The Municipal Office of Information for the Consumer, in the Town Hall, has confirmed that it will advise local people affected by the “clausula suelo.”
According to Esperanza Marín, of OMIC, as a result of the ruling by the Superior Tribunal of Justice of the EU obliging financial entities to refund all monies as a result of the “clausula suelo” various people have already sought advice at the centre.
OMIC can advise on how to reclaim the monies.
The “clausula suelo” sets a floor below which the interest rate on a mortgage may not fall. As a result many mortagees have not benefited from interest rate reductions.
This clause has been ruled “illegal” and the banks have three months to refund all the monies paid under this clause with interest.
If your mortgage payments have not fallen consistently since you took it out, and you are not on an agreed fixed rate, it is likely you have fallen foul of this clause and are eligible for a rebate.
If in doubt take your mortgage contract, and an interpreter, to the Consumer Office and seek advice.
You can also seek advice on excess charge for arranging your mortgage, mentioned in a previous post on this webpage.
