Why choose legalbono

No Win-No Fee You only pay when we've won your case

Viability analysis at no cost We study all the abusive terms on your mortgage and claim them

99% success rate We have a huge amount of expertise in the banking industry 

Compensation in advance If your case is viable, you could receive part of your money without putting up with long respites 

What is a floor clause?

The floor clause is a contractual term included in several Spanish mortgages, it has been considered abusive in most cases according to the Spanish courts.

Is my mortgage affected by the floor clause?

Literally any mortgage before 2015 could have a floor clause.

How does it affect me?

By setting a limit on how far mortgage rates can fall the bank forces you to pay a higher instalment even if the market interest rates were lower.

Our advice: If you think your mortgage contains a floor clause… You know what to do!

Start your claim now

How does it work?
By answering some questions, you will know if you qualify for claiming (and get a few extra quid in the pocket)

Formulario

We have set up this brief online form to get to know your case. You can fill it out from your computer or smartphone at any time. You just have to:

1. Answer some simple questions.

2. Scan and send us the requested documentation.

3. A legal expert will contact you to let you know how much money you can claim back.


On average, floor clause claims ups to €8,000 per affected. We also recover your mortgage's formalization expenses.

We will keep you informed during the whole process:


  • 1

    Fill out the contact form and attach the needed documentation. You will receive an email confirming your request.

  • 2

    An expert will contact you within the next 72 hours to let you know how much money you will be able to recover.

  • 3

    Once you agree on out terms we will file the lawsuit.

  • 4

    The bank will offer a compensation agreement. The estimated time depends on the workload of each court.

Fill out the form

People just like you have recovered their money back and eliminated their floor clause from their mortgage.

  • 879
    claims won
  • €1.200.000
    recovered

Calculate your compensation

Frequently Asked Questions about Floor Clause


What does it mean for a mortgage to have a variable interest rate?

It means that the interest of your mortgage will be linked to a reference index (eg, Euribor, Libor, IBOR, IRPH...) plus a margin of difference, so it will change over time, being more beneficial or detrimental depending on the moment. The difference with the fixed interest rate is that the latter does not vary over time.


What it is a floor clause?

A floor clause is one of the many terms that were introduced in a multitude of mortgage loan contracts by which the interest is fixed at a minimun percent. Even though the sum between the reference index at that time (for example, Euribor) and the differential would result in a minor interest rate than the one set according to the floor clause, the customer could not benefit from the descents of the interest rate.


What's wrong with them?

The thing about floor clauses is not so much its content, but the way in which they were incorporated into the contract. By not properly reporting to the customer of their existence and their implications when hiring the mortgage, these clauses did not often pass the control of transparency. When a clause does not pass that control of transparency the court will consider it unfair and therefore void, being claimable.


How do I know if I have a floor clause?

If you have or have had a variable rate mortgage whose quota has barely varied since 2008, you are very likely to have a floor clause. You can find it in the deed of your mortgage loan, usually under the denomination of "limits to the variability of interest" or in sections related to the variable interest rate. Remember that you can upload your writing through our form without commitment to confirm whether or not you have floor clause.


Can I claim if I have a floor clause?

Yes, if you have a floor clause you can (and should) claim to get paid back more and reduce your mortgage quota.


Can you guarantee the victory if I claim?

No, we can't guarantee you a 100% chance of success. What we can tell you is that, despite the fact that no claim can have a 100% success rate, the soil clause claims are accepted in a very high percentage and, unless your case is very specific, we will very likely win your claim. Anyway, remember that we operate under a "no win, no fee" policy so, in the remote case that we lost, you would not pay for our fees.


What does it take to win the claim?

It depends on whether the Court consider whether the term has passed or no the transparency control. If the Court considers that it didn't passed it, the clause will be declared unfair and therefore void, which means you'll get your money back. According to the Supreme Court, the clause does not pass transparency control when:

  1. There is insufficient information about the importance of the term as it's a defining element of the contract.
  2. There are also "ceiling clauses" to give an image of reciprocity in the contract that is not such, since the interest rate would never reach the maximums that the bank fixed.
  3. The client does not receive simulations from different scenarios to check the consequences of having a floor clause
  4. There is no prior and clear information about the different loan modalities
  5. Terms are located between an overwhelming amount of data that masks them


Can I claim if I have already signed an agreement with the bank?

Yes, if the floor clause is void, the agreement has no effects. The Supreme Court has confirmed that there are no limitations in this regard. Any consumer with floor clause can claim their money, even if they have signed an agreement with the bank. In the same way, if you tried the extrajudicial procedure and you are not satisfied with the offer that they have made or they have refused the refund of your money, you can always go through the courts to recover your money.


Do I have to try the extrajudicial procedure before claiming?

No, it is entirely voluntary, although you should know that in this procedure is the bank who decides if he refunds or not your money and what amount. You can always go through the courts, it will be more fair and secure for you.


How much can I get?

It depends on your case, but the average compensation in the floor clause claims is at €8,000 per affected.


What documents do I need collect to claim?

You just have to fill in the form with the information that we will ask you. There will be a point where you must enclose the following documentation:

  1. Deed of the mortgage loan
  2. Your last receipt of the mortgage
  3. Any correspondence you have had with the bank related to this matter
  4. The certificate of appraisal of the property

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