The Madrid Court of First Instance no. 77 declared the partial invalidity of a multi-currency loan contract, due to the lack of transparency with regard to the information given regarding the characteristics and risks of the product.
The judgement highlights the partial nullity of the mortgage and orders the bank to recalculate the loan.
The Supreme Court, in its recent ruling of 14 March, declared the multi-currency mortgage loan deed null and void due to a lack of transparency, thus confirming the abusiveness of this type of mortgage and finding for the affected parties.
The average amount that can be recovered is around €60,000 but the potential loss caused by this product in some cases may exceed €200,000 in cases of very large mortgages.