Many clients with mortgages affected by IRPH at CaixaBank are trying to get the full refund of overpaid IRPH with us.
In order to be able to claim the IRPH to Caixabank our advice is that you leave it in the hands of professionals. In Legalbono we have extensive experience in bank claims helping CaixaBank clients to get the extra money they have paid back. We know that now is the time to claim the IRPH, because both the European Commission and the EU lawyer have already stated that banks are obliged to correctly inform consumers of the consequences of the clause. Otherwise, it can be declared abusive.
CaixaBank did not clearly inform its customers about the consequences of having an IRPH mortgage.
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Index
Both rates are used by financial institutions in a similar way. They are used as a reference to establish the interest rate applicable to variable rate mortgage loans.
However, Euribor and IRPH are very different. For starters, their calculation methods are different. The IRPH is calculated according to the average interest rate at which banks lend to purchase a house, while the Euribor uses the average interest rate at which European banks lend money to each other.
However, the most important difference for the consumer is that, since its existence, the IRPH has been more expensive than the Euribor. So that you have an idea, in a mortgage of 180,000€ in 2006 to be paid in 20 years at a variable interest rate of reference index + 0.25%, that the reference index is the IRPH instead of the Euribor implies an additional cost of more than 20,000€.
The IRPH, or Mortgage Loan Reference Index, is an official indicator published by the Banco de España that CaixaBank used as a reference index in many mortgage loans with variable interest rates.
It is the second most used index in mortgages in Spain, only behind the Euribor. It is estimated that there are more than 1.3 million loans referred to the IRPH in Spain.
The value of the IRPH is published monthly around the 20th of each month by the Banco de España, and is included in the BOE.
As already mentioned, the IRPH is "the average rate of mortgage loans over 3 years, for the acquisition of free housing, granted by credit institutions in Spain.
You can claim the IRPH as long as:
. The mortgage loan has been signed directly with the bank as a consumer, not as professional.
. You have subrogated yourself into the mortgage of another person or a promoter.
Checking your mortgage deed. It will contain a clause that reflects the method used to determine the interest rate applicable to your mortgage. That's where you can check whether or not you have IRPH.
If you don't have it at hand, you can get an idea by thinking about the following. To begin with, ask yourself if your mortgage is a fixed rate or a variable rate. Fixed-rate mortgages do not have IRPH because, as the name suggests, the interest rate of a fixed-rate mortgage does not vary, reference indexes such as Euribor or IRPH are not used.
If your mortgage is at a variable rate, it may or may not have IRPH (referenced to another index, such as Euribor). Normally, it is called IRPH BANKS or IRPH ENTITIES. If over the last few years your mortgage payment has not fallen significantly, it is likely that you have IRPH or the famous floor clause.
If your mortgage is referenced to IRPH, you will most likely be able to claim and recover your money. To make sure your case is viable, just fill out this short form and attach the deed to your mortgage loan. Our legal team will study your case in detail and inform you whether or not you can claim for free.
If you are successful in your claim for IRPH, you will get this rate to stop applying to your loan. As a consequence:
CaixaBank will, in most cases, reject the claims and will therefore have to impose an out-of-court claim.
In order for the claim to be successful, it is recommended that an experienced irph lawyer carries out the formalities.
At legalbono we have a legal team specialising in IRPH claims that will study your case for free and without obligation.