The Provincial Court of Santa Cruz de Tenerife has ruled in favour of a Santander bank customer who had a multi-currency mortgage and has compelled the financial institution to reimburse approximately 21,000 euros.
The customer had already won in the initial trial, with the mortgage clause being deemed abusive and annulled, requiring the bank to recalibrate the repayment schedule in euros, a decision that has now been upheld on appeal.
The solicitors for the plaintiffs stated in a release that “the lack of transparency and the abusive nature of the contractual clauses related to the multi-currency option, which denominated the loan amount in Japanese yen, have been proven.”
The recent ruling mandates the financial institution to recompute the loan as if it had been granted in euros from the outset, applying the agreed interest rate along with the specified margin.
Initially, the customer is set to recover a total of 20,689 euros, plus interest from the date the excess payment was made, and the bank will also need to cover the legal expenses.
According to the law firm Unive Abogados involved in the case, “this judgement underscores the significance of transparency in the acquisition of intricate financial products and safeguarding consumers from exploitative practices.”
The executives at the firm managing the case have reminded individuals with mortgage loans containing multi-currency clauses “that there is still an opportunity to reclaim the excess payment by initiating a legal action.”
