There have been two court decisions which may mean our readers can claim substantial sums of money back from their lending bank.
Firstly, the European Court has ruled that the “clausula del suelo”, which fixes a floor under which the interest rate on the mortage cannot fall, is illegal. Moreover, it has decreed that the banks must pay back all the monies paid over with interest.
The banks have three months to return this money to their clients. If they fail to do so clients can take legal action.
If you are in doubt take your mortage agreement to a solicitor or to the Consumer Office in the Town Hall so they can advise you.
However, readers should bear in mind that this clause was common practice a few years ago and there are thousands of affected people who have not benefitted from the substantial fall in interest rates which continues to this day.
The second legal decision is that banks who have charged clients susbstantial sums for arranging mortgages must now pay this money back after the courts ruled the charges were illegal.
In order to claim the money back you need you mortgage contract and the receipt from the Notary´s office when you signed for the mortgage.
Readers are advised we are talking about very substanital amounts of money which can be claimed back from the banks. Please check your mortgage agreements carefully to ensure you don´t miss out on substantial refunds.
