12:46 PM · Comments Off on Record falls for those with Spanish mortgages · Categories: News from Marbella Costa del Sol · Tags: ,

With the beginning of the new year lots of expenses like electricity, water and public transport are to rise in price, but mortgages rates for the last two years have recorded record falls and this will give joy to those with mortgages.

The fall of the Euribor rate at end of 2013 to 0.54% will make a reduction of 3 or 4 euros per month.

The Euribor, the main indicator for calculating mortgages is expected to close the year at 0.541 %, representing a fall of 6 a thousanth 0.548 % compared to December 2012.

The percentage of savings you’ll get each month will vary depending on the years you have contracted the repayments, the review period and the differential, so a mortgage of 24 years mortgage payable with annual review and Euribor + 2.5% will see their mortgage reduced about 3-4 USD per month fee which is about 48 USD per year.

But if a mortgage still has a life of 39 years the savings will be around 1%, which is 6 euros per month less and over a year about 72 euros less.However semi-annual review mortgages will suffer another increase in their quotas.

The Euribor in 2013 ends at an all time low

The Euribor in 2013 ends at an all time low