could anybody tell me just what is the interest rate for morgages.
has the interest rate come down at all, and if so, im wondering why my morgage repayments remain the same.?
our bank manager isnt very helpful and pleads that he doesnt understand me when i ask these questions.!

Yes, the interest rates have come down.

However, your mortgage will be reviewed once a year/once every six months or whatever was agreed at the time of signing and your repayment amount will not change until one of these review periods come up.

ohhh thank u for that, i honestly dont know what our agreement was but just for arguments sake, if the interest rate dropped in january, and ur morgage isnt reviewed til say..sept.., does that mean that u will have to continue paying the higher rate til sept??? would be nice if they re embursed u wouldnt it? lol

Correct, you pay the higher rate until September.

But if the interest rate had gone up instead of down, would you be willing to reimburse them?? I think not. Over the lifetime of the mortgage you will get several ups and downs of the interest rates, sometimes you win, sometimes they win.

thank u again, now can u tell me when the rate came down, what is was before it came down, and what it is now please. my hubby always dealt with all these things but hes had to go back to UK for work, and left things for me to deal with!

Hmm, that one is a bit trickier. I'll have to start googling......

Ok, I found this: http://www.euribor.com.es/

So it looks like the euribor was at its highest in September - 5.38%, and has been dropping ever since down to about 2% now. No doubt someone will come along and correct me if that isn't quite right.

Don't forget the interest you are paying on your mortgage will be Euribor + ?%, whatever you agreed with the bank at the time.

http://www.surinenglish.com/20090320...903201148.html

Have a read.

thank u, u have been very helpful

It`s still peanuts, I remember paying over 14% in the UK.

The euribor changes monthly! If you have a monthly euribor mortgage, then your payments change monthly. If you have an annual euribor mortgage, then they change annually (I think Aug/Sept usually).

Some mortgages are not linked to the euribor so aren't completely linked to that in the same way.

Your best bet is to look at your mortgage agreement and translate it (use the interent to get a rough idea), get it translated professionally or to have someone who speaks Spanish go with you to the bank.

Why oh why do people sign documents that they don't understand??

what bank do you have your mortgage with ?

Why? if the bank increases the rate of interest and you can keep paying the lower rate until your payments are reviewed. If you got what you asked for you will be paying different amounts each month.

Ref what rate you are paying it will be given in your statement and your agreement. Our bank has the basic rates posted up inside, but there are variations on what is posted as sometimes they have "offers".