Spanish mortgage rates jump in March

A summary of the Latest Euribor and Spanish mortgage news

Euribor (12 months), the interest rate generally used to calculate mortgage repayments in Spain, rose to 1.924pc in March, a change of +12.3pc compared to the previous month.

On an annualised basis, Euribor is 58.4pc higher than it was a year ago (see graph above), meaning higher monthly repayments for borrowers with mortgages resetting now.

Repayments for a typical mortgage (150,000 Euros, 25 years, Euribor +0.25) will go up by around 50 Euros /month, or 600 Euros / year. That will punish many stretched household budgets in Spain.

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About Mark Stücklin

Mark Stücklin is a Barcelona-based property market analyst and consultant, and author of the 'Spanish Property Doctor' column in the Sunday Times (2005 - 2008). He can be reached by email on ms@spanishpropertyinsight.com.