We are helping people who are repaying a mortgage and have paid money in excess as a consequence of having a floor clause included on the mortgage.
A floor clause set up a minimum interest rate to repay on your mortgage and do not allow the borrower from benefiting from a reduction of the mortgage rate which is dictated by the variable interest rate benchmark (Euribor in Spain). As a consequence a floor clause increase the total cost of your mortgage.
On the 9th of May 2013 the Spanish Supreme Court issued its first ruling declaring all floor clauses null and void in mortgage agreements, as the clause was agreed with a lack of transparency.
The Spanish Supreme Court dictated two new more sentence back in May reassuring what stated on the 9th May 2013 sentence and adding to the sentence that banks have now to refund retrospectively the borrowers with all the money paid in excess on the mortgage as a consequence of the floor clause from the 9th of May 2013.
But The Court of Justice of the European Union now state that banks must return the money repaid in excess as a consequence of having a floor clause from the first day the mortgage was arranged and not from the 9th of May 2013 as the Spanish Supreme Court said in March this year.
We will be more than pleased to help you in order to claim the nullity of your â€œfloor clauseâ€ as well as to claim the refund of the interests overpaid paid on your mortgage contract. Please feel free to send us a copy of your mortgage deed and we will find out for you if you are affected by a floor clause, without any obligation.