Certain tracker mortgages advertised interest rates as being based upon the centrally set EURIBOR interest rate.

There are approximately 319,000 British expats currently living in Spain who make up 21% of the Spanish foreign property buyer’s market.

However, 2.5 million Spanish mortgages contained a hidden clause which unexpectedly capped minimum repayments above the interest rate advertised.


If you are affected by A Mortgage Floor Clause we can:

  • Recover a percentage of your money that has been overpayed
  • Reduce your current mortgage
  • Reduce your future repayments over the full term of your mortgage



Read on to find out how to discover if you’re affected and what you can do about it.

Fill in our short form below to see if we can help you legally recover your repayments.

Our Services

Due to the complex nature of this type of claim it is very difficult to handle by yourself.
Our team has years of experience in handling financial mis-selling claims and have recovered millions of pounds in compensation for our clients.

HIDDEN COST

The clause is thought to add an extra €3,000 a year to mortgages making the average claim €9,000.

EVICTIONS

It’s estimated that 90% of Spanish evictions are the result of hidden floor clauses.

RULING SOON

A ruling from the EU this year is expected to determine whether mortgage holders can claim back further than 2013.

About Mortgage Floor Clauses

However what homeowners were not told, is that their mortgage contained a ‘floor clause’ or ‘clausula suelo’ which capped the minimum interest rate in order to protect banks from negative interest rates.
This meant that after the initial fixed rate introductory period, mortgage payments rocketed and many homeowners were forced to pay thousands of euros more than expected.

 Today, the clear majority of mortgage holders would like reductions on their repayments but are unaware that their mortgages contain a floor clause. 

Mortgage floor clause claims courts to get more resources in 2018

Now the General Judicial Council has come up with a plan for 2018, according to which there will be 55 Special Courts (one more in the Canary Islands – Fuerteventura) and the number of judges will be increased to approximately 50, as well as, the number of civil servants who process the lawsuits.

So it seems that the judicial authorities are taking steps to ease the bottleneck that is holding up mortgage floor clause claims, but to stop the process lasting an eternity the General Council of Spanish Lawyers has suggests ending these Special Courts and having a more effective plan for avoiding the total collapse of the Spanish Judicial System.

Lenders are being as unhelpful as they can, and are contributing to this collapse. They are reported to have rejected some 650,000 applications from clients who decided to claim directly with their banks. In other cases, according to our conversations with clients, lenders have proposed token refunds, or offered to cancel abusive clauses by private agreement, and replace them with high fixed-interest rates just as bad as the abusive floor clause rate.

Despite the delays due to bottlenecks in the Spanish legal system, we still firmly believe that court proceedings are the best way to get a full refund on your overpaid mortgage costs, and there are signs that things will start to improve in 2018. At Reclaim in Spain our aim is to provide you with the best advice regarding your chances of success before initiating legal actions against banks.

Due to the complex nature of this type of claim it is very difficult to handle by yourself.

Our team has years of experience in handling financial mis-selling claims and have recovered millions of pounds in compensation for our clients.

So how can Reclaim in Spain help?

At Reclaim in Spain, we have been representing those that have lost from these clauses for many years. We are a U.K based company with over 50 highly trained staff as well as offices in Spain, we pride ourselves on our relationship with our clients and our success rate.

We work closely with one of the most successful solicitors in Spain preparing your case before they represent you in court. They have acted on behalf of more than 150 clients, winning 97% of the claims they have submitted. The vast majority of which were for UK residents.

Put an end to your extortionate mortgage repayments today.