November 27, 2024
Back in 2005 our clients bought a holiday home with a mortgage from Bancaja (now CaixaBank).
As many people do, they decided to engage the services of a local mortgage broker in Spain paying a 1% fee. What the failed to spot was that the bank had also charged them an enormous opening commission of 2.14%.
Our lawyers have submitted numerous complaints for abusive levels of opening commissions charged by Spanish Banks. Although European courts have said that any opening commission is in effect abusive, in reality the only claims being upheld by the Spanish courts are where the initial arrangement fee charged by the bank was more than 1.5%.
In this case, even although the bank appealed the initial sentence, it was ultimately upheld with more than €7,000 being returned to our clients.
