Homeowners in Spain with a mortgage can claim now refunds from their bank.
There are abusive clauses included in many mortgage contracts in Spain. An abusive clause is a clause not transparent to the consumer who in the end is not aware of the terms and ends up paying more for the lack of transparency in the mortgage terms and conditions.
The Spanish courts gave Judgement regarding this matter twice.
But finally, the European Court decided that banks are liable for all the mortgage costs if they were paid due to an abusive clause.
The costs related to the mortgage that can be claimed are:
Notary fees, Land Registry Fees, the property valuation, the opening commission, other legal costs and the mortgage management fees.
Now the Judges are the ones who have to decide on if the clauses were abusive or not and if the mortgage holder has the right to the refund or not. But this EC Judgment sets the grounds for your claims.
It is important to know that there is a time limit of 5 years. So if you signed a mortgage and want to claim the refund of the mortgage expenses, you will have to hurry because of the 5-year time limit to claim.