Frequently Asked Questions

FREQUENTLY ASKED QUESTIONS (FAQ) MORTGAGE FLOOR CLAUSE CLAIMS

Any agreement with banks must be signed in front of a Public Notary and properly registered in the Land‘s Registry, otherwise it is not valid according to Spanish Law. Therefore, you are entitled to claim.

Please send us a copy of the document signed with the bank along with a copy of the mortgage deed and we will help you to clarify the position.

Yes, you are entitled to claim the overpaid interest, as long as your mortgage includes an abusive floor clause, even if the property was sold or the mortgage cancelled. Spanish Courts are accepting claims of mortgages cancelled or paid up to 15 years ago. Please send us a copy of the mortgage deed and we will help you clarifying the position.
Our legal team will analyse your mortgage deed free of charge. If we find that your mortgage contains abusive clauses, our team will make a proposal with clear terms and conditions. Our Firm would offer you the option to choose between a fixed fee or a success fee.
Please let us know if you want to receive a proposal.
You can request a copy to the bank. If you were assisted by a solicitor during the conveyancing process, they may also have a copy. If you cannot obtain it by these means, you can request a copy of the mortgage deed (Copia Simple de la Escritura Préstamo Hipotecario o Garantía Hipotecaria) from the Notary’s office where you signed your mortgage deed.
Please let us know if you need any assistance.
If the Property was transferred to you by a divorce settlement, we would need an official Spanish translation of the Decree Absolute, stating that the property was awarded to you in the divorce settlement. The translation should be provided with the Hague Apostille from the Notary. This document is requested in order to avoid parallel claims against your bank from your ex-partner.
The amount of the claim is determined by the mortgage terms and conditions based on the existence of either a floor clause or a IRPH (another type of abusive clause).

In addition, you are entitled to claim your mortgage set up costs (notary, appraisal, Land’s Registry, tax, stamp duty or any others costs charged on signing with the bank).
Please send us a copy of the mortgage deed and we will help you to clarify the position.

Cuadro de amortizacion is the amortization schedule, a loan repayment schedule showing interest and capital repaid.
If we determine that you have a case, the success rate is very high. For further information, you can read our article on this matter:
http://www.delcantochambers.com/ts-recovers-old-doctrine-transparency-floor-clauses/
After submitting the claim to the Court, banks are entitled to either: 1) Respond to the claim judicially, or 2) Try to settle extrajudicially. Most of the banks are now responding to the claim judicially. Technically, once the claim is submitted, banks are obliged to respond in 20 working days, and afterwards the Court will fix a day for the hearing. The Court hearing will depend on the Court workload, which may take roughly between 8 and 12 months.
The Hague Apostille ensures that an English document is recognised legally in another Hague Convention signatory country, like Spain. The Hague Apostille certifies the authenticity of a signature and the legality of the document. Public Notaries will provide this service.
Our firm works in a NO WIN NO FEE BASIS. This means if we lose, we do not get anything, however if we win we will get the agreed percentage as stated in our engagement letter.
The client wins the money refunded from illegally paid overcharges, and in the case of losing the case, does not has to pay any additional fees. Our Firm studies each case thoroughly to ensure success in our claim of overpaid mortgage interests and expenses.

Further questions?

Should you have further questions or queries do not hesitate to contact us at: clerk@delcantochambers.com. You can also fill out form field to progress further.

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Bank who issued mortgage

Additional comments

What are floor clauses?

Floor clauses are found in some mortgage contracts and state that the interest payable shall never be less than a certain percentage. This so-called ‘floor’ on the mortgage means repayments on the mortgage will never be less than that minimum amount, even if the rate on which repayments are indexed has fallen to lower levels.


How does the Claim Process Work?

We charge €150+VAT for the preparation of the claim and for dealing with all administrative matters.