Landmark court ruling against abusive clause in Spanish mortgages: "One of the battles that many Spanish mortgage owners have been facing is the clause in their contract known as ‘cláusula suelo’ or the ground clause, which stops mortgage payments being reduced below a certain level despite the fact that the Euribor interest rate on which the contract is based, has fallen to a lower level.
Many members of the public think the clause is a trick used by the banks, and on Monday there was a ray of hope with a court ruling for the first time that such a clause is indeed abusive. The court calls on the BBVA, Caixa Galicia and Cajamar banks to eliminate the clause and stop using it."
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