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Yes, you read that correctly. Before signing your mortgage, you will have to pass an examination before the notary. But don't worry, it's not like going back to school nor will you have to memorise complex laws. However, if you fail, signing your mortgage will be delayed. Want to know what this mandatory notarial test consists of and how to prepare? Keep reading and find out all about it!
The mandatory notarial test according to Article 15.2 of the LCCI
Why does this exam exist before signing a mortgage?
The Law 5/2019 regulating real estate credit contracts (LCCI)specifically in its Article 15.2, stipulates that the notary must ensure you fully understand all the information related to your mortgage loan before signing. This includes financial conditions and the most relevant contract clauses. For this, the notary will conduct a mandatory notarial test.
What are the FEIN and the FiAE?
Key documents you must know before signing
The European Standardised Information Sheet (FEIN) is a document provided by the bank with the personalised conditions of your mortgage. It includes detailed information about interest rate, fees, expenses, and other financial conditions. The FEIN is a binding offer for the bank for at least 10 days, allowing you to compare with other entities.
The Standardised Warning Sheet (FiAE) is another document highlighting the most relevant and potentially delicate clauses or conditions of the loan, such as floor clauses, default interests, or early maturity.
These documents must be provided by the bank before signing and uploaded to the notarial platform. This way, you will have enough time to review them and resolve any doubts with the notary.
Here is the updated section on "What does the mandatory notarial test consist of?"including all relevant questions from the document:
What does the mandatory notarial test consist of?
Know all the questions you will be asked to be prepared
The test aims to verify that you understand key aspects of your mortgage. Below we present some questions that the notary will ask you:
- If it is a variable interest loan, do you know that the future interest is calculated by adding a spread to the agreed benchmark rate?
- Do you know you can change lenders through subrogation, which implies full early repayment of your loan and has tax and fee benefits?
- Do you understand that any early repayment fee may only be charged if it represents a justifiable loss for the lending entity?
- Do you understand that if default reaches a specific amount, the financial entity may declare early maturity of the loan and claim the entire debt?
- Do you understand whether you are responsible for the debt only with the mortgaged property or with all your present and future assets?
- If you are liable with all your assets, do you know that if the value obtained in the property's auction is lower than the outstanding debt, you will still owe the difference to the lender?
Additional questions only for specific cases
- Do you understand that the capital owed could be higher than at the start of the loan due to exchange rate fluctuations, even if you have paid your installments punctually?
- Do you know you can reference the loan to the currency of the country where you reside or where you receive most of your income?
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Deadlines to complete the notarial test
✅ 10 working days to sign the mortgage (14 days in Catalonia)
From when the financial entity uploads the FEIN and the FiAE at the notarial platform, at least 10 working days must pass before you can sign the mortgage. In Catalonia, this period is extended to 14 days. During this time, you must attend the notary to take the test and receive free and personalised advice.
What happens if you fail the notarial test?
✅ You will not be able to sign the mortgage until you fully understand everything
If the notary detects that you do not understand some key aspect of your mortgage, they will explain it to you again. If significant doubts remain after this, the signing will be postponed until you have full understanding. That is to say, if you fail the test, you will not be able to sign.
Tips to pass the notarial test
✅ Prepare yourself and ask all your questions
- Review the FEIN and FiAE carefully: These documents contain all the essential information about your mortgage.
- Write down your questions: Take them to the notary to clarify them during the appointment.
- Familiarise yourself with basic financial terms: Get to know concepts such as interest rate, APR, fees, etc.
- Compare offers: Use the time to compare different options and make sure you are making the best decision.
A different approach to facing the test
More than an exam, it is your opportunity to understand everything
Think of the notarial test not as an obstacle, but as a tool on your side. It is your chance to clear up any doubts and ensure you are making the best financial decision. After all, the mortgage is one of the most important commitments you will make in your life.
Passing the notarial test is an essential step to ensure you make an informed decision when signing your mortgage. Prepare yourself, inform yourself, and go to the notary with confidence. Remember that this process is designed to protect your interests and help you fully understand the commitment you are undertaking.
Need personalised advice?
By processing your mortgage with us, we not only guarantee to get the best conditions tailored 100% to you, but we also support you at all times, including explaining documents such as the FEIN and preparing you for the exam. Do not hesitate to contact us. We are here to accompany you every step of the way towards your ideal mortgage.
