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What is a Multi-Currency Mortgage Loan?

We begin this article explaining what a multi-currency mortgage loan is . A multi-currency mortgage loan is a type of loan that can be paid with a currency other than the euro, that is, it is a mortgage loan in which the payment of the installments is in a different currency, usually in yen or Swiss francs, applying also the interest rate corresponding to the currency contracted. The interest rate used in Europe is the EURIBOR, but in the multicurrency mortgage loans it changes and the LIBOR (interchangeable interest rate of the London market) is used. Therefore, if the LIBOR is lower than the EURIBOR, the money to pay is lower, or so the Banks told their clients between 2006 and 2009 to hire them.



At the beginning of everything, multi-currency mortgage loans had prospects for savings, however, over time, those affected by this type of mortgage loan increased. Why? Well, the answer is easy if we understand how a multi-currency mortgage loan works with this example:


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Marta hires a multi-currency mortgage loan based on:

  1. The European Central Bank puts the price of money at 3.5%.
  2. The Bank of Japan places it at 0.5%.


Based on these data, Marta agrees to sign her mortgage loan in Japan, because it is cheaper.

However, when these percentages change and you turn them around, as it has happened, this way:

  1. European Central Bank 0.5%.
  2. Bank of Japan 3.5%.


Marta will find it much more expensive now to take over her mortgage loan for having hired her in yen and she will have to pay the Bank more money than for the one who hired her.



How to claim a multi-currency mortgage loan is a very common question among those affected by said mortgage loan loan .

What you should do if you want to claim a multi-currency mortgage loan will be to demonstrate the lack of information that you had from the Bank at the time of signing your mortgage loan, that is, you will have to prove the absence of information contained in the Securities Market Law, as well as as the lack of transparency in marketing.

However, you should bear in mind that banks can also show that there was no lack of information on their part and that everything was made clear.

If you do not want to go that far, from Bank , the online comparator of financial products in the country, we recommend that the first thing you do is talk to your bank to change the multi-currency mortgage loan to a normal mortgage loan, that is, your reference currency is the euro.

If this does not bear fruit, cancel the one you already have and open a new one, although this will cost you a lot.

If you still follow them, then go to the first option of all and report to the entity.