Advanced version for mortgage with variable loans in Santander Bank, Caix Bank y BBVAcomes with the recent one variations of the euribor they promise to significant financial relief. After a long period of promotions which has tested the pockets of many, the signal has begun to decline, allowing the owners from housing breathe a little easier.
The context of this good news lies in the recent past the fall of the Euriborwhich could be translated to savings of up to 1,000 euros per year for those who have variable mortgagess. This change represents a financial relief for many who, for more than a year, have had their monthly payments regularly increased as a result of the increase in this index.
The Euribor fell to reduce mortgages
A few days ago the euribor registered a new lowstand in the 3.522% per month – the change in exchange rate. Compared to the same period of the previous year, when the index reached a peak of 4,149%the fall is special. This decline, the most significant in the past 11 years, marks a turning point for many Spanish families.
The Eurider exchange rate is down today against the pound signals sent by the European Central Bank (ECB) a few months ago. Expectations of a relaxation in interest rate policies have emerged in a a quarter point reduction at the last meeting of the ECB, and rates are expected to remain stable, with further reductions possible before the end of the year.
How it affects the mortgage
The impact of this fall in the Euribor is felt immediately in the mortgage payments. In the secondary market, banks lend money to a 3.6% for the 12 months for Euribor. With this reduction, the July average is expected to show the lowest level of the year, bringing relief to those with a mortgage.
For example, a variable mortgage contracted in July 2023 before 150,000 euroswith the Euribor at 4.149%there was a monthly fee of bought for 796.43 Euro. With the current review, and the Euribor at 3.5%that fee will be reduced by around 49 euros per month, which is equivalent to annual savings of for 588 Euros. In the case of an original mortgage of 300,000 euros, The monthly savings will be 98 euros, in total 1,176 euros per year.
these savings they are not not energetic. For many, they represent potential rebalance your finances and face the future with greater peace of mind. Reduced mortgage payments allow homeowners to have more resources for other needs or investments, providing much-needed relief after a period of financial upheaval.
They are expected to continue to fall
The a rehearsal of the experts yes optimistic regarding the the evolution of the Euribor. With the potential for more reductions With interest rates by the ECB, the indicator could continue decline in the coming months. This position offers a ray of hope for those mortgagewhich has increased in weight in the past year.
The reduction in the Euribor not only means an immediate relief in monthly payments, but it also generates a positive impact on the domestic economy in the long run. Homeowners can expect greater stability and predictability in their finances, allowing them to plan with more confidence.
Therefore, the recent fall of the Euribor brings with it a Substantial relief for those who have a mortgage at Banco Santander, Caixa Bank and BBVA. After a period of uncertainty and continued growth, the decline of the index offers significant financial relief. With the prospect of further possible reductions in interest rates, mortgage holders can look to the future with renewed optimism, hoping for more stability and relief in their personal finances.
2024-08-17 16:22:37
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