unknown step to save fortune on mortgage
Amid growing concerns over cost mortgageThere is strategy key for homeowners in Spainand this is nothing more than a change in one thing variable mortgage to fixed or mixed mortgage. This movement may lead to significant monthly savingsreaching in many cases more than 300 euros.
He EuriborHe benchmark for many variable mortgages in Spain, closed in April last year slight decreaseafter 27 months of continuous growth. This fall, although welcome, only leads to reduction in monthly mortgage payment by 4–10 euros. Despite this slight improvement, the impact of rate hikes over the past two years continues to fall into the pockets of mortgage holders.
Benefits of switching to a mortgage
Experts agree that due to slow decline in Euribor rate And high costs accumulated over the past two yearsthe best option remains switch to a fixed or mixed mortgage. “The Euribor trend has changed, although it is falling very slightly and quite quietly,” says Martinez. “Those with variable mortgages are still paying more due to increases over the last two years.”
Experts emphasize that banks have begun “little mortgage war» that benefits consumers by offering the best conditions for those who decide to transfer their mortgage. This allows clients pay less without waiting for new discounts Euribor or interest rate cuts by the European Central Bank (ECB).
To give an example of this strategy, we must put ourselves in the shoes of the owner who signed the contract. mortgage 150,000 euros in May from 2021initially paid a fee of 449.18 euros. Two years later the quota was increased to 782.20 euros per month. Following the recent Euribor rate cut, the quota fell only slightly to 777.33 eurosa decline that pales in comparison to previous growth.
However, in switch to a fixed or mixed mortgagewith bets interest below 3% for fixed and about 2% for mixed, from the same owner You can save between 180 and 360 euros per month.. “The main thing is to know what kind of mortgage you have, take paper and pen and compare with other offers. After that, you’ll need to calculate the fee and see how much you’ll have to pay,” Martinez advises.
The time of opportunity has come
The experts’ recommendations are clear and “Now is a very good time to change something.so I would encourage everyone to take up math because the numbers don’t lie.” This advice is especially relevant at a time when Mortgage market conditions are constantly changingand homeowners have the opportunity to take advantage of the best offers and conditions on mortgage prices.
Therefore, for those who variable mortgage, evaluating and considering switching to a fixed or hybrid mortgage can be a wise and profitable financial decision.. It’s not just about taking advantage of current market conditions, but also about giving yourself more control over your monthly payments and protecting yourself from future Euribor rate fluctuations.
Changing your mortgage can seem like a daunting task.nose appropriate consultation and thorough assessmentHe saving May be significant. As Martinez emphasizes, now is the ideal time to take action and ensure greater long-term financial stability. With potential savings of over €300 per month, this strategy not only eases your current financial burden, but also provides greater confidence for the future.