Monthly Mortgage Payment to Rise From March On

4/03/2014 – El Confidencial

Mortgage bargains in Spain come to an end. The Euribor, a benchmark for 80% of all mortgages, finished February with 0.549%, below the first-positive-score from January (0.562%). By now, considering an average €120.000 mortgage for 20 years, savings would reach €36 in annual and €3 in monthly terms. (…).

In case of a greater amount, for example €300.000 for 25 years, the monthly payment would be smaller by €6 and by €72 annually.

In contrast, if your mortgage review embraces six months, the payment will climb up, by few cents or Euros monthly, though. Not enough to affect home budgets of millions of families throughout the country.

At present, the Euribor marks 0.55%. (…) In March 2013, the indicator was set at 0.545%. The slight rebound has been caused by improvement in overall economy state and cheap mortgages will not be seen again until a new recession looms. (…).

The decrease in the mortgage signing represented -27.8% in 2013 (…).



Original article: El Confidencial (Elena Sanz)

Translation: AURA REE