However what homeowners were not told, is that their mortgage contained a ‘floor clause’ or ‘clausula suelo’ which capped the minimum interest rate in order to protect banks from negative interest rates.
This meant that after the initial fixed rate introductory period, mortgage payments rocketed and many homeowners were forced to pay thousands of euros more than expected.
Due to the complex nature of this type of claim it is very difficult to handle by yourself. Our team has years of experience in handling financial mis-selling claims and have recovered millions of pounds in compensation for our clients.
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