Questions and answers on extrajudicial (out of court) procedure for the return of overpaid interest due to floor clauses in Spanish Mortgages

How to claim a refund of overpaid interest due to floor clauses in Spanish Mortgages These steps need to be followed:1.- Claim to your bank office/branch 2.- The bank must send to the consumer the calculation of the amount to be returned, including interest or, where appropriate, the … [Read more...]

Remove the Floor Clause from your mortgage and claim a refund of overpaid interest

1. What is a Floor Clause? (Cláusula Suelo) Many property buyers in Spain were sold mortgages by Spanish Banks at a variable rate linked to the Euribor (the Eurozone base rate). However, a large number of those mortgages also included a 'floor' (Cláusula Suelo) which was normally set anywhere … [Read more...]

Claim a refund for fees imposed on you by the Bank when opening your Spanish Mortgage

IF YOU HAVE A MORTGAGE IN SPAIN YOU COULD CLAIM A REFUND FOR SOME OF THE FEES YOU PAID WHEN TAKING OUT THE MORTGAGE In December 2015, the Spanish Supreme Court ruled that mortgage clauses introduced by Banco Popular and BBVA that forced borrowers to pay all fees related to taking out the … [Read more...]

Cláusula Suelo – ECJ Press Release – 21 December 2016

COURT OF JUSTICE OF THE EUROPEAN UNION - PRESS RELEASE No. 144/16 - Luxembourg, 21 Dec 2016 CLAUSULA SUELO - MORTGAGE FLOOR CLAUSES Spanish case-law placing a temporal limitation on the effects of the invalidity of ‘floor clauses’ included in mortgage loan contracts in Spain is incompatible … [Read more...]

Spanish Banks Ordered to Repay Billions to Mortgage Borrowers

      CLAUSULA SUELO Spain's banking sector was hammered on Wednesday after the European Court of Justice ruled that lenders will need to reimburse mortgage customers who were overcharged on interest payments. The Spanish Supreme Court had previously ruled that the refunds should only apply … [Read more...]

Are you paying a Spanish mortgage on a property with no licence?

Do you have a Spanish Mortgage on a Property with no licence? Valuators should have never given those properties the high value they did. Finances Department in Spain, passed a regulation in 2003 which established these checks as minimums: Article 7 Minimum Checks 1. To determine the … [Read more...]

Decree for Mortgage Debtors

Some benefits of the recently approved Decree "Second Chance" for mortgage debtors: - The Cabinet approves the extension for two years, until 2017, of the period by which people living in primary residences cannot be evicted by lender Banks. In relation to collectives that are object of … [Read more...]

Mortgage Negotiation with Your Bank

Negotiating a reduction in your mortgage interest rate If you are experiencing difficulties with the payment of your mortgage instalments, some tips: Negotiate with the Bank: 1. Renegotiate the interest rate: specially if you have a floor clause (cláusula suelo) or any other abusive clause … [Read more...]

Mortgage Default Assistance

Are you struggling to pay a super-mortgage on a house for which the initial valuation was highly-inflated? Is the Bank not listening to you? Is your pension not enough to cover such an expensive mortgage? Do you feel that you cannot keep living this way? Is the situation destroying your … [Read more...]

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