He Euribor twelve months later, September closed below 3%. This is something that didn’t happen from November 2022while the index was on the rise. At this point last year the value was much higher, so holders of variable mortgages with an annual review in September will experience a big drop in their payment.
This index, to which the majority of mortgage loans in Spain are referenced, concluded the month at 2.936% on monthly averagethis is what is taken into account to update the maturities of variable mortgages already granted.
This Monday, end of the month, the daily value was 2.747%. However, it was last Thursday’s data that recorded the minimum for this part of the cycle, at 2.755%, which is also the lowest value since November 3, 2022.
Cheaper
A year ago, the twelve-month Euribor stood at 4.145%, well above this month’s value. This means that mortgage creditors who must review their loan repayment with this reference will experience a sharp decline.
Concretely, for a property loan granted for 300,000 euros over 25 years at Euribor +0.99%, the reduction will be around 2,462 euros per year or 205 euros per month. In the event of a half-yearly review, the reduction will be around 130 euros per month or almost 800 euros per year.
For a similar loan, but of 150,000 euros, the fees will be reduced by 102 euros per month or around 1,200 euros per year in the event of annual reviews. In the case of half-yearly payments, mortgagees will save 65 euros per month or 390 euros per year.
