Zaragoza Provincial Court confirms that ‘clausula suelo’ agreements are null
In just the latest of a series of breakthrough developments in the ongoing fight against the mortgage interest floor clauses that have left many Spanish property owners wrongly out of pocket, the Provincial Court of Zaragoza has reissued a resolution confirming its approach reflected in a previous judgement, declaring the non-validity of certain agreements between consumers and banks over the clauses.
More specifically, the resolution declares as void deals in which wronged customers agreed not to take legal action against their mortgage lenders in exchange for a lower ‘ground’ interest rate. It follows a judgement issued by the court in March that also declared such agreements signed by banks and customers to be null.
A better deal for Zaragoza mortgage holders
Such a judgement should settle the matter of whether it is acceptable for the region’s banks guilty of including ‘clausula suelos’ in their mortgage contracts to demand that customers forgo their right to make a claim for compensation through the courts on the condition of gaining a lower minimum interest rate going forward.
In truth, as our many satisfied past clients here at Rapido Claims know well, ill-treated holders of a Spanish mortgage policy containing an abusive floor clause are perfectly entitled to not only have the clause removed from their agreement, but also claim back the entirety of the money that the bank has charged them to date as a result of its inclusion.
Talk to Rapido Claims today about your interest floor clause
With around 10,000 people in the wider Aragon region thought to be affected by this issue, we certainly hope that many of the area’s homeowners who had signed such agreements – and therefore presumed that they could not sue their bank – will now be encouraged to do so to secure all of the compensation to which they are entitled, as well as the removal of the ‘clausula suelo’ from their contract forever.
If you are the holder of a mortgage for a property anywhere in Spain and fear that you have one of these notorious ‘collar clauses’ in your contract that could be costing you potentially thousands of Euros, get in touch with Rapido Claims’ bank claims experts today for free, no-obligation advice. We provide a quick, simple and transparent service, and will not charge you any fees unless we can guarantee success in court.
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.