The new, reduced interest rates for the loans will come into effect from 18 September 2024, meaning that borrowers will have to pay smaller installments at the end of the month.
Relief
For example, a mortgage loan granted in June 2023, with Euribor reaching its highs of 4.145%, had an average installment close to €700-850. After the first reduction in June this year, Euribor fell in July to 3.5% and the monthly installment was reduced by around 40-55 euros. This translates into a lower annual charge of 480-660 euros. With the new reduction there will be an additional benefit in the monthly installment, which is expected to be lower by 30 to 35 euros.
Those with consumer and business interests are also winners, as the banks, after the reductions by the ECB, are also proceeding with the adjustment of their basic lending rates, so the reductions are integrated relatively quickly.
Those with variable rate loans have seen the difference from previous rate cuts except for mortgage-savvy borrowers who are within the protection of the rate cap and are already paying less than younger borrowers, who are not capped at rate rises.
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#ECB #Borrowers #profits #cutting #interest #rates
