7 May, 2016 @ 17:18
1 min read

Court ruling against clausula suelo mortgages could spark €6 billion payout

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mijas1THOUSANDS of homeowners in Spain with clausula suelo mortgages could share a €6 billion payout after a landmark court case ruled the fixed minimum rates were null and void.

A Madrid judge ruled in favour of 15,000 mortgage holders who hold the controversial mortgages, which block rates from falling below a certain price, with up to four million people possibly affected.

Those victims are now looking to recoup their money having paid up to several hundred euros a month extra despite the benchmark Euribor interest rate hitting historic lows.

“The majority of those affected who do not sign an agreement with their bank can be guaranteed the removal of the clause and a refund,” Myra Cecilia, from Citizens Advice Spain, told the Olive Press.

“You have the option to litigate using professional lawyers with expertise in bank products with a 99% success rate.”

Spanish consumer group Organización de Consumidores y Usuarios (OCU) has created an online calculator for concerned homeowners to check how much they are owed by banks.

People can ascertain if they have a clausula suelo by checking their bank statement’s interest rate (March Euribor closed at 0.015%).

They should contact a specialist lawyer, then ask the bank in question to remove the clausula suelo, with the bank obliged to respond within 60 days.

If the bank turns down the request, clients should check if it is attached to the ombudsman service and file a complaint with them or the Bank of Spain.

For more information contact [email protected]

Joe Duggan (Reporter)

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