Author Topic: mortgage rip off  (Read 45725 times)

Offline ocart

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Re: mortgage rip off
« Reply #30 on: January 29, 2013, 23:27:03 pm »
Hi all

just wondering if there has been any progress in this matter since the last post.  I too have a floor clause and am interested in taking a case against the bank  Perhaps if we all got together and pursued this it mave garner some result
 

Offline fifi

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Re: mortgage rip off
« Reply #31 on: January 29, 2013, 23:57:57 pm »
You can check the judgements here Ocart.

http://asuapedefin.com/sentencias/todas/

http://asuapedefin.com/

 Also try the ADICAE magazine or website for up to date information.... http://adicae.net/

Jose Escobedo and Mario Izquierdo (Lawyers) advertised in The Lanzarote Gazette looking for cases.
« Last Edit: January 30, 2013, 00:47:25 am by fifi »
 

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Re: mortgage rip off
« Reply #31 on: January 29, 2013, 23:57:57 pm »

Offline sarah1312

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Re: mortgage rip off
« Reply #32 on: January 30, 2013, 07:29:52 am »
I wrote to Sol Bank about 3 weeks ago using one of the many sample letter
 but had a reply to say they are not doing any refunds

I for one would be happy to join in with a group effort

Regarda

Sarah
 


Offline fifi

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Re: mortgage rip off
« Reply #34 on: January 30, 2013, 16:16:25 pm »
There are a lot of cases being won for swap clauses too as well as  other illegal banking practises.

http://belegal.com/wordpress/have-you-been-a-victim-of-a-swap-clause-act-now/
 

Offline sarah1312

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Re: mortgage rip off
« Reply #35 on: January 30, 2013, 16:47:04 pm »
Hi Fifi

Thanks for all your help as always I have sent an email to mario@lanzarotelawyers.com asking if they are taking cases in Fuerte and will report back here once I receive a reply

Regards

Sarah
 

Offline ocart

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Re: mortgage rip off
« Reply #36 on: January 30, 2013, 17:23:14 pm »
Hi Sarah1312

Looking forward to the result of your enquiry.  As I said there may be strength in numbers

Michael
 

Offline ocart

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Re: mortgage rip off
« Reply #37 on: January 30, 2013, 17:24:45 pm »
Thanks fifi for all you help
 

Offline fifi

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Re: mortgage rip off
« Reply #38 on: January 31, 2013, 02:56:11 am »
Welcome. I love researching Spanish law. Let us all know how you get on. :)


When I have the time I will do a bit more research on the subject.
 

Offline mickeyb01

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Re: mortgage rip off
« Reply #39 on: January 31, 2013, 10:31:59 am »
Hi there, not been on here for a while and forgot my password so have a new account. I have a mortgage with Solbank in Corralejo and it is currently set to 3.7% due to the floor limit cap you mention. I have contacted the bank to ask to have this removed with no luck but they did agree to lower the limit to a minimum of 3% from 3.5% with some persuasion.
My question is can you transfer your mortgage to a better rate at another bank like you can very easily in England and if so which is currently the best rate and bank to transfer to?
I agree this is a complete rip off as the Base rate is very low and is not being passed on to their customers and is making it very hard for people to meet their mortgage payments.
 

Offline fifi

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Re: mortgage rip off
« Reply #40 on: January 31, 2013, 13:55:30 pm »
 

Offline conairTopic starter

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Re: mortgage rip off
« Reply #41 on: February 01, 2013, 13:01:08 pm »
Hi
Glad to see someone had success with solbank.
Who did you deal with to negotiate a lower rate.
Thanks
 

Offline sarah1312

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Re: mortgage rip off
« Reply #42 on: February 01, 2013, 16:57:43 pm »
No reply from Solicitors yet!

My mortgage is set at Euribor + .8% but I have a floor clause of 4.25% which is a killer!

Regards

Sarah
 

Offline ocart

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Re: mortgage rip off
« Reply #43 on: February 06, 2013, 10:56:48 am »
Hi Sarah

Any word from the Solicitors yet?

Michael
 

Offline sarah1312

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Re: mortgage rip off
« Reply #44 on: February 06, 2013, 12:30:26 pm »
No nothing as yet
 

Offline Deso

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Re: mortgage rip off
« Reply #45 on: February 06, 2013, 15:17:56 pm »
Hi there, not been on here for a while and forgot my password so have a new account. I have a mortgage with Solbank in Corralejo and it is currently set to 3.7% due to the floor limit cap you mention. I have contacted the bank to ask to have this removed with no luck but they did agree to lower the limit to a minimum of 3% from 3.5% with some persuasion.
My question is can you transfer your mortgage to a better rate at another bank like you can very easily in England and if so which is currently the best rate and bank to transfer to?
I agree this is a complete rip off as the Base rate is very low and is not being passed on to their customers and is making it very hard for people to meet their mortgage payments.

It will be a pointless exercise to move your mortgage now. New mortgages are between 4.85 and 5.25% at the moment so you are better off as you are.
They will only lend between 60 and 70% of purchase price as well. Seems to have gone the same way as the UK.
How they expect to sell all the empty/repossessed properties I'll never know.  ::)
 

Offline F1REFLY999

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Re: mortgage rip off
« Reply #46 on: February 16, 2013, 11:01:28 am »
Just had this response from Solbank >:(

Dear Mr. Gillan,
 
Your interest wasn't change due the minimum interest rate you have on your mortgage. In this case the minimum is always 3,75% and maximum 12%. This is the clausula floor signed on your mortgage.
 

Offline appy ammer

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Re: mortgage rip off
« Reply #47 on: February 16, 2013, 17:28:12 pm »
Just had this response from Solbank >:(

Dear Mr. Gillan,
 
Your interest wasn't change due the minimum interest rate you have on your mortgage. In this case the minimum is always 3,75% and maximum 12%. This is the clausula floor signed on your mortgage.

FF I bet your relieved it wont go any higher than 12%  :o :o :o :o
 

Offline F1REFLY999

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Re: mortgage rip off
« Reply #48 on: February 16, 2013, 17:36:50 pm »
If it goes to 12% I'm coming to you for a loan Brendan   :P
 


Offline ocart

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Re: mortgage rip off
« Reply #50 on: March 20, 2013, 14:25:21 pm »
Thanks once again fifi  Looks like the banks win again as the judgement does not require a repayment of amounts already paid.    It is unlikely that we will get a proper rate without floor clause until the judgement is made that it is illegal and should be stopped.  We will keep the faith


Michael
 

Offline fifi

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Re: mortgage rip off
« Reply #51 on: March 20, 2013, 18:21:59 pm »
It looks that way allright Michael. I think there should be more news tomorrow.
 

Offline sarah1312

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Re: mortgage rip off
« Reply #52 on: March 26, 2013, 15:10:07 pm »
Re other posting on this subject just for people that have request notification

Good news white-baos.com have replied to my email asking to see a copy of my Mortgage agreement so have to collect one when I am over 17/4 and then we will see what they say

I will keep you all posted

Regards

Sarah
 

Offline seane

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Re: mortgage rip off
« Reply #53 on: May 15, 2013, 14:24:59 pm »
Is there any news?
 

Offline sarah1312

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Re: mortgage rip off
« Reply #54 on: May 15, 2013, 15:02:57 pm »
Latest Update

WB asked for a copy of Mortgage agreement
Sol Bank said they would/could not post or email had to be collected!
I collected late April while I was over (22 pages) posted of to WB 
Had an email asking had I forgot to copy back pages as there are pages missing?
Chased Bank they insisted I had received all ask for confirmation of no they said they also had 22
WB said there are pages missing
Bank checked again and agreed and have requested another copy from the Notary
Will be interesting to see what happens if they cant get said pages from Notary as you have guessed its the one with the clause!!!!

 

 
 

Offline fifi

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Re: mortgage rip off
« Reply #55 on: May 15, 2013, 22:35:49 pm »
Good luck with it Sarah. :)
 


Offline fifi

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« Last Edit: June 16, 2013, 12:06:56 pm by fifi »
 

Offline conairTopic starter

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Re: mortgage rip off
« Reply #58 on: June 18, 2013, 13:38:10 pm »
Hi
Solbank are still denying the illegality of these floor clauses.
Has any body else had a similar response.
Thanks
 

Offline conairTopic starter

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Re: mortgage rip off
« Reply #59 on: June 18, 2013, 18:47:53 pm »
Hello Fifi
Once again you have been most helpful on this particular subject.
I seem to remember reading one of your previous posts that covered the subject of the banks transparency regarding the floor clauses.I think you posted a link.
I just wondered if you have this info available.
Many thanks.