November 27, 2024
In 2006 our clients purchased a holiday home near Duquesa in the Costa del Sol and took over the developers mortgage.
They were unaware that the mortgage included a floor clause that from November 2013 saw their mortgage in effect became fixed as opposed to being a tracker and meaning they paid much more for their mortgage payments than they should have.
Although the bank subsequently removed the floor clause, they failed to inform the clients that they had been misled.
A claim was submitted by our solicitors and including interest, they covered €6000.
In this case, we were also able to submit a claim for the mortgage opening expenses paid by our clients, as opposed to the bank. This amounted to over €1400.
