Author: JLCerejido | EFE
A variable loan of EUR 150,000 contracted a year ago will increase in price by almost EUR 3,500
Confirmed. The slope of January will extend, and quite a bit, until Variable rate mortgages. And future buyers of apartments, who are also affected by the unstoppable growth of Euribor, in addition more expensive loans and banks that are much more demanding when it comes to financing certain profiles.
The indicator, to which most mortgages in Spain refer, ends February with a daily increase of another 45 thousandths, in 3.725%which shows that the dreaded limit of 4% is almost a reality.
After a new increase on the last day of the month, the average for February remains at 3.524 percent. Just a year ago, the data was negative, -0.335%. Practically, this means that whoever contracted a variable loan of 150,000 euros for 30 years in February of last year, with Euribor plus 0.99 percent, will see his monthly installment increase. from about 459 euros to about 750 euros. At least until the next revision, in February 2024. That is, the increase will amount to 291 euros per month, about 3492 euros per year.
not all equally
It should be taken into account that the growth of the euribor does not affect everyone equally, as it largely depends on various factors, such as amount which has already been paid or the year in which financing services were contractedsince it is at the beginning of the loan when interest tends to total payments.
In this sense, those who have recently registered a mortgage will be most affected.
Source: La Vozde Galicia
I am Jason Root, author with 24 Instant News. I specialize in the Economy section, and have been writing for this sector for the past three years. My work focuses on the latest economic developments around the world and how these developments impact businesses and people’s lives. I also write about current trends in economics, business strategies and investments.
