The rising Euribor rate is creating a noticeable strain in the finances of families with floating-rate mortgages. A survey from the Valencian Community Consumers’ Association reveals that payments are climbing, with some households facing increases of up to 300 euros per month. Many respondents are already cutting back on discretionary spending such as entertainment and clothing to cope with the extra cost, a trend highlighted by the association.
Data from the survey show that 10.4% of participants reported revisions adding 200 to 300 euros to their monthly mortgage payments, 18.8% faced increases of 100 to 200 euros, and half of those surveyed saw rises under 100 euros. Given Euribor’s recent trajectory, many expect a larger wage adjustment, though 20.8% of respondents were unsure about the exact impact because the investigation had not been completed yet. These increases have pushed most respondents to rethink their budgets to manage mortgage obligations. Consequently, 47% said they would curb dining out and leisure activities, 45% would scale back spending on clothes, accessories, and souvenirs, 27% planned to cancel subscriptions to television platforms, gyms, and private lessons, and 15% would trim grocery expenses.
Income
Beyond cost reductions, some citizens are considering ways to boost family income. While 55% admitted uncertainty about how to achieve this, others outlined potential steps. A portion would seek a second job in 13% of cases, 11% plan to split payments to gain extra monthly liquidity, and 7% contemplated renting out a parking space or a storage area in their home. These thoughts reflect a broader effort to preserve household finances amid rising mortgage costs.
On the other hand, respondents expressed distrust toward banking institutions. When asked what help they would seek from banks, 61% did not believe asking for changes would yield results, 21% suggested limiting interest rates and earnings, 12% desired a reduction in the spread, and 6% urged improved terms without commissions. These sentiments illustrate a desire for tangible, affordable housing solutions rather than mere promises.
Against this backdrop, Vicente Inglada, general secretary of the Valencia Community Consumers’ Union, emphasized the need for government action to ease housing access. Proposals include reconsidering the tax relief that was removed in 2013 and exploring housing accounts as a financial instrument, among other measures. The aim is to provide practical support for households navigating higher borrowing costs and to foster a more stable housing environment for families in the region. (Attribution: Valencia Community Consumers’ Union)