The latest Spanish media reports that high inflation and rising interest rates have made the situation more complicated for Spanish families. Those who are considered to be in debt, those who spend more than 40% of their income to repay their debts, may have exceeded 1.5 million.
Spanish Bank estimates that the proportion of households in Spain with debt will increase by nearly four percentage points given the current situation, which means that nearly 350,000 households are in debt.
According to family financial surveys, as of the end of 2020, 10.9% of debt households used more than 40% of their income to pay loans, equivalent to about 1.17 million households; although the data from 2021 and 2022 to the present are unknown, if it reaches 15%, this number has exceeded 1.5 million. Faced with this reality and the foreseeable growth of the primary reference indicator for Spanish floating rate mortgages Euribor, users can only change the way they lend, such as the possibility of changing variable mortgages to fixed mortgages.
Spanish banks have done their accounts and evaluated changes, but if you ultimately decide to convert from a floating rate mortgage to a fixed rate, he explained that there are 2 ways to do it: Talk with the bank to re-loan and transfer its loan rights to another bank.
