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The clauses floor in mortgages consist, in essence, in a limitation created by the bank - for the benefit of the entity and to the detriment of the mortgaged - against the foreseeable decrease of the EURIBOR (index to which the majority of mortgages granted in Spain are linked). It comes to be a novel form of the well-known "... the bank always wins ..."
That is, if the EURIBOR rises (and the bank wins) nothing happens and if the EURIBOR goes down (and the bank loses) the floor clause comes into operation and in that way, the bank continues to win.
Nothing irregular would have these ground clauses of having been informed by the mortgaged, who could have negotiated with his bank the incorporation of that floor clause or the configuration of it. However, what makes them rejectable is the nocturnality with which the banking entities began to apply them without the knowledge or consent of their clients.
The ruling of the Supreme Court dated March 9, 2013 declared void those that were abusive and the Court of Justice of the European Union made it clear, by judgment of December 21, 2016, that the effects of its nullity should reach all amounts paid by the consumer. If you want to know if you have soil clauses, get in touch with us, the consultation is free.