The provisional judgment of September 30 ruling that all 531.761 mortgages with a “floor” for mortgage interest rates (las cláusulas suelo) with lenders BBVA, Novacaixagalicia and Cajamar has been suspended by a court in Seville.
The judgment means any client who wants to challenge the legality of the mortgage interest floor imposed by any of these three banks will have to seek a legal remedy.
These clauses, which effectively exclude clients from benefiting from lower mortgage interest rates, were ruled illegal in September.
This latest judgment does not reverse the ruling but places the onus on the individual client to start legal proceedings and prove they have been prejudiced by the imposition of a minimum interest rate.
