What are the clauses of a mortgage? First of all, it is necessary to make clear what we mean when we talk about 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 signed. 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 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 established in the ceiling clause.
The floor clause
Unlike the previous one, this clause establishes a minimum for the Euribor that must be paid on variable mortgages that have it. It works the opposite of the ceiling clause. This type of clause implies that the client will not be able to benefit from drops in the Euribor below the limit by the floor clause. In other words, if the Euribor is below the limit by the floor clause, in any case, the mortgagee must pay the Italy Email List same interest with said limit. In certain cases, floor clauses were abusive in mortgages. Specifically, the rulings of the Supreme Court, and also of the Court of Justice of the European Union on mortgage land, establish limits on the way in which this clause can be . There are cases in which these clauses were without conforming to what both rulings establish ; the holders of these mortgages have the possibility of claiming this 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.
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 abusive mortgage clauses. To claim the floor clause, two different elements are taken into account. Eliminate the Thailand Email List floor clause: this means 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 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 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.
