FACUA survey more than 3,000 users
Four out of every ten mortgage borrowers are not even informed by their banks about the rates they will apply
Nine out of every ten lenders cover up the right to choose a notary and to revise the deeds in the notary office three days before signing.
FACUA.org
España-04/10/2011
FACUA-Consumers in Action has carried out a nationwide survey into the information available and the conditions imposed on users by the banking sector when signing mortgage loan deals.
The association has gathered data of 3,252 mortgages. It has become evident that there is a huge lack of transparency in the information offered by the banks about the conditions of their loans. The study took place between 19th September and 3rd October.
Two out of every ten customers sign a mortgage without comparing offers of different banks and building societies. 10% only evaluate the conditions of two different entities, 17% look at three, 22% at four, 13% at five, 7% at six, and 11% at seven or more.
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