Information provided by Fotocasa on the floor clause.
The called “floor clause” is a clause that establishes a minimum percentage that you have to pay each month without having in reference the interest marked by the market. The bank is not obliged to inform the consumer individually if you are an affected.
So to know if your mortgage is affected by the floor clause, look at your mortgage deed. In it, it checks if there is a section where it establishes a limit of the variability of the interest rate to which it is linked (generally Euribor).
If you are affected by the famous “floor clause”, you must immediately claim your bank. You can file a claim. Once received, if accepted, the bank will calculate the amount to be returned, including interest. And if not, it should inform you of the reasons why the claim is not appropriate.
Judgment of the European High Court of Justice
Last December, the Court of Justice of the European Union ruled that banks should return the interest charged more to those affected by the ground clauses retroactively. According to this ruling, the money was illegally collected through these sections of mortgages that are abusive according to the TSJE.
