2022 was marked by the rise in inflation, a consequence that we are still experiencing today. In this economic context, the European Central Bank decided to carry out four historic increases in interest rates.
Despite the fact that the ultimate objective of these increases was to control inflation, the truth is that this has had serious consequences for some people. Above all, for those owners with a variable mortgage.
For some time now and in just a few months, many of the owners with variable rate mortgages have seen their quota rise to unsuspected limits. In this sense, the BBVA aims to lend a hand both to its customers and to those who are not.
Variable-rate mortgage customers are having trouble
Those owners who in their day signed a variable rate mortgage, when the interest rate was at historical lows, have seen how their luck has changed from one day to the next.
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Now, with the increases made by the ECB, they have seen how their monthly installments have even increased by 40% on average at the end of 2022. The main reason is that the Euribor has exceeded 3%.
In this context, BBVA has decided to get down to work to offer a possible solution to this problem, as more and more homeowners have problems paying their mortgage payments. In certain cases, these have risen more than 200 euros.
This is the solution that BBVA offers to the variable rate mortgage problem
BBVA He wanted to propose a possible solution by offering mortgage subrogation. This subrogation is based on changing the conditions in order to obtain a cheaper mortgage loan.
One of the options in mind of the owners is to change the conditions of their mortgage in order to go from a variable rate to a fixed one. In this way, they would not continue to see how their quota rises without control.
At present, there are many people who are finding it difficult to meet their installments due to interest rates, which are increasingly higher, compared to what they were at the time they signed their mortgage.
The BBVA simulator can help you
In order to facilitate the subrogation of the mortgage, BBVA has launched a useful simulator. This helps to calculate what would be the fee that interested parties could obtain by changing their mortgage to the bank.
Likewise, from the bank they commit to finance the commission for the subrogation of the mortgage if the owner’s company applies it. In this way, they also intend to get more customers.
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Homeowners who currently have a variable rate mortgage can use the loan simulator BBVA to calculate how much would be the fee that they would have to pay if they decided to change their loan to the bank.
The form asks, for example, the time that the interested party has left to pay, how many holders the mortgage has, as well as what the net monthly income of the interested parties is or the type of mortgage that has been contracted to simulate the terms .
The bank’s reasons for launching this proposal
Even though since BBVA They are concerned about homeowners who cannot pay their mortgage payments. The bank has also seen this possible solution as a way to attract more customers.
Once the simulator has been used and the interested party has been able to get an idea of how their share would look in BBVAit is advisable to attend in person so that a bank agent can study each particular case.