount of bad press. This unwelcome attention is not confined to Spain. It perhaps comes as no surprise that banks are being held to account for some of the unprofessional ways they have tried to part customers from their money in the past. Individuals are increasingly realising that the […]