What is a floor clause?
A floor clause is a limitation on the decrease of an interest rate on loans with a variable interest rate, both for mortgages and personal loans. The Supreme Court ruled on 9th May 2013 that floor clauses in certain mortgage loans sold to consumers of three financial entities are null as they are not sufficiently transparent, both in their inclusion and their content.

How do I know if it has a floor clause?
In the contract of the mortgage loan the literal term ‘floor clause’ will not appear but, to identify it, you can look for expressions such as ‘minimum limit of interest rate of (…) %’, ‘limits to the variety of interest rate’, ‘in no case can the annual rate be less than …%’… These expressions are normally inserted in the loans clauses relative to the interest rate applicable, and often in the later stipulations.

Who can claim?
In theory, invoking the appropriate legislation and jurisprudence, all clients can make claims, consumers as well as company owners or professionals who find that a floor clause has unjustly been added into their mortgage.

What can I achieve if I claim nullity?
If the claim is deemed to be correct by the relevant Court, the floor clause will be removed from the mortgage loan, and you will benefit from future decreases in interest rates and the recalculation of the repayment schedule. In this way, the return of the excess amounts charged as a result of this clause will be achieved. Our High Court, in accordance with the ruling of the Court of Justice of the European Union on the day of the 21st December 2016, has declared that, if a floor clause included in a loan contract is declared null due to abuse, the bank should return all the excess amounts charged as a result of the application of this clause to the client.

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Did you know it is also possible to reclaim mortgage formalisation costs?

According to the Supreme Court, the costs associated with the formalisation of a mortgage are recoverable: appraisal, notary, property registration, taxes and administration.