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Mortgage on Spanish Property

Do you have a Mortgage on your Spanish property? You could be entitled to a refund of thousands of Euros.

Following a judgement of the European Court of Justice on 22nd December 2016 you may be able to claim compensation from your bank if you have a mortgage containing an unlawful "floor clause".

What is a floor clause?

Many Spanish tracker mortgages were linked to a variable interest rate such as the European Borrowing Rate (Euribor).

A lot of these mortgages had a floor clause which meant that even if (as it did) the official interest rate the mortgage was tracking dropped to a very low level, the customer’s mortgage was stuck at a minimum rate 'the floor rate' which was higher. This meant people were, and in some instances still are, paying much more than they should have been.

The Law

In May 2013, Spain's Supreme Court ruled that mortgages of this type provided by BBVA, Cajamar and NCG were "abusive" but banks were not initially ordered to refund customers.

In April 2016 a Madrid judge went even further and decreed that forty of Spain's biggest lenders had to pay back borrowers the additional interest paid on mortgages dating back to 2013.

The more recent ruling in December 2016 by the European Court of Justice ordered that there should not be a time limit on how far back you can claim and banks should pay back all of the interest you overpaid.

YouTube video - Spanish banks lose mortgage interest rate case, Euronews

How much compensation could I receive?

If you have one of these mortgages, you can now claim for the wrongly charged interest you overpaid going back to 2008 in many cases. 
The total losses you could have experienced could be €200 or more per month on a mortgage of €150,000. That means claims could be as high as €20,000.
If you believe you may have a mortgage with a floor clause, contact Hardwick Financial Solutions and in partnership with Sarah Waddingtons Solicitors we will review your mortgage deed and advise if you are able to claim and approximately how much compensation you could receive.

Documents that we will require to be able to validate the claim:

  1. Copy of Mortgage deed 
  2. Copy of passport
  3. Copy of NIE 

If they do not have copies of the mortgage deeds we will need copies of any repayment receipts and any other documentation relating to the mortgage.

Banks we can reclaim from:-

  • AbancaBanca Civica
  • Banca March
  • Banco Atlántico
  • Banco Bilbao Vizcaya Argentaria
  • Banco Caixa Geral
  • Banco de Valencia
  • Banco Etcheverría
  • Banco Gallego 
  • Banco Popular Español
  • Banco Sabadell
  • Banco Santander
  • Bank of Isabella II
  • Bank of San Fernando
  • Bank of Spain
  • Bankia
  • Bankinter
  • Bilbao Bizkaia Kutxa
  • Caixabank
  • Caja de Ahorros del Mediterráneo
  • Caja General de Ahorros de Canarias
  • Caja Laboral
  • Caja Madrid
  • Caja Murcia
  • Caja Navarra
  • CajaSur
  • CatalunyaCaixa
  • EVO Banco
  • Fondo de Reestructuración Ordenada Bancaria
  • Kutxa
  • Kutxabank
  • La Caixa
  • Liberbank
  • NCG Banco, S.A.
  • Novacaixagalicia
  • Banco Pastor
  • Sabadell Solbank
  • Spanish Confederation of Savings Banks
  • Unicaja
  • Unnim

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