Mortgages with a revision clause referenced to the IRPH

The Supreme Court does not consider these mortgages opaque

The Supreme Court has ruled against the interests of Financial Institutions regarding mortgage floor clauses, multi-currency mortgages and other products considered opaque.

There was still a pending case regarding the use of the IRPH index (Reference Index for Mortgage Loans) in the interest review clause applicable to many mortgage loans for individuals.

The IRPH is actually an index that historically yields values ​​much higher than the Euribor, and the owners of these mortgage loans claimed that in almost all cases the index was imposed by the Entities, without information or with confusing information for the client.

On November 22, 2017, the Supreme Court ruled in favor of the banks that marketed these mortgages. The high court considers that the mere reference of a mortgage to an official index such as the IRPH does not imply a lack of transparency or constitute an abuse, and therefore these contracts cannot be annulled.

It appears that this will end a legal battle that began in late 2013, with rulings in favor of considering the clause as "abusive".

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Pau Riera Rey

General Director at Àmbit Assessor

A graduate in Economics from the University of Barcelona, ​​he is also a Certified Actuary, Real Estate Agent, and Insurance Broker.
He furthered his training with courses in taxation, business valuation, and credit management offered by the College of Economists of Catalonia and the Center for Financial Studies (CEF).
In 2000, he became the managing partner of the firm, and since 2011, he has also been responsible for the Finance Department.
For five years, while already a member of the management team at Àmbit Assessor, he also held the positions of Deputy General Manager and Finance Director at Alco Grupo Empresarial.

Latest posts by Pau Riera Rey (see all)

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