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Duped by a multi currency mortgage

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Affected by a multicurrency mortgage?

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Multicurrency mortgages allow the customer to make the payment of their mortgage fee through a currency other than the euro.

The payment of the multi-currency mortgage, as with normal mortgages, is divided into two parts, interest and capital to be repaid. However, as these are linked to the exchange rate, the fee payable is determined according to the price of the currency chosen against the Euro, which can lead us to pay a low fee when this currency depreciates, or a very high fee when it is appreciated. Banks did not properly report these risks.

Free consultation – No cure, no pay!

What happened?

Tens of thousands of people in Spain have signed a mortgage loan that instead of being repaid to the bank in euros, it has to be repaid in a foreign currency: in Swiss francs, in Japanese yen… which in the end means paying much more than if the loan had been repaid in euros, like most mortgages.

Who can claim?

All the people who are paying their mortgage in Spain instead of in euros, in a currency outside the EU… in Swiss francs, Japanese yen…

Why can they claim?

Because it is abusive or illegal to repay a mortgage loan in international currencies rather than in our European currency, with which you end up paying much more. It is estimated that on average, 40,000 euros more is paid than if the loan was repaid in a normal way in euros.

What we need to claim

It’s very simple; copy of the mortgage loan referenced to foreign currencies And a depreciation table of this loan. As always, if the bank does not provide you with this information we can help you get it.

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