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The European Court of Justice opens the door to claims against mortgages with the IRPH Index

The judgment of the Court of Justice of the European Union released on the 3rd of March 2020 rectifies the Spanish judicial doctrine relapsed on this IRPH benchmark that establishes an interest rate generally higher than Euribor.

Francisco Lorenzo Martínez

Date 04/03/2020

The question is whether the banks informed and provided their clients with the necessary information in a clear and understandable way, to choose either one interest rate or another such as the Euribor and, if they clearly offered the comparative tables of evolution of the types of IRPH and Euribor interest. If the contracting of the mortgage had been carried out in this way, it would have enabled the client to know that the IRPH interest rate has always been above the Euribor.

According to the types of one and another bank reference index (IRPH or Euribor), an IRPH mortgage has paid between an average of 1.5% to 3% more compared to a Euribor Mortgage. The annual savings can reach up to € 1,000 per year if the mortgage has been contracted with the Euribor index.

The CJEU Judgment rectifies the pronouncement of the Supreme Court adopted on IRPH at the end of 2017 and its compliance by our courts of law is mandatory.

If in your case you contracted your mortgage with this referential type of interest called IRPH and that you can verify in your deed of constitution of mortgage generally included in the third clause of the stipulations of said contract, from Balms Abogados we take care of preparing and presenting your claim being able to get in touch with our banking department and provide you with the necessary steps to claim the money you have overpaid along with the interest.

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