Homeowners refunded 12,000 euros lost through mortgage 'minimum interest clause'
Tuesday, June 25, 2013 @ 12:15 PM
A COUPLE whose mortgage contract contained the now-illegal 'minimum interest clause' have won their court battle to get their money back.
Magistrates in Bilbao ordered Novagalicia Bank to pay them 12,000 euros, which covers their overpayments plus interest since they took out the home loan in 2011.
And this could set a precedent for other homeowners whose lenders have applied 'minimum interest' clauses.
In the case of the undisclosed couple in question, their contract said that whatever the Euribor – the Eurozone's blanket interest rate – reached, the rate of interest on their mortgage would not go above 9.75 per cent and never go below 3.25 per cent
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