Mallorca Mortgages - The Euribor Good News Story!
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In line with our earlier reports, the Euribor, main reference rate for Mallorca and Spanish mortgages, fell to 2.1% last month from 2.62% in January. This fall puts the Euribor at it's lowest level since June 2005, and almost 50% lower than year ago, when it stood at 4.349%.
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In these times when most news is full of gloom and doom this at least means that struggling household will see substantial decreases in their repayments when their mortgages come up for review (in most cases annually). The key to how much repayments fall will depend on the small print of any mortgage contracts as some banks try to improve their risk exposure levels by not passing on all these falls to their clients.
Although remortgages can be expensive now may be the time to look at options, especially where your bank is not passing on the full benefit of the recent falls in the Euribor. At least one bank is offering to cover all costs of clients moving their mortgage.
For further information please contact The Mallorca Mortgage Business or see www.mortgagesinmallorca.com
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