Clausula Suelo

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Clausula Suelo – Floor Clauses in Spanish Mortgages

Before the Judgment of the Court of Justice of the European Union of December 21, 2016, Banks offered agreements to their clients with a floor clause by which the financial entities agreed to eliminate this clause from the mortgage without returning the amounts already overcharged and forcing the mortgage holder to sign that they could not take further legal action to, mainly, request that amount they had already overpaid for the floor clause.   Until April 2018, the Spanish Supreme Court declared that these modifications or novations were not effective, allowing the option for the consumer to take action to declare the...

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