ecb raises rates

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07 Apr 2011 00:00 by georgeh Star rating in condado de alhama sp.... 1462 forum posts Send private message

 ecb today raised rates 1/4% to 1 1/4%. the markets are pricing in another 3/4% of rises over the next year to take it to 2%. most people are on annual rest variable so they will pay the higher rate on the anniversary of taking out the mortgage.

every 1/4% means a 50k euro mortgage costs an extra 10.4 euros a month. so 1% rise would equal 41.5 e pm. and therefore on a 100k mortgage 83e pm approx.



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07 Apr 2011 18:33 by darren.wilkes Star rating in Bolton/Vegas. 747 forum posts Send private message

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My CAM Bank mortgage is linked to Euribor on an annual rest basis, rather than the base rate. This is currently 1.94%, I believe.



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07 Apr 2011 19:38 by georgeh Star rating in condado de alhama sp.... 1462 forum posts Send private message

 euribor is linked to the ecb rate.  very similar to svr in the uk, so the euribor rate will go up 1/4 % . the banks will make sure they can can charge you the maximum possible. with uk rates trying to stay as low as possible if you can up your uk mortgage and repay your spanish mortgage you could possibly  benefit but unfortunately the prospect of higher ecb rates has made the pound weaker. 2 year fix rates in the uk are as low as 3.54% on 75% ltv with low fees  which is an excellent product as uk rates are expected to rise shortly.check your uk svr rates as some lenders have raised these substantially to maximise profits.

 



This message was last edited by georgeh on 08/04/2011.

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08 Apr 2011 02:18 by darren.wilkes Star rating in Bolton/Vegas. 747 forum posts Send private message

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I am a mortgage adviser! Euribor is not directly linked to the ECB.

Euribor is a rate set by the private banks, ECB is set by the Central European Bank

They do tend to track each other, however Euribor tends to be higher than ECB.

If you want a 2 year fixed at 60% check out The Mortgage Works. 2.75%!!!



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08 Apr 2011 21:32 by Beau Brummies Star rating in Birmingham and Jardi.... 176 forum posts Send private message

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WTF And i thought spanish was hard to understand



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