After years of wrangling and various individual judgements the Supreme Court has ruled that the “clausula suelo” is illegal and those affected can claim the amount paid backdated to May 2013.
The “clausula suelo” places a floor below which the interest rate may not fall, consequently many people with mortgages, containing this clause, have been paying well above the national interest rate. This ruling means these payments can be claimed back from lenders backdated to May 2013.
If you think you may be affected check your mortgage agreement, under the “interest” section for the phrase “clausula suelo” or if you have been paying more than the national interest rate on your mortgage.
There have been several reductions in the interest rate over the past five years. If your mortgage rate has not decreased and your payments have not reduced this is probably a good indication that you are subject to this illegal clause.
If you are unsure the Consumer Offidce in the Town Hall will be able to interprete your agreement for you or you can take the advice of a local assessor.
