The Mortgage Loan Reference Index (IRPH) is an interest rate used in Spain which, like other indices such as the Euribor, was used by banks to determine the interest rate payable on many mortgages. It is estimated that approximately 1.3 million mortgages have been linked to personal income tax.
This index, which is prepared by the Bank of Spain taking into account the average of three-year loans granted by financial institutions, was and is much more expensive than EURIBOR.
Finding out if your mortgage has IRPH is very simple. You just have to look at the deed to your mortgage.
Generally, it is in the third clause where the variable interest rate is reflected. There you will specify if your variable interest is Euribor or IRPH (it can be IRPH Cajas, Entities, Banks...).
If you do not have the deed at hand, you can also check the last receipt of your mortgage and the interest you are paying. Knowing that the Euribor is currently at 0%, if your rate is much higher than the contracted differential it is most likely that you either have a floor clause or you have IRPH. In both cases, you can make a claim.
As we were saying, personal income tax has been higher than Euribor, so anyone with personal income tax on their mortgage has paid much more than they would have if they had been subject to Euribor.
Our advice: if you have IRPH on your mortgage... Claim it!
It will take you less than 3 minutes to know the amount you can recover.
It is recommended that you have your mortgage deed close by to access basic information such as:
The date of signature, what type of income tax appears on your mortgage or how often the variable rate is reviewed.
1. Enter all the data.
2. Find out how much money you can recover from your IRPH mortgage.
3. Claim your bank.
We will keep you informed during the whole process:
With this documentation, we can claim your personal income tax, but we will also look for other abusive terms in your mortgage, such as incorporation fees, increasing the amount you can get with your claim.