According to the Deco/Dinheiro&Direitos simulation, the mortgage payment paid to the bank increased again in February in floating rate contracts, with an expected increase of almost 200 euros over the six-month period compared to the latest revisions.
For example, a customer with a 30-year loan worth €150,000, indexed to the six-month Euribor – the most commonly used in home loan contracts in Portugal – and with a ‘spread’ (the bank’s profit margin) of 1%, from February Er is paid 703.90 euros, which translates into an increase of 188.66 euros compared to the last review in August.
With a loan under the same conditions (amount and term), but indexed to the three-month Euribor, the customer now pays EUR 660.66, EUR 73.58 more than in November.
These values were calculated taking into account the Euribor averages in January of 2.858% for six months and 2.345% for three months.
As for 12-month Euribor-indexed loans, the mortgage payment – for a loan under the above conditions – will be EUR 745.57 from February, an increase of EUR 295.27 compared to what you have been paying since January 2022.
In this case, the value was calculated taking into account the average of the Euribor 12 months in December, which amounted to 3.337%.
The evolution of Euribor interest rates is closely related to increases or decreases in ECB interest rates.
After several years in negative territory, the Euribor started to rise more sharply since February 4, after the European Central Bank (ECB) admitted that it may raise key interest rates due to the rise in inflation in the Eurozone.
Since then, the ECB has already raised its base rate four times, which means that the amount customers pay on loans, especially home loans, is rising, leaving many families in trouble. Industry sources told Lusa that banks have had many contacts from customers wanting to renegotiate loans, so the monthly installment increase is not that big.
Faced with the worsening cost of housing loans, the government approved a diploma outlining the conditions under which banks must offer customers a credit renegotiation to avoid default situations. The measures will apply from 26 November 2022 until the end of 2023.
This is reported by the Bank of Portugal. Home loan contracts that are renegotiated under the new Default Risk Action Plan (PARI) are considered “regular renegotiation”, without “any specific marker” in the Credit Responsibilities Central (the list of defaulting bank customers that all banks have access to) .
However, the consumer protection association Deco has warned that there are banks to discourage customers from using the transitional regime that allows them to renegotiate the loan, arguing that they stick with the ‘signed’ credit.
While banks cannot flag these clients as non-compliant in the Credit Responsibilities Central, several industry sources told Lusa that these clients are referenced in each bank’s internal systems, which could make it difficult to access in the future. access to that bank’s credit products. .
Source: DN
