The last rise of the Euribor begins to alert the Spaniards who have linked their mortgage to that indicator. Madrileños and Balearic Islands will be the only ones who manage to save more than one hundred euros per year in the payment of the next installments of their mortgages, after which in November the Euribor has closed again. According to data from the Bank of Spain, the twelve-month Euribor, which is the indicator most used in Spain to calculate the price of mortgages, rose in November for the third consecutive month, to -0.272%. Although this indicator is still negative, its rate is less negative than that registered in previous months, especially with respect to August, when it set historical lows at -0.356%. This explains that the savings in mortgage payments have been reduced and only in the case of Madrid and the Balearic Islands exceed one hundred euros. However, mortgage payments will not become more expensive because in the same month of 2018 the Euribor was higher, or less negative, at -0.147%.
According to data from the National Institute of Statistics (INE), the average amount of a mortgage for housing in November 2018 was 130,651 euros. If the Euribor of November 2018 plus a one-point differential is applied to said amount, the mortgage payment for that amount, for a term of 25 years, reached 483.74 euros. Now, once that mortgage is reviewed with the 2019 data, the fee will be reduced to 476.47 euros, which means a monthly saving of 7.27 euros, or annual, of 87.24 euros.
Madrid, the one with the most mortgages
By autonomous communities this average amount varies, since it is necessary to take into account the credits that were registered and their amount. In the case of Madrid, the community is the one with the most mortgages (5,595), and also, in which more capital was lent for this purpose (1,062,518 million euros). For Madrid residents, the savings in mortgage payments reach 126.81 euros, followed by the Balearic Islands, where said savings are 109.48 euros. On the opposite side are the mortgaged of La Rioja, with a saving of 54.69 euros. On the other hand, in Catalonia the saving reaches 99.97 euros; in the Basque Country, 97.73 euros; in Navarra, 76.07 euros; in Andalusia, 75.60 euros; in Cantabria, 68.40 euros; in Galicia, 68.16 euros; in the Canary Islands, 67.23 euros; in the Valencian Community, 64.34 euros; in Castilla y León, 62.60 euros; and in Aragon, 61.08 euros. In the case of Asturias, the saving is 59.88 euros; in Castilla La Mancha, 57.87 euros; in Extremadura, 56.76 euros; and in Murcia, 56.25 euros.
. (tagsToTranslate) Mortgages (t) Finance (t) Credits (t) Housing