What are the clauses of a mortgage? First of all, it is necessary to make clear what we mean when we talk about floor clause and clauses in a mortgage. These are the legal provisions that appear in the mortgage loan contract. The clauses are responsible for establishing obligations or rights . For a clause to be valid, it must be duly in the mortgage loan contract document that has been. The ceiling clause The ceiling clause is a provision that certain variable mortgages may have. This clause is responsible for limiting the interest that can be paid for the Euribor . In mortgages that have a ceiling clause, this “ceiling” or cap is at the level of the Euribor. In this way, in the event that the Euribor rises more than the limit establish in the ceiling clause, the part of the Euribor that is above will not affect the interest on the mortgage loan. This is because you must only pay up to the limit establish in the ceiling clause.
Do I have a floor clause in my mortgage?
The clauses of a mortgage loan must appear in the contract . If they do not appear in said document, the clauses cannot affect the mortgage loan. So, if we are interest in knowing if our mortgage loan is condition by. A clause of this type, we will only Mexico Telegram Number Data have to look for said clause in the contract. When you are going to apply for a mortgage, it is very important to carefully review the contract before signing it . It is common for banking entities to offer general products that are then customiz for each client . This is why you must take into account the importance of negotiating the conditions of your mortgage loan before accepting any offer. Before signing the contract, you must make sure that everything it says in the document is what you have with the bank and that the conditions conform to what you have previously upon.
Claim the floor clause: In which cases is it possible?
After the rulings of the Supreme Court and the CJEU, it is possible. To claim the floor clause since they were consider abusive mortgage clauses. To claim the floor clause, two different elements are taken into account: Eliminate the floor clause: this means Arabia Email List that the floor clause. Will no longer have effect as it is consider an abusive clause. Refund of the money that was collect for the floor clause: the refund. Of the money implies that the bank must return the money that it has collect for the floor clause since the beginning of the mortgage loan. In other words, it affects the money that the bank has already. Collect from us and that must be return as establish by law. However, it is very important to keep in mind that claiming the floor clause does not always imply that the bank will return the money and eliminate this clause. First of all, it is necessary to resort to extrajudicial means . In other words, directly request the bank in question to return the money corresponding to said clause.
