The main difference between the IRPH and the Euribor is that the IRPH is calculated using the average rate at which institutions finance mortgages with a term of more than three years, which has historically resulted in rates higher than the Euribor.
The IRPH is the second most widely used index to calculate variable rate mortgages in bc data vietnam Spain, behind the Euribor. Banks promoted the IRPH as a safer index that was more resistant to interest rate increases. However, it has also been shown to be more immune to the rate reductions that occurred from 2013 onwards.
Thus, while the Euribor fell, the IRPH remained at around 2%. Mortgages linked to the IRPH became more expensive and the possibility of claiming the IRPH began to be considered .
And what is the problem with the IRPH? Why should it be claimed? It is considered abusive since those consumers who have mortgages linked to the IRPH without a negative differential have the option of filing a claim based on the lack of equality in the interest rate with the market and the lack of transparent information. If they are proven right, they could recover the excessive payments and legal interest.
In 2022, the Supreme Court ruled in three rulings that it did not find any abusiveness since the entities offered an official index, approved by the banking authority. Then, the matter reached the CJEU, a preliminary question was submitted by the Court of First Instance of Barcelona.
On July 13, the Court of Justice of the European Union (CJEU) issued a ruling that considers that transparency and the possibility of abuse in relation to the IRPH are linked to a 1994 circular from the Bank of Spain that suggests applying a negative spread to the index to equate it to the Euribor, but questions whether this information was adequately communicated to consumers in mortgage contracts.
As a result, the legality of IRPH-linked mortgages with a positive spread is being questioned, and each individual case will have to be assessed by the courts.
Can I claim the IRPH?
The CJEU considers that Spanish courts must ensure that the client is “ well informed ” and “aware” of the method of calculating the index. Thus, if you have a mortgage of this type, you can go to a professional to examine whether or not you can claim.
You have to wonder if you had signed the mortgage, if they had explained to you that with the IRPH you were always going to pay more than with other indices. There is no deadline to claim, so it doesn't matter if you have just paid it, you can claim.
How can I make a claim?
The first thing to do is to put yourself in the hands of expert lawyers in the field to start the claim. The following documentation is required:
Mortgage deed
Amortization table
Extrajudicial claim and response (if any)
