IRPH - waiting for outcome

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10 Nov 2018 09:47 by andyfamily Star rating in Hertfordshire. 25 posts Send private message

We have had an IRPH mortgage for about 12 years. Completely unaware at the time of taking the mortgage out with UCI ( in those days you got eveything in Spanish and we were rushed in to signing by the Spanish bank).  We have consistently paid well over the Euro mortgages and have naively asked UCI to change us to a different rate from year 2 when we realised and queried why our mortgage was so much more than our neighbours. Despite many, many times of looking for a different mortgage we also realised that it is very costly to change lenders, thousands of euros.   We are hoping that IRPH becomes "legally abusive" in the european court and recover our overpayment. However, Spanish banks do seem to be able to get away with what ever they want and over 1.5 million people are stuck with this abusive mortgage, some having had to give up their homes as the extra payments pushed them over their limits.  Spanish families as well as every nationality and so we don't feel too stupid to have taken this out as 1.5 million people have been conned in to being told that the rate "is much better for you".   We wait in patience for the outcome and warn others against this type of mortgage. 





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10 Nov 2018 10:20 by Kavanagh Star rating in Oil Drum Lane Newcas.... 889 posts Send private message

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‘’warn others against this type of mortgage.’’

I thought the Spanish government had put an end to IRPH mortgages in banks and savings banks.



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11 Nov 2018 09:59 by andyfamily Star rating in Hertfordshire. 25 posts Send private message

As far as I am aware ( maybe Maria can answer) UCI only offer IRPH mortgages.





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11 Nov 2018 10:21 by Kavanagh Star rating in Oil Drum Lane Newcas.... 889 posts Send private message

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UCI is a sub prime lender, the mortgage-lending arm of Santander and BNP Paribas and one of the few providers still actively and aggressively providing Spanish mortgages.

You can see what UCI offer and how wonderful they say they are on their website

https://www.ucimortgages.com/


This message was last edited by Kavanagh on 11/11/2018.

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