Should you take your bank to court over your mortgage’s ‘clausula suelo’?

There’s no question that the floor clause, or ‘clausula suelo’ that has long been included in many Spanish mortgages has caused a huge amount of controversy in recent years. Such a clause, for those who are unaware, sets a minimum interest rate on a mortgage, preventing the rate – which is normally linked to the Euribor – falling below a certain level.

These clauses were often included in mortgages taken out at the height of the mid-2000s property boom, leaving hundreds of thousands of homeowners today with negative equity in their properties.

There have also been various notable court victories against the clauses – including in April this year, when it was ruled that millions of fixed minimum rate mortgages were null and void due to the “lack of transparency” in how they were sold.

With all of this in mind, might it be a good idea to take your own bank to court over your loan agreement’s ‘clausula suelo’, or are you better-advised to seek a settlement?

Secure a fast and healthy settlement with Rapido.Claims

Here at Rapido.Claims, we can completely understand any mortgage holder’s decision to pursue their bank in the courts – after all, with these floor clauses having cost many homeowners thousands of Euros, there’s a lot to play for.

Furthermore, the aforementioned case alone landed big-name banks like Barclays and Santander a whopping €5bn (£4bn), which says a lot about the sheer scale of the wrongdoing by many of the financial institutions that we pay a lot of money to in order to trust.

So, why would we urge you to settle with your bank rather than take them to court?

The reasons are simple. Taking your bank to court…

  • …can take up to three years
  • …brings no guarantee that you will win
  • …will only lower your mortgage payments if and when you win

If you decide to settle with your bank, meanwhile…

  • …you’ll get less money, but get it quicker – within four to six weeks
  • …your mortgage payments will drop immediately
  • …you can have certainty and peace of mind – if you take your bank to court, you could lose or the law could change

In short, settling with your bank over your loan agreement’s ‘clausula suelo’ is a ‘sure thing’ – and when you entrust Rapido.Claims to assist you in reaching that settlement, you can be assured of a deal that meets with your satisfaction.

Why wait any longer to get in touch with Rapido.Claims today about how you can secure the best possible settlement in relation to your mortgage’s floor clause, and benefit from lower monthly payments immediately? We are available right now, at the other end of the phone!

What is a Clausula Suelo or Floor Clause?

It is a clause in a Spanish tracker mortgage agreement that requires you to pay a minimum interest rate, even when the interest rate that the mortgage is tracking – such as the Euribor – is lower.

This means that you could be paying thousands of Euros more than you should be, and the Supreme Court has agreed that many such clauses can be considered abusive.

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By |2017-05-02T11:54:43+00:00September 15th, 2016|Uncategorized|Comments Off on Should you take your bank to court over your mortgage’s ‘clausula suelo’?

About the Author:

Gareth is a bank and mortgage claims expert at Rapido claims and has made a successful claim against the bank on one of his own properties.