Last days to change the mortgage from variable to fixed and save 5,000 euros

Bad news for people who have their home mortgaged. And the measure approved by the Government that eliminated subrogation commissions It has an expiration date. In fact, since January 1, 2024 this action could cost you 5.000 euros. Due to the increase in fees linked to the Euribor, the Government implemented the initiative The Code of Good Practiceswhich eliminates the high commissions that they carried with them change the mortgage from variable to fixed. For this reason, many citizens took advantage of this measure, to save on their mortgage loans and be able to face your debt. If you are considering carrying out this procedure, you should know that there is only less than a month left to complete it at no cost.

From January 1, 2024, subrogating the mortgage could cost you 5,000 euros: the change that is here to stay

There is just over 20 days left for all Spaniards to return to pay commissions for changing the bank mortgage. In fact, starting in January 2024, this action can cost you between 2,000 and 5,000 euros. A large part of the citizens closed their variable rate mortgage, that is, the amount paid each month could vary depending on the interest rate, which until then was the most profitable. But this changed, after the Euribor risewhich until a month ago was at 4,16%which has meant for many families a cost beyond their means.

The Government of Spain took action on the matter, approving regulations to make it easier for families to change mortgages from variable to fixed, practically free. Nowadays, more people decide on this alternative, in fact more than 70% of mortgages in the country are at a fixed rate. As an example, if you had taken out a variable mortgage of 150,000 euros and a spread of 0.99% in October 2017, your monthly bill would have gone from 469.48 euros to 751.05 euros. Changing it to the fixed 3% option, the fee would be reduced to 142.88 euros, so after 24 years you would save 41,150 eurosin the event that Euribor remained at 4%.

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