Paul O'Mahoney of Property Point Marbella reports on the latest news. For more information, please visit Property Point Marbella's website at www.propertypointmarbella.com.
Lowest Spanish mortgage rates from 1.9%. The lowest interest rate available for a mortgage in Spain is currently 1.9% and is applicable to loans at 60%
In what could be a precedent-setting ruling, a Sevilla court has ordered several banks to eliminate the clauses in variable-rate loans that have prevented thousands of loan holders from benefitting from rock-bottom interest rates.
The ‘cláusula de suelo', or minimum-interest clause, was part of the fine print on many loans issued in recent years and has meant that while the Euribor interest rate index - the most widely-used in Spain to set mortgage loan rates - dipped to historic lows of under 1.3 per cent, loan holders kept paying at a much higher ‘minimum rate'.
The Sevilla court ruling applies to BBVA, Caixa Galicia and Cajamar in a case brought against them by banking consumer watchdog Ausbanc, which argued that the minimum-interest clauses were abusive.
"This transcendental ruling will benefit thousands of people in Spain who have a mortgage loan with these banks," said Ausbanc, calling the court decision a "major step" toward the complete elimination of minimum-interest clauses in mortgage loans.
The group said that throughout Spain the cláusula de suelo - used by many banks besides those named in the case - may be affecting millions of loan holders, and the ruling opens the door to them demanding their money back.
Source: barcelonareporter.com
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