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Notaries request greater transparency and simplicity in mortgage clauses

Notaries request greater transparency and simplicity in mortgage clauses

In the past seminar called Protección del consumidor en la contratación hipotecaria (Consumer Protection in mortgage contracting) that took place in Santander from 19 to 21 July, the notaries are agree: transparency, simplicity and equity should prevail in mortgage contracts. And should be the financial institutions that, voluntarily, adopted these principles.

Banks have become accustomed to hiring massively, in series, when setting mortgages clauses. After several judgments contrary to the non-transparent and abusive practices of financial institutions and just before of Anteproyecto de la Ley Reguladora de los Contratos de Crédito Inmobiliario (preliminary draft of the Law Regulating Credit Contracts), which will incorporate a Community directive on mortgage loans, Spanish notaries ask for a legal regulation (and not based by judicial decisions) about what is licit or unlawful for consumers.

Notaries also request more easily accessible information online. From Del Canto Chambers, we think that this information must also be available in English, in order to provide greater legal certainty to foreign people who wants to buy a property in Spain.

Laia Fernández Bernálte
Del Canto Chambers

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