chrismortley

We have a mortgage with Bank Santander & I am led to believe the Eurobor Hipoteca rate is used to calculate repayments
Apparently the Bank of Spain set the rate the 20th of every month.
Does anyone know the current rate & a web site to keep track of it?
Regards

Chris

Fred James

Try this from the Banco de España

http://www.bde.es/infoest/a1901e.pdf

CBANDY

I check this website daily.

http://www.euribor.com.es/

Fred James

Yes that's fine for the actual daily rates but the banks use the figures published by the BdE.

Also many mortgages do not use Euribor but use an average of the actual lending rates used by banks on house loans over 3 years. You can find that figure in column 9 on the list whose link I gave.

You will see it is very different from Euribor, both in the actual rate and also the speed with which changes filter through. It's that method of calculation that has given rise to a number of complaints about some mortgages that were reviewed in December, actually having the rate increased while Euribor was falling fast.

The Spanish banks have weird and wonderful ways of screwing the customer!

chrismortley

Many thanks to you both
Apparantly Bank Santander use the 1 month Hipoteca rate , do you have a page for that please Fred ?
I was led to believe the standard Eurobor rates can differ from the Hipoteca ones
All very confussing to me I'm afraid but trying my best to understand it all.

Fred James

I think you will find that they use the alternative system that I mentioned. In which case it is column 9 on that chart I gave you.

For December, the last published figure, the rate is 5.635% as opposed to the 12 month Euribor rate which is 3.455%. As I said, quite a big difference!

chrismortley

If anyone needs a site to follow Hipoteca rates
have a look @
www.rankia.com I got it from my Bank Santander branch & even I can understand it
I see what you mean by quite difference in the rates Fred

snikpoh

Fred, Santander like many others, offer a monthly euribor mortagage, annual euribor plus others.

The current rate (March) is 2.845% For us this will be collected on 20th March so actually reflects the February 20th rate.

chrismortley

Are you sure about those rates
I'm looking @ the February rate & it's 2.135%

snikpoh

Yep, oops. The quoted monthly rate for me is 1.745% (for payment in march) The rate for April will be 1.53%

(I forgot the differential of 1.1%).

chrismortley

I prefer your rate know , how comes it's lower than ? & also how do you know the April rate I thought they were announced on the 20th?

snikpoh

I rang them and they said that the rate is fixed early in the month for the 20th of next month ... They then offered to give me the rate for April even though, like you, I hadn't realized that it was set yet.

chrismortley

Any idea why I have a figure of 2.135% I have against your 1.745% & where does the 1.1% differencial come from ?

snikpoh

Most Spanish mortgages are quoted as "euribor + x.y%" When I took my mortgage, I was told it would be + 1.25% as I was non-resident etc. etc. As soon as I moved over, I got this reduced to +1.1%.

I need see a number of companies offering euribor + 0.38% (or similar) - maybe now's the time to change mortagage? Over 30 years this could make a big difference as this differential won't alter, only the base rate.

Does anyone have any recomendations?

chrismortley

The plot thickens our rate is Euribor + 1% & we are non resident.
I'm still confused why we are being quoted a different rate for February/March .39% is quite a difference when borrowing a large amount