Compensation for your Bankia floor clause can be easily obtained

Compensation for your Bankia floor clause can be easily obtained It is difficult to underestimate the sheer notoriety that the ‘clausula suelo’ has gained among Spanish mortgage holders over the last few years. It is a clause that has been inserted into many loan agreements by Spanish banks, including – although by no means restricted to – the partially nationalised Bankia. It’s easier than you think to secure compensation If you have a Spanish mortgage with an interest rate supposedly pegged to the Euribor – which you might have noticed has reached record lows in recent years – but have not seen the benefit in the form of lower loan repayments, we may wish to look over your contract for indications of what is known as a land clause, floor clause or clausula suelo. In the event that there is such a clause in your contract, you [...]

By |2017-05-16T12:39:02+00:00May 10th, 2017|Floor Clause|Comments Off on Compensation for your Bankia floor clause can be easily obtained

Borrowers with a Unicaja floor clause urged to act now

Borrowers with a Unicaja floor clause urged to act now You may have heard, whether on our own blog here at Rapido Claims or elsewhere, that one of Spain’s best-known savings banks – Unicaja – has estimated that its accounts for 2016 will be €130 million poorer as a result of the floor clauses scandal. More specifically, the bank has been required to process claims brought by customers in relation to the controversial clauses because of not only a recent ruling by the Court of Justice of the European Union (CJEU), but also a royal decree. So, what does all of this mean for you if you are a homeowner and suspect that you have a Unicaja clausula suelo that has been forcing you to pay more for your loan than you should have been? We’re seasoned experts in Unicaja bank claims The good news is that [...]

By |2017-05-16T12:40:27+00:00May 9th, 2017|Floor Clause|Comments Off on Borrowers with a Unicaja floor clause urged to act now

What do you need to do to get rid of your Banca March clausula suelo?

You may be one of the many people with a property in Spain who took out a mortgage with Banca March, one of the country’s best-known financial institutions, to pay for it. But were you ripped off by the presence of a clause forcing you to pay potentially many thousands more than you should have done? If so, you may still be suffering the ill effects right now. A short introduction to the infamous ‘floor clause’ Whatever you call it – a ground clause, floor clause, soil clause or simply its Spanish name of ‘clausula suelo’ – there’s no question that it has caused a lot of fuss among homeowners in the country in recent years, but not in a good way. If you took out a mortgage as long ago as before the late 2000s financial crash that had an interest rate supposedly tied to the [...]

By |2017-02-14T15:05:16+00:00February 14th, 2017|Floor Clause|Comments Off on What do you need to do to get rid of your Banca March clausula suelo?

Banca March puts aside another €20 million in potential floor clause compensation

There’s some very good news for those with a Banca March clausula suelo – the institution has added a further €20 million to its provisions for 2016 for possible refunds to its borrowers that have had to pay an elevated rate due to the presence of the notorious floor clause in their contracts. The news was reported by the National Securities Market Commission (CNMV), after the Mallorcan bank had informed the regulator of its decision. However, the bank also said that its ground clauses “have not been definitely annulled in general by a final judgement” and considers that it has “legal and procedural arguments” that “should be valued in the remedy that is still being processed.” Nonetheless, Banca March said that it had opted to put the extra money aside “in order to cover the contingency against possible claims”, in light of the publication of the ruling [...]

By |2017-02-14T15:07:27+00:00February 14th, 2017|Floor Clause|Comments Off on Banca March puts aside another €20 million in potential floor clause compensation

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?

If you removed the clause and did not claim, you still can!

Zaragoza Provincial Court confirms that 'clausula suelo' agreements are null In just the latest of a series of breakthrough developments in the ongoing fight against the mortgage interest floor clauses that have left many Spanish property owners wrongly out of pocket, the Provincial Court of Zaragoza has reissued a resolution confirming its approach reflected in a previous judgement, declaring the non-validity of certain agreements between consumers and banks over the clauses. More specifically, the resolution declares as void deals in which wronged customers agreed not to take legal action against their mortgage lenders in exchange for a lower 'ground' interest rate. It follows a judgement issued by the court in March that also declared such agreements signed by banks and customers to be null. A better deal for Zaragoza mortgage holders Such a judgement should settle the matter of whether it is acceptable for the region's banks [...]

By |2016-11-22T16:48:27+00:00September 29th, 2016|Floor Clause|Comments Off on If you removed the clause and did not claim, you still can!

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’