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JOSÉ MARÍA CAMARERO
Monday, 9 March 2020, 09:58
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The European Court of Justice (ECJ) has given the go ahead for Spanish courts to rule against banks over unclear explanations on mortgage interest rates in certain loans.
The ruling refers to mortgages which were sold in Spain using a rate known as IRPH, rather than the more usual Euribor rate.
The IRPH is an average of market rates and failed to drop as dramatically as the Euribor in recent years, meaning homeowners on the IRPH are paying more. Around one million loans are affected.
The ECJ has upheld earlier judgements that say using the IRPH is only valid if the different way of calculating it is clearly explained in the contract. Spanish courts will now have to decide on a case by case basis if compensation is due from banks.
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