What is a Clausula Suelo?

Have you taken out a mortgage from a Spanish bank to pay for a Spanish property?

Did your mortgage payments not go down in 2009?

Are you paying an interest rate of more than 1.5%?

Have you been paying the same persistently high monthly fee for years?

If you can answer with a “yes” to the above questions, it’s very likely that your mortgage has a ‘clausula suelo’, and that you can get it removed with our help here at Rapido Claims – resulting in potentially thousands of Euros in compensation.

But first, let’s explain what a ‘clausula suelo’ actually is…

Over the last decade, more than 400,000 Brits have purchased property in Spain. If you are one of them and have used a tracker mortgage from a Spanish bank with interest rates that track the Euribor or European Interbank Offered Rate, you could be paying too much.

The Euribor is a daily updated reference rate that takes the average interest rate in the Eurozone. A mortgage that tracks this rate is often a good thing as if the rate rises, you pay more but if the rate falls, you pay less. However, many banks have included a minimum rate of 3-4% in their agreements. This means that if the rate falls, they continue to make a tidy profit, but you don’t benefit from the lower rate.

This is what is known as a ‘clausula suelo’, or an interest floor clause or collar clause in English, and it has had dire consequences for many British property owners in Spain, even causing some to lose their life savings and their home. But the great news is that the Supreme Court has agreed that many such clauses are unfair, which means that thousands of mortgage holders are entitled to claim back their money.

Seriously – it couldn’t be easier to secure compensation with our bank claims experts here at Rapido Claims. We possess considerable first-hand knowledge and offer a simple, fast, efficient and completely transparent service.

We also boast a 100% claim rate, so why wait any longer to secure the money that you are rightfully owed? Contact our experts at Rapido Claims today for more information about removing your own Spanish mortgage’s clausula suelo.

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 |2017-05-02T11:41:23+00:00Sep 30th, 2016|Floor Clause|Comments Off on What is a 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.