Euribor rate

Do you have a query on how to get things done in Andalucia, where to find things, who to call? Find out by posting and hear about others experiences.
j4mes
Andalucia.com Amigo
Posts: 113
Joined: Fri Aug 03, 2007 9:14 am

Euribor rate

Postby j4mes » Tue Jun 10, 2008 1:58 pm

Hi guys,

I am currently deciding on whether to purchase a house (I have found one we like, and am in the process of making an offer).....

I have been offered a mortgage of euribor plus .6% which I understand is quite reasonable, however the Euribor is currently at 5.4% (I'm told this is a record high) which of course makes the repayments expensive...

Question is......What do people think will happen to the rate? will it continue to rise? is it likely to drop?....I'm not looking to make a decision based on the info received here, merely after some objectional views...

Your thoughts would be appreciated....

User avatar
malagaman2005
Resident
Posts: 773
Joined: Mon Mar 27, 2006 9:54 am
Location: Villafranco, Malaga

Postby malagaman2005 » Tue Jun 10, 2008 2:34 pm

I may be totally wrong but I would think this is a tad high. Our mortgage, taken out last April with Cajasur, is set at euribor + 0.25 % and I thought that was about the norm but perhaps in the current financial climate the rate offered to you is now the 'norm'. We were hoping to change ours for a long term interest free period but it's looking less unlikely these days.
" If at first you don't succeed then skydiving is not for you"

User avatar
Kmoppz
Resident
Posts: 310
Joined: Fri Sep 14, 2007 10:33 am
Location: Mijas Golf, and Crawley

Postby Kmoppz » Tue Jun 10, 2008 3:29 pm

How easy is it to re-mortgage in Spain? Forgeting the current banking problems)

anyroads
Andalucia Guru
Posts: 2252
Joined: Tue Apr 04, 2006 8:53 pm
Location: Hampshire, UK, Lebrija

Postby anyroads » Tue Jun 10, 2008 10:21 pm

"How easy is it to re-mortgage in Spain? Forgeting the current banking problems)"

alas, the banks won't forget ! That is the whole point.

anyroads

User avatar
Colinm
Resident
Posts: 1271
Joined: Wed Aug 02, 2006 1:49 pm
Location: Cork, Ireland & Torre del Mar area

Postby Colinm » Tue Jun 10, 2008 10:21 pm

my preference would be for a rate tracking the ECB rate (currently 4.0%), although it is difficult to get, because of the current market fluctuations.
It should be possible to get a rate of ECB + 0.6%, though you may have to wait until the 'credit crunch' gets sorted.

User avatar
Kmoppz
Resident
Posts: 310
Joined: Fri Sep 14, 2007 10:33 am
Location: Mijas Golf, and Crawley

Postby Kmoppz » Wed Jun 11, 2008 7:19 am

anyroads wrote:"How easy is it to re-mortgage in Spain? Forgeting the current banking problems)"

alas, the banks won't forget ! That is the whole point.

anyroads
I have an excellent credit rating, so if mortgages are available at a price, I'm sure I would get one. What I meant was, how easy is the process, I have no idea as I have never re-mortgaged in Spain?


Who is online

Users browsing this forum: No registered users and 34 guests