FACUA criticises new mortgage law for omitting important consumer protection measures
The regulation doesn't include a ban on evictions when the homeowner has no alternative accommodation, the removal of unfair terms linked to Spain's Mortgage Loan Reference Index (IRPH), or tools such as voluntary handing back the keys to the lender when in negative equity in return for mortgage arrears being written off (dación en pago).
FACUA.org
España-17/12/2018
FACUA-Consumers in Action has criticised Spain’s new law on homeowners’ loans, approved by the Congress of Deputies’ Economy and Business Committee on Tuesday 11th December, for not having contained a number of consumer protection measures. It also imposes very high fees on the repayment of fixed-rate loans, and determines a very low limit of arrears in mortgage repayments before financial institutions can evict a homeowner.
The association deems it unacceptable that this new law, which will regulate the granting of mortgages, fails to include various measures considered fundamental to protecting consumer rights. The details of the finalised law don’t involve a ban on evictions when the homeowner has no alternative accommodation, something which, FACUA st
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