This will not cease to be one little relief. Although it is light Euribor’s decline during the past month August Who should review their home loan this month – from 4.19% to 4.073% You will see your monthly payment increase significantlysince this landing does not compensate in any way The strong rise that the indicator has experienced in the last six months or a year are the two periods when this operation is most common.
Considering in this way that the average loan for the purchase of a house in Alicante is 105,000 euros and the repayment period is 25 years, Reviewers in February will now pay almost 33 euros more – up to an average of 618.1 euros per month – and those who do in august last year will increase up to 160 euros. Of course, without the August data, this increase would have been six euros higher.
In addition, while experts disagree on whether Euribor has reached its ceiling, yes, it’s something that will happen again, at least until the beginning of next year, for anyone who has to go through this process. it’s all clear that It will remain at a level very close to its current level until 2024.
“The important thing is, at the meeting on September 14, we will see if the ECB will raise the official currency rate plus another quarter point or if it will continue to do so. If it does, Euribor can reach 4.3% and if not, it will remain between 3.5% and 4%,” he explains. Laura MartinezFrom the iSavings portal. In any case, Martínez said that what will follow after this maximum will not be a significant decrease, but a “plateau” period, Rates will be maintained for a while with slight fluctuations as in April.
In other words, the mortgaged keep up the effort they do this to face loan payments. And this is no small effort: if you take into account the accumulated increases from December 2021 -Euribor minus 0.502 points-, the average monthly mortgage payment in the state increased from 372 euros to 618 euros, ie 246 euros more or the same each month, approximately 2,950 euros more per year.
This is no small sum, given that the average declared salary in the state is only €17,649, according to data from the Tax Office, which is one of the lowest in the country.
guilt
However, the reality is that the latest statistics from the Bank of Spain show that: Even mortgage defaults have decreased –In June, this rate was 3.5%, 0.38 points lower than a year ago- which is not surprising.
In this sense, Asufin, the communication officer of the financial users association, Veronica Rodriguezdraws attention to several reasons for this situation. On the one hand, there are many families taking advantage of this opportunity. savings during the pandemic paying off at least part of the mortgage and keeping payments off. But in addition, Rodríguez, after the previous crisis, risk criteria, This means that many citizens are taking loans that are higher than they’re paying for the home, and the amounts awarded are adjusted according to the actual solvency of the plaintiffs, compared to the boom-period anger they used on other purchases.
But above all, both the Asufin spokesperson and the iAhorro spokesperson emphasize: job market remains strong and there was no significant job loss, which is the most affecting delinquency.
But Verónica Rodríguez also warns of the consequences that loss of purchasing power can have for these families, and above all for the family. request to apply for new loans Expenditures to maintain the standard of living or to cover certain expenses can lead to increased household indebtedness, leading to new problematic situations. Faced with this dilemma, Rodríguez recalls: always better to apply for “traditional” consumer loansbefore you get to the credit card whose interest rates are always much higher.