Owners of properties in Spain could be eligible for compensation from mortgage lenders following a ruling last month by the European Court of Justice.
The court’s ruling follows a decision by a Spanish court that floor clauses – when rates on variable rate mortgages are held above a specified level despite declines in interest rates – were illegal, but that banks would not be required to return any overpayment to customers.
The ECJ ruled in favour of borrowers who appealed against the decision not to return the money that had been overpaid.
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