Blog | November 20th

CHANGE OF FORTUNES: BANKS SET TO LOSE MILLIONS WORTH OF EQUITY RELEASE CONTRACTS

A recent ruling by the Appeal Court of Bilbao -confirming an earlier ruling by the Court of First instance-is to set the ground for future cases on the so-called Equity Release mortgage loans.  Three Judges in the Basque High Court have ruled that banks -and by extension any other financial services company- that do not have a valid operating license will see their agreements declared null and void, be it mortgage loans, investment contracts or any other.

In late 2014, 20 pensioners (mostly British) bought an action to set aside 12 equity release mortgage loans¬†-worth 6 million euros- against SLM, a Cheshire-based lender. The lender had not secured the mandatory regulatory license although they did warn they had no license to…

...Click here to read more »

More Articles »

Who’s Online

There are no users currently online
Skip to toolbar