How much will mortgages increase in Alicante?

Approved rate hikes European Central Bank to control inflation official price of money 2%however, as is often the case, euribor The majority of floating rate mortgages are referenced, go ahead and already discount the auditor’s next moves, so It will close October above 2.6%. This is the highest level since January 2009 and everything indicates that it will continue to rise in the coming months and rise above 3% or 3.5%, depending on the sources consulted.

taking into account that average amount approximate amount of mortgages 105.000 €With a 1% spread and a 25-year maturity, this means anyone with a six-month review will spend. Paying 537.24 Euro 396.95 per month. So an increase of 140.29 euros per month or the same, 1,687 Euros a year later.

Worse still, those who signed the loan agreement annual Update, which means they were paying 374,03 € The fee is now an amount that will increase to 163.24 Euros. In this case, the additional effort that those affected must make, 1,958 Euro per year.

Given the problems these increases can cause many families, government puts pressure on institutions so they agree to take some form of action that reduces this burden. For example, among the proposals made by some organizations freeze quotas for one year and delay payment of the difference until the end of the loan’s life. However, there is still no agreement on the specific measure or scope, i.e. who qualifies for it.

The result is, right now, they customers who directly address your business Requesting a renegotiation of the terms according to the mortgage manager of the iAhorro portal, Simone Colombelli. “Majority If you want to replace your variable mortgage with a fixed mortgage. Months ago it was easier to take this step than it is now because banks were betting on this type of mortgage, but now organizations want to make variable mortgage their star product and make fixed mortgage more expensive to make it less attractive,” says the expert.

In this way, the majority of fixed loan TIN offers for home purchase currently on the market already over 3%according to the above mentioned portal.

denied

the situation is also a problem those who have to apply for a loan now, they will not only have to pay more, but also approval may be denied. Banking app only monthly installment does not require more than 35% of income If the customer’s usual This threshold is exceeded, the risk of nonpayment is considered higher and is usually rejected.

The problem is that with the increase in Euribor, more and more families are no longer meeting this requirement. Across the country, the Idealista portal reports that these increases expelled 12% of families from the market, a reduced percentage 7.4% in the Valencian Community examplebecause real estate prices are a little more affordable and less financing is required.

emerging market

For now, the pace of mortgage contracting in the province of Alicante remains strong, with total mortgages so far this year. 12,725 credits It became official by 11.4% last year compared to the same dates. Of course, the latest data for August shows a slowdown in the market as growth was less than 1% for the month in question.

Now it remains to be seen what will happen in the coming months. That same week, those responsible for Sabadell assured that they had yet to detect a decline in financing demand, even though the Bank of Spain signaled a slowdown.