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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.
In Spanish:
http://www.publico.es/452259/el-supremo-debate-anular-las-clausulas-suelo-de-las-hipotecas
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.
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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
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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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