Spanish banks, may have to give back billions of euros to mortgage customers after the Spanish Supreme Court said that the costs involved in obtaining a mortgage loan in Spain are illegal and customers shouldn’t be bound by such unfair terms.

These costs are:

• Notary expenses are nearly always paid by the buyer and are calculated in relation to the purchase price declared in the deeds of sale. To be on the safe side you should calculate Notary fees as being 1% of the purchase price declared in the deeds of sale. In many cases however Notary fees are more like 0.5% (or less) of the price declared in the deeds.
• Property Registry Inscription Fees Expenses related to inscribing the sale with the land registry are also nearly always paid by the buyer, and are calculated in relation to the purchase price declared in the deeds of sale. To be on the safe side you should calculate 1% of the purchase price declared in the deeds, though once again it depends upon the property and the area, and the fee could be considerably lower.
• Administrative agency: The bank will entrust the processing of the mortgage deed to an administrative agency. This procedure basically involves collecting the document from the notary’s office, settling the tax, submitting the document at the Property Register and collecting it again once it has been entered.

If you have paid all these costs, you can recover your money. Get in touch with us in order to be refunded by your bank.