In a latest State Of The Nation Debate, President of Spain, Mr. Mariano Rajoy declared that the mortgage customers will be subject to get a refunded by their corresponding bank or the mortgage provider, if they have contracts contained a “ground” clause or a “minimum interest”. Thus the new law regarding the mortgage-interest-Spain came into force with effect from 9th of May 2013 ordered Banks, who previously overcharged homeowners, to refund the difference in the amount of the mortgage.
Thus the mortgage contracts containing persons would be never deemed to be exploited by the lender at a greater cost to the borrower.
A consistent rise in interest rates of mortgage reaches over 4%, in 2007, due to which many have to face the financial hardship.
However, contracts containing the “ground” and “ceiling” clauses are in the safe zone. Regardless of the Euribor interest rate, they are only chargeable to a monthly payment of predetermined minimum and maximum level. The monthly payments of the mortgage holders would never go below or above a stated level.
It is in 2007 where most of the mortgage borrowers have been paying well over the odds in interest 
payments, because they do not have the knowledge of the fact. The main reason is that, the true implications of the clauses were not brought to their attention.
The clauses were declared null and void in May 2009, stating that the borrower should be made fully aware of the new clauses, while should be given their express consent to the matter. The Spanish Supreme Court also agreed to the matter that the users should first have the full education of the ‘ground’ clause before its implications.
The petition filed by the reputed lenders BBVA and Cajasur appealed were rejected by the Supreme Court, while also the bank ordered to refund the borrowers on a case-by-case basis.
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