The Euribor points in February to another of the highest increases in its history in year-on-year comparison. At 3.52% on average - in the absence of official data - and with almost four points of difference over the average of a year ago, whoever has to review the mortgage will see the loan rise up to 600 euros per month in the most extremes.
It is a level that has not been seen since the end of 2008. As the markets take for granted a new rate hike by the European Central Bank in March, "it is very likely that we will see Euribor levels of around 4% before the summer" , raises Simone Colombelli, director of Mortgages at the comparator iAhorro. "So far we have not reached a stabilization point," he adds.
What does the new rise translate into? In general, an increase in installments of the order of 66%, which will put more than one household on the ropes, so you should check if you can take advantage of the mortgage aid agreed between the Government and banks.
Whoever contracted a 30-year mortgage of 150,000 euros a year ago with a differential of Euribor 0.99% paid a fee of 459.06 euros per month, according to the calculator of the Spanish Mortgage Association (AHE). Then, the Euribor was at -0.335%. If it is time to review the data for February, it will now shoot up to 760.92 euros. The difference is 302 euros per month, about 3,600 euros more per year.
With smaller amounts, in a mortgage of 120,000 euros and the same conditions, the fee will go from 367.25 euros to 608.74 euros, up to 241.50 euros more per month and 2,900 in the year.
In a third scenario, such as the one that can occur in large capitals, a 30-year mortgage of 300,000 euros with a differential of Euribor 0.99% paid 918.11 euros per month. Now the fee goes to 1,521.84 euros, again according to figures based on the AHE calculator. The 603 euros more per month represent an extra annual cost of 7,240 euros.
To protect yourself from the rise, the alternative is a subrogation -taking the mortgage to another bank- or canceling part of the credit, since in 2023 the entities cannot charge commissions to clients who want to repay the mortgage. "Mortgage subrogations and cancellations are almost free, since users will only have to pay for the procedures associated with the operation," warn iAhorro.
Another option is to opt for fixed-rate mortgages, which can still be found with rates below the Euribor, even with a TIN below 3%. It is applied, in any case, "for more solid operations, for better profiles...". In the case of mixed, there are up to 5 years at fixed interest rates of less than 2%,
