The IRPH (Mortgage Loan Reference Index) is defined as an indicator that financial institutions use to update the variable interest rate of their clients' mortgages. It is an interest similar to Euribor, but regulated by each entity.
According to the first rulings known in Spain on the IRPH, the client has the upper hand, since so far this interest has been canceled and replaced by the Euribor.
After the Sentence of the Court of Justice of the European Union of March 3, 2020, the position of the body about the abusive nature of the interest for IRPH imposed by banks on mortgages of Spanish consumers is clear.
Thus, it is positioned in favor of the consumer and allows both the claim of the amounts paid in excess in the mortgage loan installments and the elimination of this reference index due to lack of transparency in contracting.
At JURAND Abogados we advise our clients throughout the process of claiming this abusive interest, reviewing the mortgage deed before proceeding to claim the amounts unduly collected.
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