If you are a British expat in Spain, you can be forgiven for feeling a little jittery at the current political climate and what it all might mean for you. The UK has voted to leave the European Union (EU), with Prime Minister Theresa May recently fulfilling her promise to activate Article 50 to get the process underway for the country’s exit from the bloc.
However, there are still so many unanswered questions in terms of the implications of Brexit for Spain and those with links to both countries. The rights of British expats to remain residents of the EU – including Spain – have not been confirmed, and there have even been hints of fresh wrangles between the two countries over Gibraltar. If Brexit turns out to be a success, could the Spanish electorate even start to contemplate the merits of their own country’s exit?
However, there’s plenty of reason for positivity
Let’s take a few deep breaths. First of all, there is no indication of ‘Spexit’ (sorry) happening at any time in the foreseeable future – Spain remains firmly a member of the EU.
Aside from the perhaps predictable machinations between the respective countries’ politicians, there also remains much enduring friendship between the two nations, with Spain’s tourist sector remaining in very rude health. Did you know, for example, that hotels in Spain have been enjoying record-breaking occupancy rates, and that Britons accounted for a fifth of all foreign tourist spending in the country in March?
But there’s another reason why, as so many people continue to keep an anxious watch on the latest Brexit Spain headlines, you should be looking forward with optimism if you are a homeowner in the country: you still have the same right to claim compensation for your mortgage floor clause that you had before the Brexit vote.
Rapido Claims makes it easy to claim
Floor clauses, also known as ‘clausula suelos’, have been causing controversy and financial anguish for years for many British expats living in Spain. A lot of these clauses have been shown to be abusive, leaving some people with tracker mortgages in the country paying thousands of Euros more on their loan than they should have ever been forced to do.
We don’t think it’s fair – and if you don’t think it’s fair either, we’re here for you. Get in touch with the Rapido Claims team today, and we will take on your claim, ensuring that you not only have any abusive floor clause in your mortgage contract removed, but also reclaim all of the money that may have been unfairly paid to your bank as a result of it.
With your own money safely back in your hands, you’ll have one less thing to worry about as a British homeowner in this gorgeous and sunny corner of Europe – whatever twists and turns may come on the subject of Brexit and 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.