Euribor tracker mortgages banks refund



This topic contains 2 replies, has 3 voices, and was last updated by Profile photo of Pepsicola Pepsicola 1 month, 2 weeks ago.

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  • #192197
    Profile photo of Calpeisfab


    I have a spanish mortgage that follow the Euribor rate, however since the interest rates have been at an historic low, the mortgages have never followed only to a base level not near the low rates.

    I understand that the EEC has ruled against the Spanish banks that they need to repay the difference of the lowest rate following the Euribor and the mortgage rates.

    Hope this makes sense

    Has anyone had a claim from a bank that has been successful.

  • #192376
    Profile photo of Mark Stücklin
    Mark Stücklin

    Actually it was the Spanish Supreme Court that ruled that banks need to repay the difference, but only going back as far as 2013. The European Court was expected to remove the time limit, but in the end it didn’t. So you can reclaim any interest you have been overcharged going back to 2013. The law is now pretty clear on this, so you would be likely to win your case. The question is, is it worth it? If you’ve only been overcharged say €1,000/year, for 2 years, then it might not be worth the legal costs trying to recover €2,000. But if you have a big mortgage, and have been overcharged say €500/month, then that’s €12,000 to reclaim, and might be worth it. It all depends on how much you have been overcharged. Do you know?

  • #192400
    Profile photo of Pepsicola

    We had a successful claim against the notorious Cláusula Suelo and recovered money free of legal costs. These people were efficient and courteous but you will need someone to help with the Spanish if you don’t speak it.

    Página de Inicio – Abogados Financieros – Reclamación

    One starts with a formal demand to the bank who of course reject this. Then when a court case is threatened, the bank quickly backed down – and had to pay all the legal fees! Good luck!

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