Costa del Sol

Monthly mortgage payments set to drop by the largest amount in five years.

The Mortgage Euribor, calculated as the average over the month of the 12 month Euribor rate, is set to close the month of December at 3.47%. This rate, which should made official by the Bank of Spain around the middle of January 2009, will be passed onto those mortgage payers when they have their annual revision, depending on which month the mortgage was initially constituted.

Mortgages in Spain are commonly based on the Euribor + 1% and the banks normally use the Euribor rate of 2 or three months previous to the date of the revision. As the tendancy for the Euribor is downwards, things can only get better for those trying to meet their monthly payments.

Many analysts see the ECB central interest rate being cut again in January. Currently at 2.5% it already lags behind the UK and USA base rates in terms of cuts. A further ECB cut should continue the Euribor's downward slope.

Certain analysts also see the ECB rate at around 1% by the end of 2009. Mortgage payments will therefore be dropping all year. those who have their revision in March 2009 should start seeing very health reductions, which will get larger for those with revisions coming in the following months. This means the largest cut in monthly mortgage repayments in five and half years in Spain.

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