The mortgage dictionary is a section of the website that allows you to know in detail the definition of all the terms related to the contracting of a mortgage or mortgage product, one of the financial operations that must be thought about and analyzed the most because it involves a significant debt that will be paid over several years. The Notary Bosch-Bages of Barcelona wants with this page to facilitate the knowledge of the most important concepts related to this type of Notarial services related to mortgages.

TweetWhat is interest for late payment?

Interest based on the delay in payment of the agreed fee, which are added together with the remunerative interest.


Article 25 of the Real Estate Credit Law establishes that the loan conceived to a natural person and that is guaranteed by a mortgage guarantee, the default interest will be the remunerative interest plus 3 points percentage throughout the period in which it is required. Interest on late payment only may accrue on the principal due and pending payment and may not be capitalized in any case.  This regulation is mandatory, that is, it is mandatory and there is no agreement between the parties on the content of the default interest. 
Consult BOE Law 5/2019, of March 15, regulating real estate credit contracts
Tags: Law, Mortgage.

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