If you have or had a mortgage from a Spanish bank, then you should be aware that recent judicial resolutions have modified the Law regarding mortgages. Many lenders are now legally compelled to compensate and/or return the amounts that they have overcharged their customers under what are now considered abusive clauses.
One of these clauses is commonly known as "Cláusula Suelo" or "Floor Clause" which allows the bank to continue to charge a minimum rate even if the interest index is lower at the time. If a mortgage has this clause, the client will continue to pay the same rate, even if they should pay less. This acquires a new relevance when one considers how the interest rates have plummeted in the past few years, leading to some clients to pay unfair amounts. This clause is contained in the majority of mortgages and in many cases it has breached these limits during the term of mortgage and thus has been ruled to be abusive. In this event, the consumer has the right to demand the repayment of the amounts which their bank has overcharged. At Luna Law we have already seen examples of cumulative overcharges running to considerable sums our clients can now reclaim.
To this extent, we can offer help. After an initial consultation, we will conduct a study to see whether your mortgage has breached any of the new rulings, and calculate the amount of compensation you could be entitled to, even if your mortgage has already been paid off. Luna Law will handle and negotiate all claims, on behalf of our client, directly with the relevant bank, and if necessary with the relevant Courts.