How can you change from variable to fixed mortgage?

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It may be that at the time you took out a variable mortgage because it was more affordable at that time, but it is possible that a few years later you will want to change to a fixed type mortgage to achieve stability in all payments. Changing from a variable to a fixed mortgage is a possible fact and not too complicated, but you always have to analyze the two options in detail to make sure you choose the one that best suits you financially.

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Advantages and disadvantages of changing the type of mortgage

According to the National Institute of Statistics (INE), more and more Spaniards are choosing to Chinese Overseas America Number Data change their variable mortgage for a fixed one . This is due to fear of the rise in the Euribor, which has been at low levels since February 2016, and is estimated to continue this way in the short term. Therefore, there are many who prefer the peace of mind of always paying the same fee.

Typically, the interest rate on a fixed mortgage is higher than that of a variable mortgage . Even so, banks are currently offering the lowest fixed interest rates in the history of Spain, so if you are thinking about changing your mortgage type, now may be a good time. But you also have to take into account that the Euribor is trading below -0.4%, so if you have a variable rate mortgage, it is more profitable for you at this time.



How do you know if it is worth changing your mortgage type?

It is recommended that you change your variable-rate mortgage to a fixed-rate Chinese Overseas America Number Data

mortgage if you want the peace of mind of always paying the same installment and thus stop worrying about whether the reference index, in this case the Euribor, rises or falls. Furthermore, as we have said before, interest rates are currently lower so you would not run the risk of having to pay more.

You should also consider changing your mortgage in the event that you have 20 or more years of repayment period left since the Euribor, according to most forecasts, will remain low in the short term, but possibly in 20 years it will experience a rise that could end hurting you by having to pay more.