Spanish Mortgage Floor Clause - Sarah Waddington Solicitors

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Spanish Mortgage Floor Clause

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The Mortgage Floor Clause, better known as the Clausula Suelos, is essentially a limitation on your annual percentage rate. Even if your interest value has decreased, you may still be unable to benefit from this because of the entrenched clause. Supposedly, many Spanish Banks are incapable of reducing the minimum repayment level for consumers, and as a result of this, they continue to still unlawfully overcharge their customers. With this in place, banks can ensure that Spanish mortgage owners still make ongoing, over-priced monthly costs, paying up to 3-4% more money than what they legally owe. So, if you feel you have entered a Clausula Suelos mortgage in Spain, you could be entitled to a huge amount of compensation.

Reclaim part of, or all of your initial payments with the assistance of a trusted team member here at Sarah Waddington Solicitors. With a wealth of knowledge in the soliciting sector, we obtain ultimate jurisdiction over legal matters regarding intricate Clausula Suelos disputes, producing maximal levels of success rates for every client. Offering a first-class service that solely aims to resolve all your legal matters, we work closely with all clients to gain a full understanding of their individual requirements and specific details of their dispute. Our representatives will exceed all of your expectations, defending your case for the money you are due back.

What is a Floor Clause?

The floor clause is a legal agreement, which is found within many Spanish mortgages and is deemed to be unlawful to consumers. In short, Spanish banks are legally responsible to reduce the minimum repayment level even when the interests of that rate fell below that figure. However, many people with mortgages in Spain are inclined to be paying an increased cost for each monthly payment. In addition, it is considerable to mention that financiers are required to explain the terms of the mortgage contract to customers. They should clearly outline the floor clause within the contract, as well as explaining the financial consequences it can have.

European Borrowing Rate and The Floor Clause

An example of a floor clause which had a dramatic impact on mortgages was the Euribor, which abbreviates the meaning of the Euro Interbank Offered Rate based on the average interest rates of European banks. Within the terms of the clause, many Spanish tracker mortgages were directly correlated to a variable interest value, such as the European Borrowing Rate (Euribor). A large number of these mortgages were involved in a Floor Clause, meaning that even if the official rate of interest had dropped to a lower figure, customer’s mortgages would remain at a minimum rate due to the clause.

The Legality of The Floor Clause

The determined turning point for the Clausula Suelos took place in May 2013, where the Spanish 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. After many years of controversial debates regarding the no immediate refund policy action had to be taken. Therefore, in April 2016, a Madrid judge declared that 40 of Spain’s biggest lenders had to reimburse borrowers the extra interest paid on mortgages dating back to 2013.

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

How Much Compensation Could I Receive?

Many people aren’t aware that they are involved in a Floor Clause, let alone being able to claim back compensation. This is where the help and guidance from professionals like us can assist your case, enabling the ability to legally and officially gain back the money you rightfully deserve. To identify a Floor Clause within an agreement, we recommend re-reading your mortgage deed, however, to completely classify the Clausula Suelos, our solicitors will locate this for you.

To confirm your nullification, we will represent your dispute on your behalf in order to effectively help you re-claim the wrongly charged interest you overpaid which goes back to 2008 in many cases. For mortgages as high as €150,000, the losses could be €200 or more per month, meaning that claims could be in height of €20,000.

A Metcalf May 2021

It’s finally over and we are out of the timeshare.

When I called in October last year and you answered the phone I was in a very bad place, having just realised I was being scammed again by J Foster Associates. You managed to calm me down and get my money back. I will not forget your calming voice that day and I will always be crateful to you for that. All the staff at Sara Waddington Solicitors have been excellent and the whole process has been smooth.

Mr B Davey

On behalf of my wife and myself, I would like to say a big thank you all at Sarah Waddington Solicitors who have helped us resolve our timeshare problem, you have put our minds at ease. I will not hesitate to recommend you should anybody who has a similar problem ask me in the future. Thanks again. Best Regards Mr B J Davey, Mrs J A Davey

Mr Terrence Webb

Former owner at Fortina Spa Resort, receiving over £14,000 in compensation. - "I was much relieved to be put in touch with you and I am just too impressed for words at the professionalism of the company."

P.A. Hobson

Thank you for your letter confirming the relinquishment of my timeshare. I was very pleased to receive it. I would like to thank you and your team for all your hard work, you made it very easy for me. All I had to do was be patient. So thank you very much and should anyone ask I will definitely recommend you.

Gary Semley

On a personal note today, after hearing the European Claim Centre (on the phone) call your company a 'scammer', today's conference came as further reassurance that we were absolutely with the right company. You may not realise it but your direct, and matter-of-fact 'bedside manner' left us in no doubt that we were under the care of very professional people (not that we should have needed any more reassurance).

Chris Roberton

Sarah gave excellent service and kept us informed in releasing us from Diamond Resorts points timeshare. Quite a relief to not have to pay those ever increasing maintenance fees. Thank you Sarah.

Mr and Mrs Andrews

When we got that final letter indicating that our membership with Diamond Resorts was now at an end it was such a relief. Financially it would have crippled us if we'd had to carry on paying the maintenance fees that were rising every year. When we took out our membership it was fine but everything went downhill after Diamond Resorts took over the business. It became a very expensive luxury which we could not afford and age and health became a problem. Diamond were very unhelpful when we tried to relinquish our membership and that was the reason why we turned to you for help. We would like to thank you for your help in this matter and we are more than happy with the representation and advice which you gave us.

Alan Clark

Sarah Waddington Solicitors has recently contested, and successfully won a flight compensation claim for me. I found them to be very friendly, helpful and extremely professional. The contact was minimal throughout with no hassle, and I was kept up to date with proceedings as things progressed. I received the full amount of compensation (although when I initially challenged the Airline myself they told me I wasn't entitled to anything!!) for which I am delighted. I would have no hesitation contacting Sarah Waddington again or recommending her to family, friends and colleagues.

Arman Mazlum

A first class service from an approachable yet highly professional practice. Dealt with my flight delay claim extremely swiftly and with minimal hassle. Much recommended.

Carol Walker

When the maintenance fees for our time share soared in price we decided to try and " get out of our contract" after much discussions we were told that it would be very difficult if not impossible eventually we were put in touch with Sarah and she said she could help. After many months of contact with the timeshare company Sarah was successful and our contract was cancelled. Sarah kept us informed every step of the way. So if you are looking to cancel your timeshare give Sarah a call I am sure she will give you excellent advice.

Colette Walton

When we were first told that Sarah Waddington Solicitors could terminate our contract with a points style timeshare company, we were concerned that it wasn't a legitimate claim, as we had been told by the timeshare company that it wasn't possible. However, Sarah Waddington's have managed to terminate our contract for us, for which we are very grateful. We were kept informed throughout the case, very politely and professionally. We would certainly recommend Sarah Waddington Solicitors to anyone who is having the same problems.

David Williams

I am very happy with the service and support Sarah has provide to me, in dealing with a complex case over the last 12 months. I would have no problems recommending Sarah to any of my friends. I have contacted other law firms in Leeds and found them pompous and arrogant, Sarah is not and works well those who have less or no legal knowledge. I would advise any new clients, Sarah is user friendly.

Paul Goodhall

Just received my cheque for over £600 for my Flight Delay claim which was handled by Sarah Waddington Solicitors. I had a flight delay with my family a few years ago and after coming across their website submitted my claim which was simple and stress free. They were able to get my compensation within a few months on a No Win No Fee basis, was well worth the wait and the fee and would highly recommend them to my friends and family which I have already done. The money will now go towards a much needed holiday for my family again and as much as the delay caused us to miss 3 hours of our holiday, to receive this money it goes a long way towards compensating us for the loss of the time and inconvenience. I now happily await the next 3 hour delay!!

Dr Pilkington

Thank you very much for your help on the Timeshare matter. I cannot tell you how relieved I am!

S Gerscher

It is indeed great news, my wife is highly delighted as there was the worry of anything had happened to me she would have struggled financially yo pay these fees. May I take this opportunity o thank you and your colleagues for making this possible.

Mr & Mrs Betchley

Thank you for all the work that you ad the team carried out for our Timeshare relinquishment.

Mrs & Mrs Laughton

Thanks to all the team at Sarah Waddington Solicitors for their expert assistance & work in bringing this Timeshare matter y a successful conclusion. I would recommend your Solicitors practice without reservation to others who may now have reached a stage in their life where circumstances are changing.

Mr & Mrs Allen

Many thank once again for all the work you have done to draw this Timeshare issue to a close. It is very much appreciated and a great relief.

Mr & Mrs Cumberauld

After seeking to free ourselves from the trauma of timeshare, pestered by organisations who wanted to “help”, but it felt like timeshare selling all over again! We then found the team at Sarah Waddington Solicitors. An incredible team that communicates frequently and they successfully steered us through to our relinquishment. What a result SWS has our deepest thanks.

Mr & Mrs Sides

Thank you so much for getting me out of my Timeshare contract and getting all my money back. Please accept my very sincere thanks for all your help and hard work on my behalf. I cannot begin to say how grateful I am.

Ms G Cope-Brown. 3/06/2019

“Thank you to the team at Sarah Waddington Solicitors for getting me out of my Timeshare. We were impressed with just how quick and easy it was”.

Ms Aerts, Berkshire. 13/6/2019

“I would like to thank Sarah Waddington Solicitors for dealing with my Holiday Sickness Claim on my behalf. I have now received the compensation that I was rightfully owed and I’m very grateful for all of their help”

Mr Rowley. 13/6/2019

“On behalf of Mrs Evans & I. We both thank you so very very much, for your determination & persistence in managing to resolve our claim against, Vuelling Airlines. Lisa, you have shown so much empathy & understanding to us both in this long fought battle & I hope your superiors appreciate that your a great asset to their firm!!!You have made to over 70s very happy & we shall recommend your firm to others, who have had similar unfortunate & stressful dealing with Airline Companies regarding similar flight cancellations. We shall now book another holiday but no flights with, Vuelling Airlines!!!'”.

Mr & Mrs Scullion, 14/6/2019

“Hello to all, just received the excellent news regarding our claim against Fuelling Airlines and would like to thank you for all your hard work and perseverance regards our claim excellent result”

Mrs Evans. 14/6/2019

I would like to thank everyone at Sarah Waddington especially John Hurley for Issuing proceedings and getting me out of the contract I had with Club la Costa. It's a relief to have that weight taken off me. I would recommend this business to anyone in my situation.

Ms Vail. 19/6/2019

Thank you for your call today letting us know we are out of our Timeshare, we are both so grateful for this piece of news. At this point, we are both looking forwards to finally thinking about 'living' again after the last four years or so of feeling like we'd completely wrecked the financial lives of our children as well as our own. Thanks to the persistence and sheer hard work of Sarah Waddington Solicitors it is now dawning on us that we can move on with our lives and we are eternally grateful to them for this.

Mr & Mrs Semley, Barnsley. 24/5/2019

Thank you to Sarah Waddingtons for their help terminating my timeshare contract- it is a great relief to have this finalised so that my daughter does not have to be bothered with it in the future

Ms Yellop. 29/7/2019

Thank you to Sarah Waddingtons for their help terminating my timeshare contract- it is a great relief to have this finalised so that my daughter does not have to be bothered with it in the future

Mr & Mrs Pask. 07/8/2019

We have today received a letter from Lena Karisson of Palm Oasis confirming our contract is cancelled. Hallelujah it has taken a lot of time and work to achieve. So thank you.

Ms Toone, Leicestershire. 28/8/2019

Thank you for getting me my compensation for my holiday sickness claim, such a relief. Please extend my thanks to Ornella and Alfie for bringing this to such a satisfactory conclusion.

Mr & Mrs Ramage 4/9/2019

We are delighted at the work carried out on our behalf, and our successful relinquishment of our timeshare by Sarah Waddington solicitors, and all so quick and pleasant. Mr Robert Adam was a joy to talk to and kept us informed throughout the process.

Mr & Mrs Jervis 10/9/2019

A big thank you to Sarah Waddington and her team for the hard work and unflappable, steady and reassuring professionalism throughout. Thanks to the team’s efforts and expertise we are finally released from our timeshare contract

Z Chaieb 21/10/2019

Richard Ricks is a knowledgeable, helpful, professional, understanding, and calm Barrister. He dealt with my case incredibly well, and got me the result I needed and wanted. I would highly recommend him to anybody in need of legal support.

T.G. & R.A. Booth. 21/10/2019

We are extremely grateful that Sarah Waddington Solicitors have managed to cancel our contract with Club la Costa. It has been like an albatross around our necks and it hasn't helped the health issues that we both have been suffering from for the last few years. It feels like a great weight has been lifted.

Mr and Mrs Byrne 27/9/2019

We have received today 27/9/2019 a letter from V C Lawson Legal Dept Diamond Resorts confirming our contract with them has been cancelled, it has taken 2 years and money to do it but we are finely FREE hooray!!!.Thank You for all the work you have done to get us and our family out of all this situation.

What to Do If You Believe You Are Tied into A Spanish Floor Clause?

To reclaim full confidence within your mortgage, contact Sarah Waddington Solicitors to confirm that you will receive partial or full repayment for the money you have been over charged. We will carefully review your mortgage deed free of charge, advise you on what you are legally able to claim and approximately how much compensation you could be given. If you feel you are in need of specialist guidance to indicate and confirm that you have been affected by the mortgage clauses, we’ll immediately identify the cause of your legal settlements, potentially recovering your equitable compensation.

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