By Joe Wickman
OVER half a million Valencia region residents will benefit from the ruling by the Supreme Court to force banks to return part of the mortgage arrangement costs to their customers.
The Supreme Court ruled that the way banks would apply certain clauses was abusive, explaining that ‘the extension of the clause was striking, as it purports to attribute all costs derived from arranging the contract to the customers, undermining and sometimes infringing legal rules’. In addition, they added that the most interested party in signing a loan is ‘without a doubt, the lender’.
The change will affect all people who are currently paying off their mortgage, as well as the over 120,000 families who completed their payments within the past four years, with all of them theoretically able to recover an estimated €3,000 from a €150,000 mortgage.