If you signed a mortgage before 2008 and have not noticed significant decreases in your mortgage payments over the last 6 years you could have fallen victim to this situation and could be due compensation.
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What you need know about “Cláusula Suelo”.
Mortgages Ruled ‘Immoral’
Most Spanish Banks, in order to limit their liabilities, placed a “Cláusula Suelo” into the vast majority of their mortgages. This clause has been flagged by Spanish Courts as ‘immoral’. This ruling has forced lenders to reduce the cost of repayments and in many cases to pay compensation.
Clear Case for Compensation
There is a clear case for compensation; at the very least there should be a noticeable drop in the monthly mortgage payments. The mortgage holder must first find out if the lender has behaved unethically, then it is relatively straightforward to gain compensation for the defective mortgage.
Onus Placed on Claimant
While financial institutions in Spain have been ruled against in the Courts, for the most part, they are not obligated to act; unless asked to by the person holding the mortgage – the onus is on the individual claimant, firstly to check if they come under this legislation, then to seek compensation.
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