After the interest rate increases carried out by the European Central Bank (ECB), the Euribor continues its upward trend. Its impact is more than notable in families with a variable rate mortgage. If this is your case, below we explain how to calculate your mortgage payment after the Euribor rise. The rise of the Euribor The Euribor maintains the same pace it has so far this year. So much so that, last it closed with an average of 2.82% , a maximum that had not been seen since December in the midst of the global economic crisis. Thus, the benchmark index for mortgages is in its eleventh month of uninterrupted rise. Improve mortgage conditions with mortgage subrogation
How the rise in the Euribor influences the variable mortgage
First of all, we need to know where the interest on a variable mortgage comes from . When we talk about said interest, we have two main elements that make it up and that, added together, indicate the specific value Denmark Phone Number List of the percentage: Differential. A fixed percentage that, added to the reference index, determines the variable interest of the loan. Reference index. In most cases it is the Euribor, a value that changes every month. This percentage is added to the differential, obtaining the new mortgage interest until the next renewal. Therefore, the total you pay annually in loan installments increases significantly.
New relief measures
At the end of , the Vice President of the Government of Spain, Nadia Calviño, announced the introduction of a package of mortgage relief measures . It is a decision to offer protection to all those families who Cameroon phone number database have a variable interest mortgage and who have been affected by this rise in prices. So who can benefit from these conditions? The following cases: Families with a total income of less than per year and who dedicate more than 50% of their monthly income to paying the mortgage with homes of up. Households that generate less than €29,400 per year and that allocate more than 30% of their monthly income to paying the mortgage loan.