November 27, 2024
Our clients took out a mortgage with Sabadell at the end of 2017 to buy their home on the Costa del Sol.
The bank insisted that they take life insurance costing close to €20,000 . This premium was added to the mortgage from the outset, meaning that the true price of the insurance over the 30 year mortgage term was an excess of €31,000.
The clients were also completely unaware that the cover they were sold by their bank only covered half the amount of their borrowing and half their mortgage term.
A claim was submitted for the unconsumed portion of the premium and several thousand euros were recovered on their behalf.
In addition, although the customers were not able to provide invoices for all their initial mortgage expenses, we still managed to recover another €900 on their behalf for costs that should have been paid for by the bank, but instead they passed on to their customer.
We also arranged for a local broker to arrange replacement life insurance meaning that their mortgage was adequately covered and at a fraction of the price they were paying.
