The mortgages that come: more expensive quotas and tougher conditions to access credit

The mortgage market lived in 2021 its best exercise in the last decade. Fever for buying housing resulted in an increase in the granting of credits for this p

The mortgages that come: more expensive quotas and tougher conditions to access credit

The mortgage market lived in 2021 its best exercise in the last decade. Fever for buying housing resulted in an increase in the granting of credits for this purpose as it was not seen in a long time, with a mortgage war that has led banks to offer the lowest prices and the best conditions in years. However, this scenario could have the days counted.

Experts agree that market conditions are beginning to change and pretend that customers will attend foreseeing mortgage loans.

The first symptom of that change is appreciated in the euribor. The index referred to most of the variable mortgages in Spain has remained below 0% since 2016 and beat its negative record in January 2021, when it reached a value of -0.505%, thus holding very competitive conditions for Housing buyers. However, in January 2022 its trend has been invested and started to rise up to -0.477%. Everything points to the fact that this rise will not be anecdotal and several mortgage market specialists consulted by the comparator HelpmyCash affirm that this index will continue to be quoted up on 2022.

The rise in mortgages at a variable type will also mark the way for fixed types, so that the hegemony that the latter has strengthened in 2021 could be compromised at the end of 2022. However, analysts warn that the increased will have a Locked "It is impossible for the Euribor to put positive soon, with which it is also impossible that we will see great changes in mortgages this year, it is true that the trend before or after will be reversed, but that there is still a lot for this Change is really substantial, unless the President of the European Central Bank (ECB), Christine Lagarde, announced the opposite, "says Simone Colomballi, director of mortgages of IAhorro.

At the moment, LAGARDE and the ECB have placed the markets at their meeting next March, although last Thursday the President of the European Entity recognized the concern they share for the rise in prices.

Inflation is precisely another of the factors that will condition the change in the mortgage market of the coming months. The rise in prices is reducing the acquisitive capacity of families and can make many of them have more difficulty facing expenses and payments between them that of their own mortgage. This fact, added to the expected growth of the Euribian, can lead to banks to be stricter with the user profile to give or not a mortgage loan before fear of delinquency.

This is also reflected in the last survey on bank loans from the European Central Bank (ECB) published only a few days ago, according to which EUROZONA entities contemplate a "moderate hardening" in the criteria applied to grant home loans for the acquisition of housing. "In the first quarter of 2022, the banks of the euro area expect a moderate net hardening of the credit standards of household loans for the acquisition of housing", warns the institution.

The increase in the quotas is already a fact. In a practical way, those who have to do this month of January their annual review will see how their monthly payment of their hypothequea. For a variable mortgage of 150,000 euros to 30 years with Euribor + 0.99%, in January of last year, 534.81 euros per month were paid and now it will be 536.54 euros. In this way, the monthly fee is neglected by 1.73 euros, which is equivalent to a rise of 20.76 euros a year.

If the amount of the mortgage loan amounts to 300,000 euros to 30 years, equally with a differential of Euribor + 0.99%, customers will pay this month 1,073.07 euros, while in January 2020 they paid 1,069.62 euros. In this case, the increase in cost is 3.45 euros per month and 41.40 euros per year.

The director of mortgages of IAhorro does not rule out that, at the time, "a solvent person is going to have even better conditions because the bank will love him as a client, unlike people who are fairer in funding issues or have unstable contracts , which could be affected by much stricter conditions on the part of the bank. "

Date Of Update: 07 February 2022, 20:13

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