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You may or may not be aware but Spanish lenders have been taken to task since the country’s banking and construction industries nearly collapsed as a consequence of the global credit crisis.
Such was the ferocity of the banks actions, that after mass public demonstrations in 2012, law makers in Spain brought in new rules to help protect borrowers and make it harder for lenders to evict (desahuciar) people from their homes.
The clausula suelo is the most common claim against lenders as this clause would ensure that the interest rate you would pay would never go below a certain level which in most cases have been around the 3 – 5.5% mark. Given that interest rates since 2011 have plummeted and that the EURIBOR is actually below zero, this means that you would be paying an extremely high interest rate compared to current market rates.
In continuation in our series of articles,Fluent Finance Abroad offers a quick insight into another type of mortgage claim, more uncommon than the ones described in our previous series of articles about mortgage set-up expenses and the famous clausula suelo. Today we are talking about Multi-Currency Mortgages, Foreign Exchange Currency Mortgages or as they are named in Spain, hipotecas multi-divisas.
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