Mortgage loans Spain

The Supreme Court has ruled that consumers who had a Floor Clause included in their mortgage contracts have the right to claim undue interests back, even if the loan has expired.

“The end of repayment period does not deprive those who were borrowers from exercising the action aimed at obtaining the declaration of nullity of the Floor clause, because it is abusive, and the refund of what was unduly paid in the application of the said clause,” said the ruling.

  • This is an important milestone and the first time that the Supreme Court has stated this so clearly.
  • Many people who have repaid their loan in its entirety are entitled to claims.
  • Nullity actions have no time barring; you can start them at any time.
  • The General Council of Judicial Power, the institution in charge of Courts management and direction in Spain, has extended the activity of these Courts for 6-12 months more.

Costaluz Lawyers

 

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