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Claim process of IRPH
What is IRPH?
- Most mortgages signed in Spain have the Euribor, an European index that regulates the type of loan interest between banks, as a reference to mark the price of mortgages. But there are other less known and less widespread methods such as the Reference Index of Mortgage Prices (IRPH) –the official designation of which is ‘medium type of mortgage loans of more than three years for the acquisition of free housing’–, which, according to some estimates could be behind between the 10 and 20% of mortgages signed in Spain.
- This index is devised from the data that banks offer. From the information about the types of interest rates of mortgages granted by housing entities for newly built housing is extracted an arithmetic mean of reference. The problem, as has been admitted by commercial court number 3 from Valencia, is that this mortgage reference is completely dependent of the bank’s decisions. That is to say, that they can manipulate the IRPH practically as they wish.
What can someone affected by mortgages that have IRPH do?
- According to calculations by the Société Generale and the Asociación de Usuarios Financieros there would be between half a million to one million affected people in Spain, with an average loss of around 18.000 euros.
- Just like with the floor clauses, once again the root problem resides on the lack of transparency and information. Banks and cash offices are accused of not having explained correctly what this IRPH indicator was about highlighting only the supposed advantages.
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