By Carlos Baos (Lawyer) • 14 February 2022 • 13:26
We have just recently been notified by the Appeal Court of Alicante, about the agreement with our petition in relation to the nullity of the Swap Mortgage Interest that a client of our law firm signed with a Spanish Bank.
You could check the full court order in our website: www.white-baos.com
This SWAP sold by the banks, means that the client and the bank agree to refer a mortgage with variable interest to a fixed interest.
So the banks mis sold this products to the clients, as a king of insurance, stating that if their variable interest goes up, they will pay as maximum up to the new fixed interest of reference.
But, the banks normally did not explain, that if the variable interest of the loan, goes down under the new fixed interest of reference agreed, the client will need to compensate to the bank.
IN many occasions, like in this one, the information provided by the bank to the client about the risks of the product, how it works, etc. was not enough, so the courts have now confirmed, as requested by us, that this product is null and void, and the bank must pay our clients back the money paid by them, plus interest and must also pay the legal costs.
If you need legal assistance in claiming against the Spanish banks, you could contact us and visit our website: www.white-baos.com
Carlos Baos (Lawyer) White & Baos.
Tel: +34 966 426 185
E-mail: [email protected]
White & Baos 2022 – All Rights Reserved.
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Lawyer Carlos Baos has been advising on variety of expat-related legal issues for years and weekly column offers free weekly insights.
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