Funcas raises to 260,000 those with mortgages in “extreme” vulnerability

A little more than a quarter of a million families under mortgagespecifically 260,000, They are in a situation of “extreme vulnerability” before the ascent Euribor, which is close to 3.6% and affects newer loans that have paid less interest.

This is one of the conclusions of a article published in the latest Funcas magazine and collected by Efe, who adds that, with an average outstanding mortgage balance of around 82,700 euros, each point increase in Euribor increases the monthly fee by around 43 euros, for loans signed for 25 years.

This estimate, however, differs from analyzes based on the cost of recently registered mortgages that have barely begun to amortize, which would record an increase of up to 73 euros per month, around 876 euros per year.

Overall, of the 5.7 million loans that are currently in force, it can be estimated that slightly more than half, those that are older than 5 years, will be relatively unchanged.

However, the impact on The interest rate increase will be higher for the rest of the mortgages, almost 2.6 million of them, half of which are variable or mixed rate.

And when it comes to households with the biggest problems, the figure would be 260,000, an estimate based on the distribution of debt by age.

heterogeneous situation

Funcas reminds that, in any case, on the mortgage market very different situations coexistand that it is an influence the rise of Eurybsr depends not only on age of the loanbut also from debt that remains to be paidfrom negotiated differential or the interest rate that is added to Euribor, and from household income.

Overall, the growth of the Euribor has cooled the real estate market as sales have slowed and the price curve has started to bend, but it cannot yet be said that there is “excessive” macroeconomic risk, he claims.

And in the long term, the key will be in the evolution of employment, the main determinant of the ability of families to repay loans.