Spanish property with calendar mortgage of repayments

Specialists in recovering overcharged Spanish mortgage
interest payments due to illegal floor clauses


Over 4 million people have a Spanish variable rate mortgage with a floor clause and are owed a refund.
Have you been affected?
Send us your mortgage contract for us to check.


You pay nothing until your case is won

We make it easy for you to claim

Claim back your mortgage interest over-payments

Did you take out a Spanish variable rate mortgage before 2014?

Recent rulings in the Spanish Courts have held that variable rate mortgages which include "floor clauses" are illegal, if not properly explained to borrowers at the time of signing their mortgage.

Borrowers who have been overcharged mortgage interest payments due to such illegal floor clauses are able to claim back the overpayments from the Banks, plus interest.

Our teams in Gibraltar and Spain have successfully recouped illegal interest payments for hundreds of our clients; managing the entire process from start to finish until your case is won.

If you have taken out a Spanish variable rate mortgage, then we can investigate how much you might be owed.

Email us a picture of your mortgage contract to:
team@redtowerlaw.com or contact us and start your claim.

You pay nothing until your claim is successful.

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Talk to us

Our friendly team welcome your call to discuss your floor clause claim - with no fee or obligation to use our services


Call:
+ 350 200 66 007


Email:
team@redtowerlaw.com


About Us

Frequently Asked Questions

1. How can RedTower Law help me claim on my floor clause?

RedTower Law specialises in claiming back funds from the bank with respect to illegal Spanish mortgage ‘floor clauses’ (or Clausulas Suelos in Spanish).

Many people are not aware that they have been over-charged as a result of a ‘floor clause’, since these clauses were often not mentioned at the time of taking out the mortgage.

If you took out a variable rate mortgage in Spain, then we can help identify whether you have been over-charged and help you claim back these unfair charges.

All we need is a copy of your mortgage deeds in order to establish whether you have a case. Simply scan or photo then email us a copy of your Spanish mortgage deeds.

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2. What is a ‘Floor Clause’ (or Clausula Suelos in Spanish)?

It is a clause noted in the Mortgage deed which indicates a minimum interest rate. Essentially, the floor clause (or ground clause) sets a minimum interest rate which is charged by the bank, although a variable rate mortgage has been agreed and national interest rates may be much lower.

You may not even be aware that you have been subject to these unfair charges. We can help identify whether you have been overcharged and reclaim these overpayments for you.

We just need to review a copy of your mortgage deeds to establish whether your mortgage had these abusive provisions and you are able to make a floor clause claim.

Scan or photo then email us a copy of your Spanish mortgage deeds.

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3. Why is a Floor Clause illegal?

Floor clauses in themselves are not illegal. However, if they were not adequately explained or mentioned at the time of taking the mortgage, then they are considered abusive.

Many non-Spanish speaking people who took out a variable-rate mortgage were unaware of these clauses in the small print of their mortgage contracts.

We just need to review a copy of your mortgage deeds to establish whether your mortgage had these abusive provisions. If your mortgage deeds indicate that a floor clause is present, we can help you with your claim.

Scan or photo then email us a copy of your Spanish mortgage deeds.

4. How do I know if I have a floor clause in my mortgage?

The floor clause is noted in a section of your Mortgage deeds.

We can help you identify whether you have a valid claim due to a floor clause.

Scan or photo then email us a copy of your Spanish mortgage.

Once we have this, we can quickly identify whether you have a floor clause claim and start a case on your behalf to claim back your overpayments.

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5. Who can make a claim in relation to ‘Floor Clauses’ or Clausula Suelos?

Anyone who took a variable rate mortgage loan in Spain which included a floor clause can make a claim. If your mortgage deeds indicate evidence of a floor clause, we can investigate for you.

Simply scan or photo then email us a copy of your Spanish mortgage so we can investigate whether you have a case.

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6. How much can I claim for?

If your Mortgage deeds show that you have a floor clause, you can claim for overpayment of interest on your loan.

Simply scan or photo then email us a copy of your Spanish mortgage so we can estimate how much your claim could amount to. The average floor clause claim value is €9,000 but depending on the size of your mortgage, a claim could be lower or much higher.

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7. How long will it take for me to receive my refund?

Once we have established that you have a case and you agree for us to act on your behalf, the whole process can take any time between 3 months and 2 years. Sometimes banks settle before the case reaches court which means the claim may be settled within a shorter time period.

Contact us or send us a copy of your Spanish Mortgage Deeds so we can investigate whether you have a case.

8. I’ve lost my mortgage deeds – can I still claim?

Yes. You can obtain a copy from the bank or from the notary where the deeds were signed. First contact the same notary who notarised your mortgage deeds since s/he should have kept a copy. If s/he is unable to provide you with this, then contact your bank who should be able to forward you a copy.

If you are unable to obtain the deeds, contact us - we may be able to help with this.

9. How much does it cost?

You only pay us if you win your case and you are paid a cash settlement. The total amount you will be charged by us is 39% of the payment (from the banks) made to you.

10. How should I start my claim?

Contact us to discuss:
Call us on 00 350 200 66 007
Email us: team@redtowerlaw.com
Complete our “Contact Us” form here.
Or email us a copy of your Spanish Mortgage Loan deeds so we can start investigating for you.


Talk to us

Call:
+ 350 200 66 007

Email:
team@redtowerlaw.com

  • No up front payment
  • We only charge our fees when you win
  • Experts handle your case from start to finish