For a loan of 150,000 euros, close to the average in Hego Euskal Herria, with a rate of Euribor plus 1%, the monthly payment increases by about 300 euros per month.
Euskaraz irakurri: Zenbat garestituko da nire hipoteka Euriborraren igoeragatik?
Due to the increase in Euribor, mortgages will become significantly more expensive when it is time to review them. The significant increase registered over the last twelve months will mean that those with a mortgage who signed their loan a year ago and who have to review it with current data will again experience a sharp increase in the cost of their installments. Families will be confronted with an average increase of about 300 euros in their monthly costs.
With the average recorded so far (3.53%), someone who has taken out a 30-year variable mortgage of 150,000 euros, close to the Basque average, and with a difference of 1% plus Euribor, will see an increase in your mortgage costs of around 300 euros.
In absolute terms, you go from about 460 euros to about 761 euros per month, which amounts to an additional annual expenditure of more than 3,600 euros.
Under the same conditions, a mortgage of EUR 300,000 capital pending repayment and 30 years pending payment should assume a monthly increase of EUR 600, which amounts to approximately EUR 7,250 extra per year.
The 12-month Euribor is exactly the index most variable mortgages refer to.
In February it stood at 3.53% in its average price, 20 points more than in January (3.33%) and 386 basis points more than a year ago when it was still trading negative (-0.33%).
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Source: EITB
I’m Wayne Wickman, a professional journalist and author for Today Times Live. My specialty is covering global news and current events, offering readers a unique perspective on the world’s most pressing issues. I’m passionate about storytelling and helping people stay informed on the goings-on of our planet.
