The EuroBir continued its downward trend ending at -0.11% at the end of March – it’s lowest yet. Positive news for mortgage rates and anyone thinking about getting a Spanish mortgage.
The Euribor(12 month) is the interest rate most commonly used to calculate mortgage payments in Spain. It is the interest rate that banks in the Euro Zone use to lend to each other and is derived from the base rate set by the ECB.
For anyone who has an annual mortgage review due, as a result of the low current Eurobir rate can save €53 a month, basing this on a 25-year loan with a capital of €100,000. However, for many others, the annual reviews have become redundant, as an increasing number of buyers are taking advantage of current low rates to contract a fixed-rate mortgage: it is estimated that these now account for around 40% of the mortgages being contracted in Spain.
If you are thinking about getting a Spanish mortgage or if you have any questions regarding one, call us on (+34) 96 682 11 72 or email [email protected]