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Spanish Off-Plan Property - Bank Guarantees - LEY 57/68

This blog is for all those Off-Plan property purchasers in Spain who have not received Bank Guarantees for their deposit funds as required by Spanish Law, in particular LEY 57/68 Article 1.1 and 1.2 and are now at risk of losing their money.

In addition many purchasers who did receive Bank Guarantees are now finding that the Spanish Banks are refusing to honour them without legal action being taken by the purchaser.

Clausula Suelo - Floor Limit/Ground Clause on Mortgages
Monday, October 31, 2011

Many Spanish 'variable rate' mortgages included the 'Clausula Suelo' in the small print.  As I mentioned in a previous post on my blog mortgage holders with this clause included have been unable to take advantage of the low Euribor rate over the past 3 years.

This as an abusive clause.

A facebook group has been set up called:

Eliminación de la Cláusula Suelo de las Hipotecas!/pages/Eliminaci%C3%B3n-de-la-Cl%C3%A1usula-Suelo-de-las-Hipotecas/179037445445867

They say:

The 'Clausula Suelo' affects 29% of mortgages. The number of mortgages would hit 3,834,095 in 2008 and the profit earned by the entities would be around 7,000 million euros.

There is also this website:

which is defending the rights of consumers with regards to the Clausula Suelo.

They state:

ADICAE is the only one that has been defending the rights of consumers in this issue for the past three years. We now have thousands of consumers who demand the removal of the clause and the repayment of amounts unduly paid to the bank or savings bank.

If you are affected by any of the 56 entities then ADICAE, has until Nov. 11 to deliver the full documentation provided in this website.

See the list of these 56 entities by clicking here:

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