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Crédito Hipotecario

OCU insists on the low consumer protection provided in the next mortgage law

16 feb. 2017

The so-called "new mortgage law" is simply the transposition of Directive 2014/17/EU on mortgage loans, whose purpose is to harmonize the consumer protection rules in relation to the contracting of mortgage loans. This Directive should have been transposed into national law in March of last year, 2016. 

OCU believes that obligations to deliver information, additional documentation and even warnings about different products to consumers should not serve as an "excuse" to limit the responsibilities of banking institutions or act as "armor" to possible lawsuits for possible abusive clauses, defects in consent or lack of transparency.

From OCU there is some concern regarding recent cases, such as the already famous clauses, for example, that have happened despite the existence of a transparency rule since 1994 that unfortunately has not served to protect consumers. Such transparency regulations already included extensive information obligations, including the obligation to submit a binding offer. 

OCU insists on the need to always protect the consumer, who does not necessarily have to be an expert in financial matters and therefore is in an unequal situation when evaluating the complex information that can be provided from the bank. 

In addition OCU advocates an official model or models of mortgage loan, approved by the administration, to which the bank has to take advantage and that offers guarantees to the consumer.