Does your Banco Sabadell clause include the notorious ‘floor clause’?
If you have a Spanish tracker mortgage agreement with Banco Sabadell (also called Solbank) and are concerned about how high your payments are, it’s well worth checking whether your agreement includes the now-infamous ‘clausula suelo’, or floor clause.
Banco Sabadell is one of Spain’s largest banking groups and is widely referred to by various names, including Sabadell Atlantico and Solbank. In recent times, the bank has sadly become known for its disreputable use of the mortgage clausula suelo clause that has led to many homeowners across Spain paying thousands more Euros than they should be paying.
What is a ‘clausula suelo’ and why should I care?
The ‘clausula suelo’ is a minimum interest rate that many financial institutions applied to their mortgages to protect themselves from any decline in the interest rate that the mortgage was tracking, such as the Euribor.
It meant that when the Euribor fell below 2% in 2009, mortgage payers in Spain did not benefit from lower loan payments. With many millions of mortgages in Spain thought to have contained the clause and the banks having imposed limits as high as 5.5%, it might not be surprising that the Supreme Court has declared that some of these clauses can be considered abusive.
Receive help to remove your clausula suelo with Solbank
If you would like to learn more about how you can remove any floor clause on your Spanish mortgage, as well as about the wider clausula suelo claims process that could enable you to secure thousands of Euros in compensation, simply contact Rapido Claims.
An OKDIARIO report in May declared Banco Sabadell to be “practically the only entity” that was continuing to defend the legality of the mortgage floor clause and defy court judgements. It has even been reported that the bank has changed many of its customers’ variable rate to a fixed one to ensure that they continue to overpay.
OKDIARIO added that Sabadell customers were also being given the option to remove the clause in exchange for agreeing not to say anything to their lawyer or even the media, in another sign of just how determined the bank has been to shirk its responsibility to customers.
Simply contact our team here at Rapido Claims today for more information about how you can secure the mortgage compensation in Spain that you deserve, together with the removal of your clausula suelo with Solbank.
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.