Can the bank change my contract conditions unilaterally?
The spread on your mortgage cannot be changed unilaterally by the bank. Service pricing, such as the current account, can change — with the legal notice period.
In this guide
The essential terms are protected
On a mortgage contract, the spread cannot be changed unilaterally by the bank. The essential terms of the loan do not change without your agreement.
What can change
The cost of associated services — current-account fees, for example — can be updated, provided the bank gives the legal notice, usually two months.
If you get a notice of change
Read it carefully and check what it applies to. If you think it unfairly affects your loan, complain — first to the bank, then to the Bank of Portugal.
Worked example
The bank announces new account-maintenance fees with two months' notice — that's legitimate. But if it announced a rise in your mortgage spread, that would not be allowed without your agreement. (Illustrative example.)
Sources
Susana Vasconcelos
- Intermediária de crédito autorizada pelo Banco de Portugal n.º 0008496
- Mais de 10 anos na banca