MORTAGES
JGH & ABOGADOS advices in relation to claims to banking entities, helping its clients to recover the unduly paid for the application of floor clauses and multi-currency mortgage clauses.
Floor Clause
The Floor Clause is a clause included in a lot of mortgage contracts that establishes a minimum interest to pay in the instalments of the mortgage, regardless of the interest established by the market. According to the European Court of Justice, the banking entities must return the amounts unduly paid for this clause, from the execution date of the mortgage.
If you signed your mortgage between 2001 and 2012 and, furthermore, the monthly fee hasn’t reduced in the last years as the Euribor, it is probable that you have a floor clause.
Multicurrency Mortgage
This is a mortgage that has as reference a foreign currency, normally Yens or Swiss francs.
The commercialization of the multicurrency mortgages was carried out by financial entities highlighting the advantages that involved reducing the interest rate, but they hided the risk to bet against the devaluation of the euro.
If you subscribed a Multicurrency Mortgage, you can claim the unduly paid amounts.