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News
July's Euribor: free mortgages are now a reality
 10

  JUL

July's Euribor: free mortgages are now a reality

The election of Christine Lagarde as future president of the European Central Bank (ECB) and her inclination toward negative rates has given wings (but to the downside) to Euribor. The most commonly used indicator to benchmark mortgages broke the -0.217% barrier and went down. In fact, it reached -0.268% and placed the average at -0.25%.

This is good news for mortgaged people who have to review their loans both semi-annually and annually, and if the indicator continues, it will close marking a new historical minimum.

But it is more, for those mortgaged who had access, during the years of the boom, to loans with differentials between 0.18% (the lowest that was commercialized in Spain) and 0.25%, as were the mortgages destined for young people who commercialized some entities such as the old Caja Madrid and BBK will suppose that they will be financed for free.


Amortize now is the best option

In this way, mortgage amortization becomes the best option for Spanish families, who would take advantage of the negative Euribor to reduce their debt and face the possible normalization of money in a better future in a better situation, with the subsequent rebound of the indicator. (Do not forget that in 2008 reached the historic share of 5%).

Thus, the mortgagee who wants to reduce capital should know that the system that governs mortgages is French: that is, they pay more interest at the beginning than at the end and how much younger is the mortgage. On the other hand, the decreases of the Euribor are more noticeable at the beginning of the mortgage than at the end for the same reason.


At the time of amortization you have to have four basic aspects

Fee less than 750 euros and tax:

Only mortgages signed prior to January 1, 2013 have the right to deduct 15% on the Income Tax return for a maximum of 9,040 euros. This figure rises to 18,080 euros in the case of two holders who make an individual declaration.

This maximum is a monthly fee of 750 euros, so if it is lower, and you have savings to spare, you should complete the rest to access the 1,356 euros deduction.

Beginning or end of the mortgage?

Early amortization during the first years of the mortgage reduces the interest payable for the rest of the mortgage life. Especially at the present time, in a low-interest environment it is advisable to amortize the mortgage to prevent future increases from catching us with a lot of capital, since the interest is calculated at each moment on the debt.


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