BBVA ordered to refund mortgage costs to client
Friday, January 6, 2017 @ 12:12 AM
A BANK has been ordered to refund a client the sum of €3,371 which was erroneously charged in full to set up a mortgage.
The customer was told to make the payment in 2010 when signing a mortgage contract with Catalunya Banc-Catalunya Caixa in order to cover notary costs, entry on the land registry and taxes for documented legal procedures, but a court in Granollers (Barcelona province) said these expenses should have been shared 50-50 with the client and the lender.
Now, four months after buying out the Catalunya Banc-Catalunya Caixa, it is the BBVA which is required to refund the customer.
The court verdict also ordered the BBVA to remove the so-called 'floor clause' in the mortgage contract, whereby interest rates on the loan cannot go below a given minimum no matter how far the Euribor, or Eurozone interest rate, drops.
Read more at thinkSPAIN.com