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Spanish floor clause abolished by Supreme Court

The Spanish floor clause has been highly unpopular in Spain amongst consumers. This is because people who took out a mortgage before 2013 were not informed transparently about how this kind of clauses could affect their Spanish mortgage loan.

At present, it is estimated that around 2,500,000 people affected by floor rate clauses that could fall under the concept of unfair terms and lack of transparency under 9th May 2013 Supreme Court ruling interpretation. Given the statistics, from the 2.5 million affected, approximately 200,000 are foreigners, the majority of whom are nationals of Sweden, France and the UK. Those affected foreigners have the right to not only claim the money back, but also get a reduction on their mortgage interest.

The Spanish banks are now offering their clients the chance to eliminate the floor clause too, however, once the client has voluntarily removed it, he will not be eligible to reclaim the overpaid amounts anymore which means they would lose the opportunity to recover an average of €15,000 compensation rate.

If you think you may be a victim of the unfair clause, you should not hesitate to contact Lexland Lawyers to revise your mortgage loan agreement for free in order to identify the mentioned clause.

In case you are entitled to compensation, we could formalize the claim against the bank at no cost for you.  With a 99% success rate, we can say with some certainty that you will be in good hands to claim back every euro you have overpaid.


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