Deadline Looms for Free Switch from Variable to Fixed-Rate Mortgages in Spain
As the year draws to a close, expats and residents in Spain are facing a critical deadline that could significantly impact their financial stability. The window to switch from a variable-rate mortgage to a fixed-rate mortgage free of charge is set to close on December 31, 2024.
The Urgency
For many homeowners, the decision to switch mortgage types has become increasingly pressing due to the volatile nature of interest rates. Variable-rate mortgages, which are tied to the Euro Interbank Offered Rate (Euribor), have seen fluctuations that can make monthly mortgage payments unpredictable. With Euribor rates having been relatively low in recent years but showing signs of potential increases, the appeal of fixed-rate mortgages has grown substantially.
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