Floor Clause in Spanish Mortgage

thelilactree

Hi, sorry if this is the wrong place to post this, I wondered if anyone here has been successful in reclaiming the interest paid on a spanish mortgage because of the illegal 'floor clause' in the mortgage contract.

The 'floor clause' issue is as big in Spain as when the first PPi came to light.

When we took our mortgage out with the Caixa Penedes ( now Sabadell) we were told that we would be paying 1% above the Eurobor rate.However for the last 8 years of paying the rate has never gone down despite the Eurobor being in the negative atm.

There is a big hoo ha in Spain at the moment about it and 1000's of people are claiming, I have started a claim which could amount to anything up to £70,000 with interest.

I wondered if anyone here in the UK has been successful in claiming

davidmcn

This is really a forum about UK property - I suspect you'll get a better response if you can find an equivalent Spanish forum.