Spanish Consumers Benefit as European Court of Justice Rules in their Favour

A court hearing at the ECJ Luxembourg Credit: ECJ

GOOD news for many home owners in Spain as the European Court of Justice (ECJ) has ruled that many charges made by banks in respect of the cost of arranging mortgages are abusive and must be stopped.

In theory therefore all those who paid such costs are due for refunds and future mortgage costs will in the main be for the banks to cover.

There is however one caveat and that is if national law requires the person taking the mortgage to pay the costs, then that is allowed, so banks may lobby the Spanish Government to change the rules.

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Written by

John Smith

Married to Ophelia in Gibraltar in 1978, John has spent much of his life travelling on security print and minting business and visited every continent except Antarctica. Having retired several years ago, the couple moved to their house in Estepona and John became a regular news writer for the EWN Media Group taking particular interest in Finance, Gibraltar and Costa del Sol Social Scene. Share your story with us by emailing [email protected], by calling +34 951 38 61 61 or by messaging our Facebook page www.facebook.com/EuroWeeklyNews

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