mortgage rip off

Started by conair, August 03, 2012, 19:46:57 PM

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ocart

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

fifi

#31
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.

sarah1312

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
Sarah Haughian - La Siesta


fifi

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/

sarah1312

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
Sarah Haughian - La Siesta

ocart

Hi Sarah1312

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

Michael

ocart

Thanks fifi for all you help

fifi

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.

mickeyb01

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.

fifi

Hi MickeyB, Spanish mortgages often have what is called a Subrogación fee  written into the small print. It is the percentage that is charged if you decide to change mortgage providers. You would need to check your mortgage document to see what is written on yours or alternatively contact the bank. From memory I think that mine was set at 2% .



conair

Hi
Glad to see someone had success with solbank.
Who did you deal with to negotiate a lower rate.
Thanks

sarah1312

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
Sarah Haughian - La Siesta

ocart

Hi Sarah

Any word from the Solicitors yet?

Michael

sarah1312

Sarah Haughian - La Siesta

Deso

Quote from: mickeyb01 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.

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.  ::)
Regards, Neil
Looking forward to the day I tick the "One way only" box when booking flights to Fuerte. [:)]

F1REFLY999

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.
La luciérnaga

Please visit www.costacaleta.co.uk

appy ammer

Quote from: F1REFLY999 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.

FF I bet your relieved it wont go any higher than 12%  :o :o :o :o
Artificial intelligence is no match for natural stupidity

F1REFLY999

If it goes to 12% I'm coming to you for a loan Brendan   :P
La luciérnaga

Please visit www.costacaleta.co.uk


ocart

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

fifi

It looks that way allright Michael. I think there should be more news tomorrow.

sarah1312

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
Sarah Haughian - La Siesta

seane

skylark

sarah1312

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!!!!



Sarah Haughian - La Siesta

fifi

Good luck with it Sarah. :)



conair

Hi
Solbank are still denying the illegality of these floor clauses.
Has any body else had a similar response.
Thanks

conair

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.