The evolution of interest rates and reference indexes in recent months is one of the biggest concerns for homeowners with variable-rate mortgages. reason: Dependencies between variables such as the Euro Interbank Offered Rate (Euribor) and mortgage payments, This has resulted in growth that many families cannot afford.
Bankinter analysis said, “The European Central Bank is likely to maintain interest rates at current levels until 2025. Currently, there are 4% or 4.5% (deposit/director), Real levels are already positive, so we think further increases are unlikely. Of course, the rate cut may be delayed until 2025. There is no reason to be anxious as inflation remains higher than expected. 2% target Moderate but positive economic growth.
Although yesAccording to these forecasts, interest rates They may not rise again but are expected to remain unchanged in the short term. For many, continued annual increases in mortgage payments like this year’s are not feasible for the domestic economy.
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‘Tricks’ to Reduce Mortgage Repayments
Mortgage Refinance
An option for those looking for themselves Choking on mortgage payments and try to negotiate the terms of the mortgage to suit the terms more favorable to the owner.
Mortgage term extension
Another measure that attempts to reduce mortgage payments is Try changing the return period Longer so we can spend more time paying, but reducing the amount makes it more affordable. The downside to this option is that by extending the term of your mortgage and lowering your monthly payments, the interest will also increase.
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additional payment
Another solution is to try to reduce your mortgage payments amortization portion of the loan Extra Payment: Any extra money you can put down each month or year toward your mortgage principal. This will allow you to pay off your debt faster and reduce the total interest you pay.
In this sense, one should avoid Negative amortization: Some mortgages allow for payments that do not cover all interest due, which may increase the debt rather than reduce it.
Negotiate with bank
Finally, if you are experiencing Difficulty paying mortgage, You can negotiate with the bank to modify the terms of the loan, such as lowering the interest rate or even suspending repayments.