During 2023, all those who had taken out a mortgage with variable loans had a really bad time due to the rise in the Euribor and the rise in interest rates. So much so, that the changes in the conditions of some mortgages (especially the variable rate ones) have been causing a real headache for homeowners who endured constant monthly increases in mortgage payments. However, everything seems to indicate that interest rates could give a break in the coming months.
Good news for many Spaniards, since as stated by Sergio Carbajal, head of mortgages at Rastreator, according to the portal’s latest analysis, “64% of Spaniards would consider buying a home if interest rates “They will go down.”
Both for those who aim to acquire a new home in 2024 and those who seek to improve the conditions of their current mortgage, having a mortgage comparator is the best way to find the option that offers the best conditions.
Euribor forecast for 2024
All forecasts indicate that, after a year of unstoppable increases, the upward trend has been reversed and the Euribor will begin to fall from 2024, although the peak will occur at the end of that same year, at which time the The pockets of those mortgaged at a variable rate will notice a truce. In fact, after recording an average of around 3.9% in 2023, according to the Savings Banks Foundation (FUNCAS), it expects the Euribor to be around 3.5% at the end of 2024.
Mortgage decline in 2024
The drop in the Euribor may not seem relevant at first glance, but it would mean a reduction of more than 100 euros per month in the payment of an average 25-year mortgage, undoubtedly a great relief for many mortgage holders.
However, FUNCAS warns that not all mortgage holders will notice the drop in prices at the same time. Those who update their mortgages twice a year will be the first to notice the reduction in monthly payments, specifically in January 2024, while those who review them once a year will have to wait until April of the same year.
Carbajal assures that “although government aid for fixed-rate mortgage novations ends in 2023, we must not lose sight of the contribution of this type of mortgage to the mortgage sector, which has set records this last year and in 2024 it can be behave in a similar way.”
How to improve the conditions of your mortgage
Many of the families that have set themselves the goal of improving the conditions of their mortgage in 2024 will only value the options offered by their traditional bank, without taking into account that other entities that can offer better conditions not only in interest rates. . That is why it is increasingly important to use an insurance comparator that provides information about the conditions offered by different banks and where all the available options can be viewed on a single page.
Using it is very simple, you just have to enter a series of data and wait for the different options to appear on the screen. Then, it is just a matter of selecting the best ones in each case and asking the different entities for a mortgage improvement proposal.
If you have questions during the process, there is the option of requesting help from an advisor who will be in charge of solving the user’s doubts. Likewise, some basic information will be requested (employment situation, value of the home, mortgage amount, repayment period, etc.) to analyze the viability of the operation with the different entities.
In short, 2024 is presented as a good year to review the mortgage or decide to apply for one, you just have to find the best offer with the help of comparators like Rastreator.
2023-12-27 21:28:29
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