I was surprised that my mortgage did not reduce on the 12 month review in
sept 2009.
Bank quoted the interest floor of 4.5%. ( hidden in the small print in spanish)
Has anybody had any success with having this floor reduced/removed ?
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I was surprised that my mortgage did not reduce on the 12 month review in
sept 2009.
Bank quoted the interest floor of 4.5%. ( hidden in the small print in spanish)
Has anybody had any success with having this floor reduced/removed ?
Dear Sir,
We've written quite a few articles on collar clauses:
Spain’s Senate Petitions Government to Suppress “Floor Clauses” - 23rd September 2009
10 Common Abusive Clauses in Spanish Mortgage Loans - 4th June 2009
Reduction in Mortgage Repayments Limited by Floor Clause - 18th March 2009
Many banks do not have collar clauses such as Banesto, Santander etc. I suggest you swap over to one of these that don't.
Yours faithfully,
Raymundo LarraĆ*n Nesbitt
Yes we had the same problem in april 2009, we went to attention of client first with ourQuote:
Originally Posted by pete08
bank but with no sucess. We took our complain to "THE bANK OF sPAIN" and after 6 months
waiting we finally won our case and are now paying current eribour.