Does my mortgage have a floor clause?
It’s the trendy question that every person with a mortgage contract has, and there is no wonder why, because if there is a floor clause in your mortgage contract, you’ve probably lost thousands of euros that you can easily recover. Check if this clause affects you and how you should act when it does.
What kind of mortgages could have floor clauses?
Floor clauses are in mortgages of variable interest rate, which represent 97% of the total number of mortgage loans in Spain. According to data from the Bank of Spain, between 30% and 40% of those mortgages include this clauses.
Check if your mortgage has a floor clause in it
If in recent years you’ve not noticed a significant drop in your mortgage fee, you most likely have a floor clause.
However, the best way to check it is to consult your mortgage, instead of the deed of sale of the housing contract. In the contract, this limit to the interest rate charged by the bank normally appears in the section on financial conditions, in general, in their third clause. You will find in these clauses terms like “limits to the application of the variable interest” or “limit variability”, which will be a clear indicator that you actually have a floor clause in your mortgage contract.
Another option is to consult the bank receipt of the last payment of the loan. If you add the reference index (as the Euribor, for example) and the differential agreed and it is not equal to the interest rate appearing as paid, your mortgage has a floor clause.
“If you need a professional to check your mortgage contract, contact any of our attorneys from our directory to resolve all of your doubts”
I think I have a floor clause, what should I do?
You can join the out-of-court procedure to recover the overpaid money. You will have to make a claim, that the bank may accept or not. If the bank accepts it, they must send you the calculation of money to return, which includes the amount paid for the floor clause plus legal interests. Then you have to say if you agree to the proposal of the bank. If you don’t, you can go to the courts, where you will have to make a formal complaint against the bank.
You will be returned the money charged from floor clauses within a maximum period of three months from the initial claim, although there are other possibilities, as negotiating with the bank the mortgage conditions so you can reduce the monthly fee, for example.
It is important to mention that you can make a claim even if you already paid the mortgage.
How can I make a claim to the bank?
From our web you can make a valid, free and easy necessary claim document to make the bank return what corresponds you.
