How can I find out if I have a floor clause in my mortgage?
Much has been written recently about the floor clause (Clausula Suelo) in Mortgages. My Lawyer in Spain investigate what this is and how you can find out if you have one.
- Where is the floor clause?
You can find the floor clause (Clausula Suelo) in your mortgage deeds. In Spanish this document is called “Escritura de Préstamo hipotecario”. The document was signed before a notary at the same time as when the property was purchased. - Where are my mortgage deeds?
When the mortgage deed was signed before the notary, the bank took it to the land registry to register it. After the mortgage deed is registered, the bank receives the deed and it should be collected by the client or by their lawyer. - If I do not have the mortgage deed, can I obtain a copy?
Yes, you can obtain a copy from the bank or from the notary where the deeds were signed. - What other information should I check for?
You can obtain a list of the payments made since you signed the mortgage from the website of the bank or from the branch where you have the mortgage. If the interest rate has decreased and if your mortgage has not decreased, it is likely that you have a mortgage floor clause. - How can I make a complaint to the bank?
You have to submit a form to your bank with a copy of the mortgage deed and the last bill confirming payment of the monthly mortgage. In addition, you can submit a calculation of the overpayments made. The bank has no duty to respond you, but normally they do respond to their clients approving or denying the claim. If the bank does not cancel your mortgage floor clause and refund monies that you have overpaid, you have to start a court claim.
For further information please, contact our litigation specialists on enquiries@mylawyerinspain.com.
