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Condemn banks to eliminate base clauses in mortgages

26-10-2010
The Mercantile Court, section 2 of Seville has condemned the BBVA, Caixa Galicia and Cajamar banks to eliminate the base clauses in mortgages and to abstain from using in successive mortgages. These clauses limit the variation in the reduction of the interest rate in variable mortgages, even if the EURIBOR does so, meaning the rate that the mortgage makes reference to.

These clauses have not allowed the continual fall in the Euribor to be applied to these mortgages, meaning therefore that there will be a substantial difference of 150 and 200€ in the monthly quotes.

The court sentence will declare these clauses to be null, for abusive, because of the existence of the gap in relation to the high rate clause and which only cover the risk on the part of the borrower, imposed by banking institution on its users.

Ausbanc, the association of users of banking services that instigated this proceeding, rounds a figure of millions affected.

The BBVA has announced already their intention to appeal the sentence. To answer any doubts regarding your mortgage, please contact our legal department and we would be more than happy to help.

Paloma Gómez
Lawyer

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