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Comparative Analysis of Mortgage Legal Systems in Spain, Ukraine, and Bulgaria

This study examines the mortgage systems in Spain, Ukraine, and Bulgaria, highlighting key legal frameworks and consumer protection mechanisms. It outlines the evolution of mortgage legislation in each country, detailing specific laws, consumer rights, and the consequences of non-payment. The Spanish mortgage system is scrutinized for its inefficiencies, while Ukraine and Bulgaria are shown to possess more robust consumer protections. The findings emphasize the need for improvements in the Spanish system to enhance consumer rights and accountability among financial institutions.

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Comparative Analysis of Mortgage Legal Systems in Spain, Ukraine, and Bulgaria

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  1. MortgageContracts A comparisonamongSpanish, Ukrainian and Bulgarian legal system IvanPopov Marina Recio Delgado OlenaRiznychenko Principles of Law

  2. Introduction • Mortgage system in Spain, Ukraine and Bulgaria. • Analysis of legislation, consumer protection and the consequences in case of failing to pay. • Comparison and conclusion.

  3. Spanish Legal System • Legislation: • Mortgagelaw8th of February of 1946. • Changes: 1981, 2007 and 2012. • Clauses: «Floorclause», Swap, Lifeinsurance. • Protection of consumer’srights: • EuropeanCourt of Justicesentence: againstprinciple of efficiency. • A posteriori protection. • Consequences in case debtors do notpay: • Givethehousetothebank & mortgagepayments. • Spanishfacts: • Evictions, suicides, and associations.

  4. Ukrainian Legal System • Legislation: • Civil Code of Ukraine “OnMortgage”. • Law of Ukraine “OnMortgage”. • Effective as of January 1, 2004. • Protection of consumer’srights: • Law of Ukraine “OntheProtection of ConsumerRights”. • Consequences in case debtors do notpay: • Intereston top of thedebt. • Courtprocedures. • Ukranianfacts: • 3 millionpeoplecannotaffordtobuy a house. • High prices, lowincome.

  5. Bulgarian Legal System • Legislation: • All banks are regulated by the Central Bank. • 25 banks and financial institutions. • Protection of consumer’srights: • Commission for Consumer Protection (CCP). • 2012, a number of violations were found. • Consequences in case debtors do notpay: • The bank becomes the owner of the property. • Bulgarianfacts: • In 2012 – around 17% of all credits are not repaid back by the borrowers. • The conditions for getting mortgage loans are more and more strict.

  6. Conclusion: • Spain has an old law and little consumer protection. • Both Ukraine and Bulgaria have legal mechanisms to control banks and protect consumers. • Spanish legal system in the mortgage field is the most ineffective and it should improve.

  7. Thankyou so muchforyourattention

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