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Do you have a mortgage with an IRPH Index interest rate clause? You can now claim your money back / reimbursement of the unduly paid interest

If you are a mortgage loan holder, for which the IRPH reference index (or index based on the average rate of mortgage loans granted by the Spanish savings banks) was established as the variable interest rate, now and particularly as from the ruling of the Court of Justice of the European Union (CJEU) in March 2020, you could make a claim to the financial entity that provided your loan, for reimbursement of the amount of unduly paid interest during the term of your loan.


You can now claim your money back / reimbursement of the unduly paid IRPH interest in Spain


These types of clauses containing IRPH index referenced variable interest rates, have only been considered unfair when not meeting the transparency requirements.  For example, a consumer holding a mortgage calculated on the basis of the IRPH index instead of the Euro Interbank Offered Rate (Euribor), for a mortgage of approximately EUR 150 000, will have paid an average additional cost of EUR 25 000.  An amount which could be claimed.

Therefore, given the case that the index was not offered with the required transparency, the information provided regarding the implications when contracting a mortgage with IRPH was not clear, and neither were the comparative costs between other indices (such as for example the Euribor) and the IRPH made clear to the client, you could claim the IRPH.

How to initiate your IRPH claim

To confirm that your mortgage loan contains the IRPH referenced variable interest rate clause, we must analyse your mortgage loan deeds.

If you meet the necessary conditions to claim for reimbursement of interest, we would also need to review any modification or novation to your mortgage loan deed that may have been agreed with the financial entity during the term of the loan, and where applicable, we would also require you to provide us with the most recent mortgage repayment receipts that you have.

In the event that you cannot obtain all of the necessary information and/or documentation, particularly in cases of mortgage loans of a certain age where time has elapsed since signature, or those that have already been cancelled, we can resolve this by requesting the required documentation from the financial entity.

As from which date is it possible to claim?

For claims of this type, it is the nullity of the clause which is sought.  Therefore, it is possible to make a claim for amounts corresponding to both existing mortgages, and those that have already been cancelled.

Expert advice

Furthermore, your loan may contain other unfair clauses which our firm will thoroughly examine.  A claim for other unfair clauses can be made jointly with the IRPH.

Considering all of the above, at MSG LEGAL SOLICITORS, we would advise you to consult us if you have a loan of this type, or if you are unsure of whether your loan contains a clause of this type.  As already mentioned, this is independent of whether the loan is existing or has already been cancelled.

Therefore, if you have any questions regarding whether the IRPH applies to you, all you have to do is send us a copy of your mortgage loan public deeds and a recent loan repayment receipt.  At MSG LEGAL SOLICITORS, experts in the field of Property Law, we will analyse your case completely free of charge and without any obligation, and we will confirm the feasibility of your claim.

In the event that we proceed with your claim, we will NOT request any retaining fee, charge or expense generated during the claim process.  MSG LEGAL SOLICITORS acts under a NO WIN NO FEES format for these type of court claims, consequently, if we do not obtain a favourable court judgment for reimbursement of your money from the financial entity, our action will incur you no cost at all.

Please note the information provided in this article is of general interest only and is not to be construed or intended as substitute for professional legal advice.


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