ANNOUNCEMENT: We must prepare for a mortgage apocalypse in the coming months, warns Euribor.com.es

(Information sent by the signing company).

ANNOUNCEMENT: We must prepare for a mortgage apocalypse in the coming months, warns Euribor.com.es

(Information sent by the signing company).

The rise in the Euribor has barely begun to be noticed in mortgages

"The wolf is coming", with this phrase began an article that the Financial Times published last week in reference to what awaits the Spanish mortgaged and probably quite adjusts to the reality that lies ahead.

The rise in the Euribor has caught everyone by surprise, both because of its harshness and its speed. This last factor is going to be devastating for many mortgage holders in the coming months, for example, for those who have to check with the December Euribor, who will face a double problem: on the one hand, they will start from historically low values ​​(especially those who do annually since they start from -0.502%) and on the other hand they will find themselves with a Euribor not seen since the beginning of 2009.

The increase has been so fast that it will result in the next revisions in the rise of the strongest mortgage payment in history since in the case of those who have to update with the values ​​of November or December they will see how the interest rises 350 basic hit points, something that will shake the finances of practically every family.

For an average mortgage of €150,000 that is reviewed in December 2022, under the hypothesis that the Euribor rises to 3%, we would be talking about going from paying €532 per month to €790, an increase of €260 per month, €3,1180 per year.

Carlos López of Euribor.com.es, who has been analyzing the behavior of the Euribor for more than 15 years, warns "The ECB does not care about the Spanish mortgage, its mission is clear, to protect the value of the Euro, for which they have to contain the increases prices and they will do everything in their power to achieve it, they are at war against inflation and as in any war there will be collateral damage, which in this case will be hundreds of thousands of families with variable-rate mortgages".

Pau A. Monserrat of the online broker portal Futur Finances, points out the poor mortgage culture of the average consumer, who does not have the adequate knowledge to follow the different Euribor forecasts at all times, nor does he know how to calculate changes in mortgage payments in advance. The economist affirms: "without adequate financial knowledge, the mortgaged person is unable to anticipate the increases in monthly payments before they occur and, therefore, financial inflation unexpectedly hits their family economy".

As they warn from Euribor.com.es "You have to prepare for a mortgage apocalypse in the coming months."

ContactContact name: Pau A. Monserrat Contact description: Contact telephone number: 971415067

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