- This topic has 8 replies, 5 voices, and was last updated 7 years, 10 months ago by
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The mortgage ‘floor clause’ saga has been widely reported but I came across this article in El Pais in English – http://elpais.com/elpais/2017/01/09/inenglish/1483976797_752983.html
This suggests some or all of the hefty mortgage set up costs should not have been paid by the mortgagees and may be recoverable.
This doesn’t seem to be widely reported or commented on: something for the site to run with?
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Yes, I’m on it. But well spotted, and thanks for the suggestion. Many people could be entitled to refunds of several thousand Euro, myself included. I’m organising a cross-border legal service to go after mortgage interest rate floor-clauses and mortgage set-up cost reclaims.
Once again, thanks for being on the look out.
http://www.spanishpropertyinsight.com/mortgages-in-spain/floor-clauses/
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Hi, Can you provide an update on how to go about recovering the mortgage set up costs. Have there been any successful claims so far?
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There have been some successful claims reported in the Spanish press, but some are also urging caution because the case law is not yet 100% clear:
However, Del Canto Chambers offer a no-win-no-fee claim service so you have little to lose in trying. Just fill in the form at this page to get the ball rolling:
https://www.spanishpropertyinsight.com/mortgages-in-spain/refund-claims/
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Also what about when you convert your mortgage from repayment to Interest only for a set period (in our case 2 yr I think), this happened to us when mortgage rates shot up in 2008 I think, we had to pay all the fees for changing and Insurance on top which they said was compulsive, I reckon this cost us €2500 which the whole point of changing to Int only was to reduce your mortgage costs, we didn’t realise about the insurance costs till after the signing at the notary.
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Grast66. Mark’s comment 11 Jan. above mentioned setting up a legal service for this and ‘floor-clauses’ claims but the link still only seems to deal with the latter. But you could make contact through that and see if they’re ready to process set-up claims.
I just sent a two line letter to my bank saying in effect, in view of the recent Supreme court judgement I want my money back! And sent them details of the costs incurred. So far they’ve sent a long but ultimately bland acknowledgement saying they’re looking into it, giving themselves 60 days, which is as much as I expected. Can’t do any harm.
Good luck.
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My first mortgage was in 2004 does it go back that far? and since then we have topped the mortgage up twice so will that be covered as well?
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Yes, it does go back that far. To get a better idea of your case for a claim I suggest you fill in the form for a free, no-obligation evaluation from Del Canto Chambers.
https://www.spanishpropertyinsight.com/mortgages-in-spain/refund-claims/
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