The sudden rise of Euribor caused quite a stir among mortgage customers. Although they have been lending to other banks for months in search of lower interest rates, the sharp increase in the cost of mortgages offered on the market is making these changes lose their appeal, since it makes no sense to change banks if the interest to be obtained is not. improve.
In August they were signed in Spain 1,413 mortgage changes to other bankswhat does it mean 23% less compared to July and 18.27% less than last December, when mortgages were cheaper than ever.
A sharp drop that coincides with the rise in mortgage prices that caused the Euribor to rise. And it is that when the loans become so expensive it is no longer so interesting to change the bank loan.
[Los ‘divorcios hipotecarios’ entre banca y clientes aceleran este año pero se moderarán por la mejora del Euríbor]
These changes experienced a real boom last year and earlier this year, although, as reported by EL ESPAÑOL-Invertia, these changes mortgage divorces they tended to moderate due to the increased cost of borrowing, which is a direct consequence of this the increase in interest rates.
During 2021, these transactions reached the figure of 3,452 in just one month (June) and were above 2,000 for almost the whole year, which explains why, following a Euribor at historic lows and an APR in the same situation, the mortgages marketed were the cheapest in history.
At that time, the customers who were paying the mortgage, seeing that it was being sold much less, asked for better terms from their banks and, if they did not get it, they turned to another institution.
This trend stopped in early 2022, although it picked up again when the Euribor began to rise after six years of hibernation. In January, 1,730 subrogations were made in January, after which it went to over 2,400 in February and March, months when it still made sense to make changes. Subrogations then began to drop to 1,413 in August.
unattractive offers
“It’s still a good time to surrogate, though it is true that the offers you can get now are not as tempting as the ones we only saw about three or six months ago. What we recommend to users is to compare and try to find a better offer, there is always time to stay as it is “, he explains to this newspaper. Simone ColombelliMortgage Director iSavings.
And it is that, while intending to attract new mortgages, the interest banks will now offer to customers looking for improvements will not be as competitive as those that could be found last year.
[La locura del Euríbor dispara las peticiones de los clientes para cambiar su hipoteca de variable a fija]
This was recognized by himself Gonzalo GortazarCEO of Caixa Bank, during the last presentation of the results by the entity. “That option exists, what happens is that interest rates have already risen. What is not renewed is a fixed rate variable rate mortgage that existed twelve months agobecause this is no longer the case. This option exists, but it is not an option to correct what has already happenedor that interest rates have risen “, he stressed in the last presentation of the institution’s results.
However, some mortgage changes are happening far from INE monitoring. This is because, when a customer requests an improvement on their loan, mortgage cancellation is often performed.
“Some institutions are more encouraging to cancel the previous loan and open a new loan. These mortgage changes are not registered by the INE as such, so they are very difficult to measure. However, the institutions are more committed to this modality. since a they benefit, as interests start from scratch, something that doesn’t happen in surrogacy“, explains Colombelli, of iAhorro.
