Goverment to Approve New Mortgage Law

The Central Government in Spain is to approve the new Ley Hipotecaria (Mortgage Law) before March next year to regulate the mortgage market and which will come into force in the first quarter of 2007. Among the provisions in the law are reductions in Notary and property registration costs (with approx 40% savings), along with limits to the amounts of the commissions that banks can charge. The measures will only apply to new mortgages negotiated after the law comes into force.

El Gobierno central aprobará antes de marzo la nueva Ley Hipotecaria

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