The Euribor will close November at 2.83%, with a new rise from 2.66% last month, according to calculations by the iAhorro portal. The rate of rise relaxes, after shooting up in summer and jumping above 2%.
In this way, customers with a loan of 150,000 euros at a differential of Euribor 1% who have to review the mortgage with the data for November will see the installments increase from 449.64 euros to 701.50 euros, based on the calculator of the Spanish Mortgage Association (AHE). With an increase of more than 50%, it will be 251.86 euros per month more, raising the extra bill in the year to about 3,000 euros. The rise is notable since a year ago the Euribor was in negative territory, at -0.487%.
The scenario is modeled on larger loans. In a 30-year loan of 300,000 euros with a Euribor 1% differential, you go from paying 899.28 euros to 1,403 euros. The annual bill grows by 6,000 euros. 70% of current mortgages in Spain are at a variable rate. With these figures, "the impact of the increase in the Euribor on mortgages is very important," says the director of mortgages at iAhorro, Simone Colombelli.
The notable rise in Euribor this year "is something we have never seen in history," says Colombelli. "Everything suggests that it will not stop in the short and medium term," he warns. Hence, banks and the Government closed the agreement last week to cushion the rise in mortgages, offering the possibility of extending the loan and freezing the installments.
In addition to those with mortgages, those who want to access a loan also notice the rise in Euribor. And it is that the rise in monthly payments makes it easier to overcome the non-recommended debt ratios, such as allocating more than 30-35% of the salary to the mortgage. This year, it is also not expected that there will be last-minute sales. In November and December, banks usually lower their rates to meet mortgage signing targets, but this 2022 is ruled out.