May.05 2024

Claiming for the irph mortgage clause or reference index of mortgage loans

If you have a mortgage in Spain, it may have some clauses considered as abusive and/or dark. If it is so, as a user you have the right to claim for the amount unduly charged.

But let’s start by the beginning.

What is the IRPH or Reference Index of Mortage Loans?         

The concept of IRPH or Reference Index of Mortgage Loans is one of the interest rates more used in Spain along with the EURIBOR.

Mortgages based on this Index have a very high interest rate, especially if an average is made between the average interest rate of similar mortgages.

Why and how is it considered as an abusive clause?

The Court of Justice of the European Union requires  the variable interest clause to be understandable to the consumer. Therefore, it is mandatory that the consumer has been well informed about how the calculation of the same is and its economic conditions so that he knows for sure the financial burden that it implies.

The lack of transparency and information in the pre-contractual phase of the mortgage is what leads us to consider that it is an opaque or / and abusive clause. 

In addition to the IRPH clause there are other opaque clauses, as is the case of ground clause.

What happens if my mortgage loan has this clause?

We can help you by performing the calculation, applying a supplemental index. This will entail a recalculation of the amount and, as a consequence, the financial entities must pay or refund the amounts that you have paid in excess as a result of the application of this clause.

Is there a máximum term to claim for it?

No, there is no maximum term to make the claim, that is, you can claim for all the years during which you have suffered this situation.

How can we help you?

Our office offers a comprehensive claim service and  we can help you with these procedures. It goes without saying that our fee system will make your claim easy and viable.

Do not hesitate to contact us, the first consultation on this matter is free!