As we noted in our last article, the European Court of Justice, has published today its resolution that establishes a court precedent applicable to mortgages signed with variable interest rates referenced to IRPH.<\/p>\n
The Court has ruled in favor to the consumers, stating that IRPH could be an abusive interest rate under the Consumer Protection Laws, and therefore null and void.<\/p>\n
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This court decision has opened the door to the possibility that those who signed a mortgage referenced to the IRPH, which is a higher interest rate than the EURIBOR, could claim for the refund of the amounts and interest overpaid.<\/p>\n
In practice, it will mean to delete from the mortgage contract the IRPH rate, and to apply as substitute interest rate, the EURIBOR.<\/p>\n
As we have already said, the IRPH rate has been normally higher than the EURIBOR, which will mean the refund of significant amounts of money.<\/p>\n
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