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Up to 50,000 people in Malaga province, and possibly millions across Spain, could be in line for a large refund from lenders on their mortgage payments after a surprise EU ruling. This includes Bank image 300x250 - Millions of home owners in line for payouts over bank loan abusemany foreign owners with mortgages in Spain and analysts said that payouts could reach four billion euros.

The European Court of Justice (ECJ) in Luxembourg ruled that Spanish banks that had loaned money to homebuyers on variable interest rates were breaking European law when they refused to pass on the savings from the dramatic fall in interest rates after 2009 by enforcing the so-called ...continue reading "Millions of home owners in line for payouts over bank loan abuse"