The New Mortgage Law June 16 2019 Comes into Force Today

Posted in: Latest News, News Articles,
Author: Myra Cecilia Azzopardi
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Amongst other stipulations which will be added to this post, the new mortgage law is in force from today June 17.

The law obliges the Notary and the bank to explain the content of the mortgage contract days before the signature.

On another hand, and with regards the mortgage set up costs, by law the payments would be as follows:

– Notary fee. Is paid by the bank.
– Gestoría fee: Is paid by the bank.
– Stamp Duty tax .AJD: Is paid by the bank.
– Land Registry fee: Is paid by the bank
– Tasación: Is paid by the client who has the freedom in choosing the valuator.

For those who are still in the process of arranging a mortgage with the bank. They will not benefit from the new law if it can be proved that the client accepted the offer of the banks terms before this date. Others who have not accepted a binding offer, will be subject to the new law.

This law relates to mortgages set up from today. It opens the door to make claims against the bank, for the mortgage costs incurred from previous purchases.

We will add the other important aspects of this law asap.

For further information contact:

Please note: The information provided is based upon our understanding of current legislation. It is not legal advice but is provided freely to enable you to be properly informed. We recommend that if you are considering taking action, you should seek professional advice.

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