Secure the compensation that you deserve relating to your BBVA ‘clausula suelo’
Since 2013, one of Spain’s biggest banks, Banco Bilbao Vizcaya Argentaria – or BBVA – has ceased to apply the now-notorious ‘clausula suelo’, or floor clause, to its mortgage contracts with homeowners in Spain.
However, this does not mean that the matter is completely closed for the bank’s customers, many of whom were forced to pay thousands more Euros than they would have otherwise been required to pay over many years of their agreement.
What is BBVA’s association with the mortgage floor clause?
The tracker mortgage ‘clausula suelo’ is a minimum interest rate that borrowers at certain banks have been required to pay. Banks like BBVA introduced these clauses so that they could shield themselves against a fall in the interest rate being tracked by the mortgage, such as the Euribor.
The banks imposed limits of between 2.5% and 5.5%, and owners of homes in Spain might not have noticed much difference to their payments if the Euribor had also continued hovering at around this rate. However, in 2009, it actually fell below 2%, which led to many customers having to pay a significant amount more than they would otherwise have been required to do.
Matters changed, however, when the Supreme Court ruled that some of these clauses could be regarded as abusive where there was a lack of transparency. BBVA responded by retrospectively removing the clauses from its mortgages from 9th May 2013, the date of the court ruling.
Remove your clausula suelo with BBVA – and get a hefty payout to boot
While the Supreme Court’s judgement and BBVA’s decision to retrospectively remove its mortgage floor clauses undoubtedly brought great benefits for many of the bank’s customers – with 425,000 of BBVA’s 800,000 borrowers in Spain said to have been adversely affected – the story is not completely over.
That is partly so because it remains to be seen whether banks like BBVA will be forced to pay compensation relating to ‘clausula suelo’ payments stretching back to 2009. However, it is also so because many of those to have a clausula suelo with BBVA may not have yet realised that they even have a floor clause in their contract, let alone tried to remove it.
Give our friendly and professional floor clause claims team here at Rapido Claims a call today, and you will be able to benefit from our informed and impartial advice on what to do next. Don’t hesitate to claim back what may be many thousands of Euros of bank compensation in Spain!
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.