Nowadays, thanks to favorable judgments, justice is positioned next to the consumer. The financial entities no longer want to take these cases to the Supreme Court. Why? Approximately 80% of the cases are being resolved in favor of the client, according to Asufin . If you do not know this type of mortgage loans, we will explain later how to start solving your multi-currency mortgage.
What is a multi-currency mortgage?
The Supreme Court is considering these mortgages usually as an investment. What was the court based on? Specifically, by the structure of the financial instrument, or derivative, created by the multi-currency mortgage. A “mix” of derivative and loan. The plaintiffs and their claims piled up in Spanish courts as of the June 2015 ruling.
Multi-currency mortgages determine that you pay mortgage installments in a currency other than the euro. Thanks to the fact that the Euribor remained around 5%, the banks promised a succulent reduced interest when paying your loan in a currency with a lower value against the European currency. Unfortunately, when the yen or the Swiss franc increased in value, consumers’ debts became unsustainable. Both the amortization and the installments were paid in another currency even though the mortgage was signed in euros. The total losses? Experts put a total amount of about 200 million, an unpleasant amount for the sensitive situation that banks are going through.
Affected by a multi-currency mortgage? Learn and claim now!
Check your mortgage contract that you signed with your multi-currency mortgage. Check the invoices that you have paid from the beginning of it. Contact professionals who solve all the bureaucracy involved in these judicial processes. Win in peace with the best professionals in the sector. So you can prove you were not aware of the implications of the mortgage, be sure to gather all the documentation.
Specialists in banking law and we have dealt with many claims to financial institutions in all the Spanish provinces. We will keep you abreast of the current affairs of the sector thanks to former banking executives who know all the novelties of the sector. We guarantee that our treatment and experience will promote the procedures towards victory in your judicial summons. Recover the money from your multi-currency mortgage with our lawyers . Claim your rights as a customer. Multi-currency mortgage: “Those affected recover their money.” If you found it interesting, vote!