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A Floor Clause, also known as ‘Clausula Suelo’ or ‘Suelo Hipotecario’, is simply a clause that has been inserted into variable rate mortgage agreements in Spain during the last 20 years that affects the interest rate payable on the mortgage.
For most Spanish variable rate mortgages, the interest rate payable is calculated by reference rate to the Euro Interbank Offered Rate (Euribor) . If interest reference increases, then the interest on the mortgage also increases; likewise, if EURIBOR decreases, then interest payments will fall.
However, the insertion of the floor clause into the mortgage agreement means that mortgage holders do not fully benefit from the fall in EURIBOR as there will be a minimum rate of interest payable on the mortgage (also known as a "suelo"). The level of the floor will depend on the bank providing the mortgage and when the mortgage was taken out, but it is typical to see floors of 3- 4%.
This clause has been deemed by both the Spanish and European courts to be illegal, unfair and constituting ‘abusive’ practice.
It is estimated that there are more than 3.5 million mortgages affected.[1]
The main banks affected are Banco Popular, Unicaja and Banco de Sabadell.[2]
^"Unos 3,5 millones de afectados por las cláusulas suelo: Cataluña, Madrid y Andalucía donde más hay". idealista.com (in Spanish). Retrieved 30 April 2018.
^"Popular, Unicaja y Sabadell lideran el 'top ten' de bancos más reclamados, fundamentalmente por la cláusula suelo". lawyerpress.com (in Spanish). 9 January 2018. Retrieved 30 April 2018.
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