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Tighten The Bank, The Route Out Of The Trap

Users complain of a product that makes them pay more when low on Euribor (Euro Interbank Offered Rate. Imagine insurance against doing that while the Euribor drop, you pay more and more for your mortgage. No, not the world upside down: it is the result of the loan contract with a financial product with multiple denominations, interest rate swaps, mortgage clips, swap contracts, and a single purpose: to move in the opposite direction to the index movements, to the extent that the fee may be doubled. Tighten the bank and to thoroughly review the contract may be solutions to break the impasse. In this situation, those affected by this financial derivative have been to work have been organized on the Internet, and in some cases they could get rid of him based on claims and fairly constant left hand. So explains Michael, who has failed to resolve, “finally and for good”, one of these financial contracts was with BBVA and that caused additional costs to the mortgage of 400 euros.

As contributions began to arrive, was clear they needed to consider a strategy. Therefore, “the first thing I did was tell me exactly what it was” through Internet forums and associations such as Adicae. The picture did not look any good, she says, “because he was not aware of the dangers of this product, I knew I had insurance to protect the increases in the Euribor, which is not going to walk up or down, but he never told me what would have to pay to cancel “, an amount that in his case amounted to 15,000 euros.

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