Experts lawyers in IRPH bank claims
IRPH bank claims in Spain
In many cases, the IRPH clause was introduced into mortgage agreements without sufficient transparency, meaning that clients were not properly informed about how the index worked or the financial consequences it could have in the future.
At Pellicer & Heredia, we provide legal assistance to clients affected by the IRPH clause, helping them challenge unfair mortgage terms and recover the money they may have overpaid.
Do you need legal assistance to claim the IRPH clause on your mortgage in Spain?
At Pellicer & Heredia, we provide expert legal advice for clients affected by the IRPH clause in their mortgage. Our team reviews your mortgage deed, analyses the interest applied by the bank, and evaluates whether the clause may be considered unfair
What is the IRPH and why can it be unfair?
The IRPH is a mortgage reference index calculated using the average interest rates applied by financial institutions. Because banks themselves influence the data used to calculate the index, it has often been criticized for lacking transparency. Compared with the Euribor, which has experienced significant decreases over the years, the IRPH has remained consistently higher. As a result, many mortgage holders have paid higher monthly installments for years, generating substantial financial benefit for the banks. This situation has led to numerous legal disputes, with courts increasingly examining whether the IRPH clause was properly explained to consumers before signing the mortgage agreement.
How many types of IRPH exist?
There are 3 types of IRPH which you can find in your deeds: • IRPH Entities • IRPH Banks • IRPH Savings banks From the 1 November 2013, the IRPH banks and savings banks disappeared due to their misuse, meaning that currently only the IRPH entities remains in force. The three are equally detrimental, and often where the reference IRPH banks or savings banks was in place, they were directly replaced by entities, without prior information to the customer.
Can you claim and recover your money?
Reviewing the mortgage deed and financial documentation
Calculating the amount of interest overpaid
Filing a claim against the bank
Claiming reimbursement of the excess interest paid
What can you obtain from an IRPH claim?
Reduction of your mortgage payments
Once the IRPH clause is annulled, the interest applied to your mortgage may be recalculated using Euribor or another appropriate reference index, resulting in lower monthly mortgage payments.
Refund of overpaid interest
You may also receive a refund for the interest overpaid since the mortgage was signed, which in many cases represents a significant financial amount.
Even if your mortgage has already been fully paid, you may still have the right to file a claim for the overpaid interest.
What will I get if I make a claim?
First of all, the monthly payment for your mortgage is reduced due to the cancellation of the IRPH, so the interest rate associated with your mortgage will be lower, as from then onwards, you will be associated with the Euribor, which is well below the Mortgage Loan Reference Index. And on the other hand, you will get a refund on the money which you have been overpaying all this time (from the date the mortgage deed was signed until the day of the interest rate change).
Favourable ruling over IRPH
There are more and more rulings favourable to the client, against the unfair term of the IRPH, imposing the annulment of the clause and the subsequent refund of interests charged too much, during the entire time the clause was in force.