Readers who have signed mortgage agreements with an interest rate “floor” which sets a limit below which interest on a mortgage may not fall are advised to go their bank or bulding society and ask for the floor to be removed.
If this fails readers are advised to go to the Consumer advice and seek help and advice.
Following the decisión of a court in Bilbao which ruled that the so called “cláusula suelo” was void the Civil Chamber of the Supreme Tribunal has met and ruled that these types of clauses are invalid. However, the court stopped short of ordering the Banks to repay the excess interest paid over the life of the mortgage.
