What’s the latest news for Spanish homeowners with a BBVA clausula suelo?
The controversy that has surrounded the ground clauses found in many Spanish mortgage contracts since the mid-2000s property boom has led to various financial institutions in the country facing a hefty compensation bill to pay to their affected borrowers. However, for some of those householders with a BBVA floor clause, matters have been a little bit more complicated.
That’s because, despite many Spanish banks having already willingly implemented measures to pay to their customers the amounts that they have been overcharged, BBVA is still in court over the affair.
BBVA still waiting for legal clarification
More specifically, it has been awaiting the full verdict of the Supreme Court that applies for the first time the retroactivity rule for compensation payouts to affected customers, following the Court of Justice of the European Union (CJEU)’s own recent ruling on the matter.
The latter court had declared the need for all amounts unfairly charged to customers due to the presence of a clausula suelo in their mortgage contract to be retrospectively paid back.
The good news from the point of view of those with a BBVA floor clause for which they would like to make a claim is that sources at the bank have reportedly explained it will “respect and comply” with the Supreme Court’s legal resolution “without reservations”. Such sources were quoted by El Mundo as stating that “as soon as we receive the sentence we proceed to address the claims.”
Don’t hesitate to make a claim for the return of your money
Ultimately, what you have to remember as a homeowner with a BBVA clausula suelo in your mortgage contract is that if you are entitled to compensation, you are entitled to make a claim.
The process is as straightforward as getting in touch with us and sending us a copy of your most recent mortgage payments and answering a few questions for us to begin the claim.
Should you wish, we will then be able to take your claim forward. It really is that simple. Our experienced and capable experts in BBVA bank claims are available at the other end of the phone or if you contact us via our online contact form, so there’s really no need to hesitate when you wish to find out whether you have a valid claim.
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.