- March 20, 2013 at 4:36 am #57358
It looks like the practice of including a ‘floor’ interest rate may be eliminated:
The Supreme Court discusses nullifying ‘ground clauses’ in mortgages
Court, headed by one of the most experienced and qualified magistrates court, Juan Antonio Xiol, has called …to urge the cancellation of such clauses to be abusive.
This could affect me: I got ‘gouged’ with a 4.25% ‘floor’ rate. It was the ONLY mortgage available at the time, and I thought of paying off within 10 years, instead of the full 20, to alleviate the damage to my wallet.
- March 20, 2013 at 8:56 am #116337
I’m on Euribor plus 1.25% so from next month my Int rate will be about 1.82% (.57% plus 1.25%)some of the current rates I see IRPH Cajas etc are scandalous
- March 20, 2013 at 4:44 pm #116354
We are euribor +1% but depends on the rate in May to come into effect from July onwards. When the bank was merged with another caja the new manager refused to believe we didn’t have a fixed minimum rate (which makes me assume that everyone with a CajaGranada mortgage had abusive minimum clauses then).
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