(A floor clause is the term used when the monthly interest on a mortgage does not go below a certain percentage.)
If so, then this clause could be considered to be abusive as a result of a Spanish Supreme Court decision dated 9 May 2013.
My Lawyer in Spain offers no-obligation reviews to check if mortgages have a floor clause.
If you would like one of our legal specialists to review your mortgage deed with no obligation to see if your mortgage clauses are abusive, then please send a copy of the full mortgage deed and proof of a recent mortgage payment. The legal team will also look to see if you have any unfair penalty interest clauses, clauses that insist you take out certain products with your lender and any other abusive clauses.
If your mortgage deed has one or more of the above clauses then My Lawyer in Spain can act on your behalf and arrange for the bank to delete and remove these clauses from your mortgage. Under these circumstances you could be entitled to a refund from the bank.
We would initially contact the bank on your behalf and if there is a lack of response from the bank, then we would consider legal proceedings with you. No legal proceedings would be issued without your consent.
For a FREE no-obligation review of your mortgage deed, please send a copy of your dead together with proof of a recent payment to email@example.com and one of our English speaking solicitors and Abogados will be in touch.