The European Court have declared floor clauses in Spanish mortgages illegal. CPC and associated Spanish experts will review your deeds / escritura, free of charge to see if you are a victim of abusive clauses.
The European Commission has issued a damaging report for Spanish Banks who have for many years introduced floor clauses into their mortgage contracts.
These clauses (although common, are not used by all banks) set a minimum interest rate that clients have to pay even if the benchmark rate (Euribor) drops below that figure.
Spain’s Supreme Court has declared this practice “abusive” and so far has sentenced banks to pay back, but only the payments made since May 2013.
The European Executive disagrees with the setting of this date, stating that refunds must be made way back to the very first mortgage payment; obviously their rationale is that if the clause is void, it is void from the start of the mortgage.
There are 2.5 million mortgages with abusive clauses in Spain, is yours one of them?
We can help you NOW; our Spanish Legal Teams are on standby to advise if your mortgage carries these clauses and our reviews are carried out free of charge.