Do you have a mortgage in Spain? Take our two-minute test to see if you’re owed money by your lender

Do you have a mortgage in Spain? Take our two-minute test to see if you’re owed money by your lender

Forget the coronavirus… there is something almost as bad for many homeowners in Spain. Let’s call it the BANKING PANDEMIA, or the Floor Clause illness, also known as the ‘Clausula Suelo’ or ‘Suelo Hipotecario’. This was simply a clause that was inserted into variable rate mortgage agreements in Spain during the last 20 years that affects the interest rate payable on the mortgage. And it means that mortgage holders are being conned and do not benefit from the fall in the EURIBOR as there will be a minimum rate of interest payable on the mortgage (this floor, also known as a ‘suelo’ is often 3- 4% depending on the bank). […]

Expat buyers in Spain are scooping €50,000 and more after Fairway Lawyers crack compensation route in floor clause mortgages

Expat buyers in Spain are scooping €50,000 and more after Fairway Lawyers crack compensation route in floor clause mortgages

‘ABUSIVE’ MORTGAGE FLOOR CLAUSES SPAIN: Are you entitled to compensation plus interest – even if you have sold your property and paid off the mortgage? They had taken out the mortgage through Bankia in 2004. The villa in Mojacar, Almeria, was the home they had always dreamed of buying for their regular trips south for the weather. With its sizable garden and sea views, it was the perfect place to unwind during the hard winters of northern England. But the Thompsons, like so many buyers who took out mortgages in the happy days between 2002 and 2009, soon found out that their mortgage was not fairly setup. While initially the […]