If you have taken a mortgage out with a Spanish bank over the past few years, you may be entitled to some money back. Back in the era of higher interest rates, several banks introduced a controversial clause known as the “floor clause”, which imposed a minimum interest rate on floating rate mortgages, which meant that clients did not benefit from the low interest rate environment of recent years.
The Spanish High Court deemed these clauses illegal in 2013, but ruled that the banks did not have to pay back the excess money received as a result of the floor clause. This decision was challenged by the borrowers in the European Court, and they recently concluded that the clause was unfair and against the interests of the consumer and that the banks must return the monies which were overcharged.
It is estimated that there could be up to 2,500,000 affected people with an average compensation of € 18.000, so if you have taken out a Spanish mortgage in recent years it could be well worth checking whether you are entitled to compensation.
We would therefore recommend that you consult with your legal advisers, or if you would like us to put you in contact with experts in this field, drop us a line.