About Gareth Bushell

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.

Spanish bank claims are easier to make than you may think

Spanish bank claims are easier to make than you may think It’s easy to be intimidated by the thought of making a claim for bank compensation in Spain. Sure, you may be a Spanish mortgage payer already and may be concerned about persistently high monthly fees on a mortgage supposedly tracking an interest rate such as the Euribor, which has been quite low recently. However, it’s still quite a big step to actually seek compensation from a Spanish bank such as BBVA, Banco Sabadell or Banca March. You may be concerned about the process being long, risky or expensive – but here at Rapido Claims, we are pleased to declare that it is none of these things. Who are we here at Rapido Claims? Rapido Claims is based in San Pedro, Malaga and provides an English speaking service to those looking to remove the floor clause from [...]

By |2016-11-22T16:50:52+00:00November 16th, 2016|Uncategorized|Comments Off on Spanish bank claims are easier to make than you may think

Does your Banco Sabadell clause include the notorious ‘floor clause’?

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, [...]

By |2016-11-22T16:49:34+00:00November 16th, 2016|Uncategorized|Comments Off on Does your Banco Sabadell clause include the notorious ‘floor clause’?

Secure the compensation that you deserve relating to your BBVA ‘clausula suelo’

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 [...]

By |2016-11-22T16:47:02+00:00November 16th, 2016|Uncategorized|Comments Off on Secure the compensation that you deserve relating to your BBVA ‘clausula suelo’

What is a floor clause?

What is a floor clause? We receive a lot of questions about the now-notorious ‘clausula suelos’ here at Rapido Claims, but by far the most common is: what is a clausa suelo? With hundreds of thousands of Britons having purchased property in Spain over the last decade, it is a pertinent question. Also known as a mortgage floor clause or collar clause, a clausula suelo specifies a minimum interest rate that must be paid by those with a variable rate tracker mortgage. Such mortgages typically track a certain well-known interest rate like the Euribor, which is based on the Eurozone’s average interest rate. The idea is that those paying such a mortgage are required to make higher payments when the interest rate is high, and lower payments when the rate is low. Your mortgage clausula suelo could be forcing you to pay thousands of Euros more However, [...]

By |2017-05-02T11:58:41+00:00November 16th, 2016|Uncategorized|Comments Off on What is a floor clause?

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 [...]

By |2017-05-02T11:41:23+00:00September 30th, 2016|Floor Clause|Comments Off on What is a Clausula Suelo?

Should you take your bank to court over your mortgage’s ‘clausula suelo’?

There's no question that the floor clause, or 'clausula suelo' that has long been included in many Spanish mortgages has caused a huge amount of controversy in recent years. Such a clause, for those who are unaware, sets a minimum interest rate on a mortgage, preventing the rate - which is normally linked to the Euribor - falling below a certain level. These clauses were often included in mortgages taken out at the height of the mid-2000s property boom, leaving hundreds of thousands of homeowners today with negative equity in their properties. There have also been various notable court victories against the clauses - including in April this year, when it was ruled that millions of fixed minimum rate mortgages were null and void due to the "lack of transparency" in how they were sold. With all of this in mind, might it be a good idea [...]

By |2017-05-02T11:54:43+00:00September 15th, 2016|Uncategorized|Comments Off on Should you take your bank to court over your mortgage’s ‘clausula suelo’?

What you need to know about the floor clause, or ‘clausula suelo’

The minimum interest rate applied by financial institutions to many Spanish mortgages to protect themselves against a drop in the Euribor has led to an increase in the price of loans taken out prior to the crisis, of between €1,000 and €5,000. This floor clause, also known as 'clausula suelo', was included in many of the mortgage contracts signed during the property boom, unbeknown to many home buyers themselves. The issue only began to gain widespread coverage when, in 2009, the Euribor - the interest rate on which 90% of mortgages in Spain are based - began to drop to below 2%, and such reductions were not reflected in how much people paid for their loan. This was due to the policyholder's mortgage contract outlining that they were required to pay a certain minimum interest rate despite the Euribor, plus their differential, being lower. While the banks [...]

By |2017-05-02T12:02:18+00:00September 1st, 2016|Floor Clause|Comments Off on What you need to know about the floor clause, or ‘clausula suelo’