Mortgage in Spain Clausula Suelo
Claim repayment of everything you have paid too much.
If you bought property in Spain with a mortgage in a Spanish bank,
you probably have a Cláusula suelo or Ground Clause in your mortgage and you might have been paying more than you should.
Cláusula suelo or Ground Clause is a minimum interest rate that financial institutions applied to many mortgages in order to insulate themselves from possible declines in the Euribor that was included in the mortgages contracted in Spain.
In Spain, the mortgages are linked to Euribor plus a percentage but due to the fact that the Euribor has been very low in the last years, the banks included a Ground Clause fixing a minimum rate independent of the Euribor. Therefore, if your Euribor plus percent was a 1,5% and you had a Ground Clause of 3% you have been paying for several years more than you should.
May 9, 2013 the Spanish Supreme Court has ordered that those sums paid on top of what you should must be returned to the client, but many Spanish banks are not returning this money unless you claim
If you have a mortgage in Spain and you want to check if you have the right to claim against the bank, we can help you.
We can do it all over Spain.
Recover everything you’ve overpaid
Mortgage constitution expenses and delay interests
GROUND CLAUSE (CLÁUSULA SUELO):
When signing a mortgage, the interests to be paid are calculated, normally, summing a quantity to Euribor: i.e Euribor + 0,75.
The interest paid depends on the value of Euribor.
However, most banks signed with their clients a “clausula suelo”: a minimum rate interest that should be paid independently of the Euribor value.
Courts have ruled that this clause is abusive, that’s why banks should be obliged to return the overcharged money.
Despite court sentences, some banks are refusing to return the overcharged money.
Mortgage constitution fees:
When signing a mortgage, most banks have obliged their clients to asume a range of expenses which are:
- Notary fees
- Land registry fees (registro de la propiedad)
- Tax of patrimonial transmissions (Impuesto de Transmisiones Patrimoniales)
- Administrative agency
- Appraiser
Courts are starting to rule, saying it’s not fair for the clients to asume all of these expenses.
Banks, once again, are denying to refund all this quantities.
Documentation we need:
Mortgage deed.
Expenses bills:
- Notary
- Land registry fees (registro de la propiedad)
- Tax of patrimonial transmissions (Impuesto de Transmisiones Patrimoniales)
- Administrative agency
- Appraiser (house value)
Which banks apply for the reclaim?
BBVA CAIXABANK BANKIA SABADELL BANCO POPULAR LIBERBANK UNICAJA BMN KUTXABANK CAJA RURAL ABANCA CAJAMAR CAJA RURAL DE GRANADA CAJA RURAL DE NAVARRA IBERCAJA CAJA LABORAL POLLENÇA BANCA MARCH
