Clausula Suelo or Floor Clause

Do you have a Mortgage on your Spanish property?

Were you sold a tracker mortgage based on the Euribor?

Following a judgment of the European Court of Justice on 22nd December 2016 you may be able to claim compensation from your bank if you have a mortgage containing an unlawful floor clause or clausula suelo.

If you have one of these mortgages, you can claim for the wrongly charged interest you overpaid, going back to 2008 in many cases.

The losses could be 200 Euros or more per month on a mortgage of 150.000 Euros which means that claims could be as high as 20.000 Euros.

What is a floor clause?

Many Spanish tracker mortgages contain a ‘Floor Clause’ or Clausula Suelo, meaning if the official interest rate drops to a much lower level, the customer’s mortgage repayments stay at the floor rate which is much higher. As a result people have been over paying thousands of Euros!

Hassle Free Claim

These cases are complex and you can only submit a claim through the courts once. We are an experienced lawyer firm who can handle your case in the Spanish courts.

Mortgage Review

We can review your Spanish mortgage deed to check if it has a floor clause. We will then advise you if you are able to claim back the interest overpayments, remove the clause from your mortgage reducing your future mortgage payments and claim compensation on the interest you overpaid

Bank Claims

The most important thing is to ensure that your claim is made in good time, and that any offer to settle by the bank does adequately compensate you for your loss. We always seek a negotiated settlement to avoid court proceedings if possible, but there are occasions when it is the only recourse. Even then you are better to negotiate from a position of strength by making a claim and agreeing a settlement which can be sanctioned by the court.

Each case needs to be reviewed individually and at Consulta Legal we treat each claim, taking into account your particular circumstances. We look to ensure that you fully understand the procedure, the costs and the possibilities of success.

If you think you may have a claim against your bank and for more information, or to make a claim, please contact us on info@consulta-legal.com or call us on 0034-968575893.