Justice has finally been done regarding floor clauses; the banks must refund all the excess profits they have made

The Court of Justice of the European Union ruled yesterday in favour of full retroactive reimbursement in relation to floor clauses that were applied without transparency.

The cost to the financial sector could be enormous – between 3,000 and 5,000 million euros extra – and has led to falls on the stock market for the banks most affected. Just minutes after the ruling, the banks were already suffering sharp falls, of more than 6% in the case of Banco Popular and Sabadell.

Therefore, the view that seeking the annulment of the floor clause meant you would only be refunded part of the money paid under the clause (specifically from the date of the Supreme Court judgement in May 2013) is now a thing of the past; they must return all the money they have made in excess since the mortgage was taken out.

What should I do?

Firstly, work out how much I’ve overpaid and how much I’ve underpaid on my mortgage. We have tools available to do this, free of charge.

What do we need?

– A copy of the mortgage deed.
– Latest mortgage payment receipt.
– To find out whether any early repayments have been made.

The amounts that can be claimed are usually much higher than people expect. We must bear in mind that the floor clause means we pay more interest and, as a result, pay off less of the principal. It is all recoverable.

If you are unsure whether you are affected by a floor clause, or if you would like us to calculate the amount you are due back on your mortgage, you can send us the necessary documentation via the following link: Send

You can also send us the documentation to the following email address: admin@aurisadvocats.com
Alternatively, you can give us a call and we’ll answer any questions you may have.

Xavi Saula
Litigation, Civil and Commercial Law
Bankruptcy
New Technologies
Management of unpaid debts and late payments