These are mortgages that will pay up to 600 euros less.

He Euribor today falls to the lowest level of the month of 3.6%. This data makes mortgaged who will have to update their mortgage In June you may notice decline in his mortgage more than 600 euros per year if the trend continues. The great joy for many customers who see their savings dwindle every time they pay a monthly fee is that monthly average indicator, which includes most mortgage in Spain It is 3.68%, which is still lower than what was recorded a year ago (4%), and is used to calculate how much will be paid upon renewal.

How much will mortgages fall in June?

After half a month Euribor trend This seems to indicate that it will remain below that 4%. It will mean saving in mortgage payments, which can reach 600 euros per year. We are still a long way from recouping the €600 per month increase for some mortgage holders who had to renew two years ago with the March figure, but this appears to be the first step towards ensuring that all mortgage holders, not just those update once every six months, rejoice.

So the prospect is to take a calculator. According to iAhorro’s calculations, owners of variable rate mortgages with annual review will see their monthly payments reduced by €25-€50.

For example, with a mortgage of 150,000 euros for 30 years with Euribor + 0.99%, concluded last year, we see that the monthly payment will be reduced by 26.63 euros: from paying 804.96 euros every month you will pay 778.33 euros. This implies annual savings 319.52 euros for mortgage.

If the initial mortgage amount was €300,000, the savings would also be greater: up to €53.25 less each month. That is, if you paid a monthly fee of €1,609.91, you would pay €1,556.66 with this review. Thus, the annual savings in this case will be 639.04 euros on the mortgage.

How will the Euribor rate change in June?

The comparator estimates that Euribor “could close the month at around 3.7%. The silver lining is that it was 4.007% a year ago, so people renegotiating their mortgages will see their payments go down.” The information they received from Rastrotror is that Euribor rate ends with a slight increase compared to last month. Despite this, there will be a year-on-year decline, “which will benefit mortgage holders who renegotiate annually as they will see a slight reduction in their monthly payments. With interest rates cut by a quarter point, Euribor could approach 3% before the end of the year.”

How to recover mortgage costs

Currently alone way to save money mortgages – see if we can demand registration costs from the bank. The home must have been purchased before 2019 and the mortgage may be current, paid off or canceled. The period has not yet expired, as required by law. Court of Justice of the European Union (CJEU) in April, and according to relamador.es, the average amount that can be charged for the costs of obtaining a mortgage is 1,300 euros, excluding Tax on documentary legal acts.

To do this, the first thing you need to do is collect everything accounts related expenses paid take out a mortgage and request a refund from your bank to get the amount. Step by step, the first step is to collect the necessary documentation:

What is Euribor and how is it calculated?

Euribor is an abbreviation for the European Interbank Offered Rate, as defined in English. European interbank offered rate. That is, we are talking about the amount that one European bank charges another for providing a loan.

Belonging Euribor calculation It is managed by the European Money Market Institute (EMMI). To do this, it uses a “panel of banks” consisting of 19 different banks, which each day at 10:45 am report the interest rate at which they are willing to lend money to other eurozone banks. Using this data and excluding the highest 15% and lowest 15%, an average is calculated. The result, rounded to three decimal places, is published at 11:00. In Spain, the Bank of Spain and the Bank of England collect information, update it and publish it daily.