Mortgages will take a serious hit in the coming days

The preliminary average Euribor rate for February is 3.632%.. The figure is still there above 3.53%, which base mortgage rate in Spain noted in February 2023

Hence, Mortgages that will have to undergo an annual review quotas for this month Bad news awaits them: a new increase in the monthly amount due. to pay off a mortgage loan.

In particular, with an average mortgage of 150,000 euros for 30 years with a differential of Euribor plus 0.99%, the increase will be approximately 80 euros per year

(that is, you7 euros per month for us).

It should be remembered that Euribor is a variable that is taken into account in reviews mortgage to determine whether the amount due will increase or decrease. What’s done is Compare the current situation in terms of the indicator with what was in the previous review.

Reviews are usually conducted semi-annually or annually.. Thus, if the Euribor is lower or higher than 6 or 12 months ago (depending on the frequency of the revision), the mortgage payment paid will be increased or decreased.

Good news for mortgage holders with a semi-annual review

In this sense, those who have a semi-annual mortgage review this February If this will benefit from a reduction in mortgage payments. The reason is that six months ago, in August 2023, Euribor was 4.07%, which is significantly higher than the level the index will record at the end of February.

As noted Informationif we again take as an example a mortgage of 150,000 euros for 30 years with a differential of Euribor plus 0.99%, The reduction in the amount of duty payable will be just over 500 euros per year.

(approximately 45 euros per month).