Chapter II of Law 1/2013

In relation to our previous post on Loans between Individuals and the impact of the mortgage law 1/2013 of May 14 and its Chapter I, the Suspension of Launches, we will now go on to detail the measures that are being taken to improve the market mortgage.



As new features introduced by law 1/2013, the habitual or non-habitual nature of the house will be recorded in writing and, it will be presumed, unless proven otherwise, that at the time of the judicial execution of the property it is habitual residence if this is done. be included in the articles of incorporation.

The limit to the default interest on loans or credits contained in the Law will not be applicable to the credit system offered by loans between individuals , since they are established for the acquisition of a habitual home guaranteed with mortgages constituted on it. living place. For these cases, the default interest may not exceed 3 times the legal interest on the money and may only accrue on the principal pending payment (Art, 3 Two).

Provided that no limitations are stipulated on the variability of the interest rate (floor / ceiling), that the contracting of a variability instrument for hedging the interest rate risk is not associated or they are granted in one or more currencies. The requirement to record in a public deed the inclusion, together with the client's signature, of a handwritten expression that they have been warned of the possible risks derived from the contract will not be applicable either.