Mortgage Floor Clauses Refunds

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Posted and filed under Current Claims Possible to Win Back Funds, General Articles of Interest, In the Spanish News, Legal Issues in Spain.

What do you do when, after asking your bank for a refund because of a mortgage floor clause in your mortgage deed, they send you an email with, say, three possible options e.g. eliminate the floor clause, change the differential by 0.319% or refund you 4,200€? The normal customer has no idea whether the figures are correct or what to do.

Over the past week, we are delighted to say that we are getting a number of clients receiving offers from banks, whereby they had applied for a refund due to a floor clause in their mortgage.  Initially, we had helped our clients deal with the banks but it was soon very clear that the banks required a power of attorney and the best thing was for clients to make the initial applications themselves. 

However now, some fortunate clients are being presented with options and sometimes might need assistance to review them. Our solicitor is willing to review and check the offers and advise the options clearly, charging 70 euros (like a meeting). We need the whole offer to calculate the reimbursement and the percentage reduction, as some banks are just baldly saying they will refund a figure and obviously it needs checking to make sure it is correct.

Please contact Amanda enquiries@spanishsolutions.net if we can help you or one of your friends or family. 

 

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