Many people are now aware that the European Court of Justice ruled on abusive clauses such as Mortgage Floor Clauses, put in a mortgage deed by some banks which basically meant that when interest rates went down the bank retained a minimum floor clause, so customers still paid a high interest. Not so common are multi-currency mortgages in Spain, but… Read more »
Supreme Court Tribunal Blow to Consumers Regarding Mortgage Clauses
Consumers in Spain have suffered a blow as the Supreme Court changed the precedents of the High Courts and ruled that if there is an abusive clause relating to expenses in a mortgage, that the clients are responsible for payment of the stamp duty and half the Notary fees. Previously the Civil Chamber of the High Court had made a… Read more »
Banks and Floor Clauses in Mortgages
Recently I received a letter from my bank in Spain with a wonderful mortgage offer. I have always known the old adage of “Do not look a gift horse in the mouth” but sometimes you just have a feeling that something is a bit odd. Banks in Spain don´t normally have the gifting generous traits, can be helpful yes, but… Read more »