What are multi-currency mortgages?
Multi-currency mortgages are a product with a high complexity offered by Banks, and it is directed to a particular public with high knowledge on the subject, due to the complexity of the market in which the said product operates. They are mortgages subscribed to currencies other than the euro.
Is it possible to claim this kind of mortgages?
The justice is condemning banks to cancel these mortgages, since they consider that they were offered to clients who did not comply with a profile of high financial knowledge, as was required for this type of loan. In this way, the European Supreme Court of Justice has established that banks did not correctly inform clients as established in the Law on the Securities Market, so that their clients could make a well-founded and prudent decision.
In this way, the European Supreme Court of Justice considers void the way the clause fixes the subscription to a foreign currency, if it is not clearly explained and the client duly informed. From that point, the court leaves it up to the judges of each nation to analyze the possible disruptions caused to the client or not, in the event of the bank’s possible bad faith when offering a complex in an abusive way.
In this way the judgment of the European Supreme Court opens the way for the claim of this clause.
Why did clients accept that kind of multi-currency mortgages?
The bank sold them this product promoting the low interest rate of the foreign currencies, very prominent the case of the yen and the Swiss franc, in this way the client believed that he would pay smaller quotas when having his debt in currencies that differed from the Euro. What the clients did not know is that the fluctuations of the said currencies directly affected their quotas and the total amount of the loan.
How can themulti-currency mortgage affect you?
If the currencies on which the multi-currency mortgage has been subscribed are revalued, as in the case of the yen and the Swiss franc, the debt can become almost impossible toafford by the client. This an aspect of which has not been duly notified and formed by the bank.
Claim this abuse to your bank from the hand of Neofin Asesores
From Neofin advisors we help both individuals and companies to claim the abuse suffered by the bank clauses of this type of loan, multi-currency mortgages. With us, we assure you the success of the sentence, winning it through our legal advice.
The first consultation is completely free. If you know someone affected by multi-currency mortgages or you are yourself, fill out our contact form and we will get in touch with you.