Mortgage “floors” abolished by Supreme Court

The Supreme Court has ruled that mortgage”floors” are illegal and must be removed from all mortgages, unless they are an integral part of a complex financial package. Millions of people with a mortgage in Spain taken out in the last couple of decades look to see their monthly payments drop substantially! The idea with mortgage floors is that the amount of interest on your mortgage can never drop below a certain amount. Lets say you Continue reading Mortgage “floors” abolished by Supreme Court

Woohoo! A free netbook from my bank! Errrr…..

Where’s my microscope? So, if I domicile my nomina for 36 months, each nomina being over €1,200 with Openbank, they will give me a free netbook worth (in the very very small print) €248.79. Sooooo….. Frankly I can’t be bothered to work out the rate. But if I dumped the whole lot in a yearly period at 1% interest over three years (36 months) I’d get about €850 back in interest. So yes, I know, Continue reading Woohoo! A free netbook from my bank! Errrr…..

Personal loans to companies

Neat! Up to now, if you owned more than 5% of a company and lent it money, any interest charged on that loan would be taxed on your general IRPF at amounts of up to 43%. But, tax law 11/2009, just approved, changes this and backdates the change to the 1st of January 2009, which is useful. So now, to work out tax on interest charges, multiply by 3 and your percentage of participation in Continue reading Personal loans to companies