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Thread: 10 Common Abusive Clauses in Spanish Mortgage Loans

  1. #11
    Pierina Short
    Guest

    Default 10 Common Abusive Clauses in Spanish Mortgage Loans

    Dear Sirs,

    I live in Spain and have a mortgage, I have a life insurance policy which was taken out at the same time as the mortgage. Do I have to have this life insurance? I live in an apartment and I pay community charges every year which includes building insurance. Again, at the same time as I took out a mortgage, I have been paying a building insurance. Should I be paying this?
    Your help in this matter would be appreciated. Thank you
    Pierina Short

  2. #12
    Legal Consultant
    Join Date
    Oct 2010
    Posts
    57

    Default

    Dear Pierina,

    Thank you for your email.

    We would need to review the mortgage documentation but it is likely that you are able to cancel this life insurance policy as it was not a legal requisite but just a a commercial condition that your bank insisted upon at the time they were considering your mortgage application.

    I would therefore approach your bank and insist that you want to cancel the policy. Make sure they inform you in advance of what are the costs involved for the cancellation. Should you still be in need of instructing a Solicitor, please do not hesitate to drop us a line at info @ lawbird.com

    Kind regards,
    Legal Consultant
    Lawbird Spanish Lawyers

  3. #13
    David Taylor
    Guest

    Default 10 Common Abusive Clauses in Spanish Mortgage Loans

    Interesting article but I am having problems following your references. The link to Law 7/98 LCGC is broken. It would also help if you gave the full meaning of LCGC (in Spanish) so the reader can google it.

    With kind regards.

  4. #14
    Administrator
    Join Date
    Oct 2008
    Posts
    178

    Default

    The link has now been fixed. Thanks for letting us know.

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