November 27, 2024
Our customers subrogated a developers mortgage with Caja Rural de Granada in early 2013 to buy a holiday home in the Costa del Sol.
What was never explained by the bank was that the mortgage had a hidden floor clause?
This meant that after interest rates fell rapidly after the financial crisis in 2007/8 our clients found their tracker mortgage became fixed at 3.75%, meaning that they paid significantly more for their mortgage payments than they should’ve done.
The bank subsequently removed the floor clause but didn’t make the clients aware that they had been mis-sold.
Our lawyers arranged for a claim to be submitted to the bank on their behalf and including interest, total compensation of just over €27,000 was awarded.
