October brings good news for all Portuguese residents who have borrowed money from the bank to buy a house. Monthly mortgage installments will decrease for all housing loan contracts regardless of the associated index, namely 3-, 6- or 12-month Euribor. These drops also mean that mortgage installments in Portugal are at historic lows.
The cuts in installments will vary between 1.1% and 1.67%, with the shortest contracts benefiting the most, as reported by the online economic newspaper ECO. Mortgages indexed to the 3-month Euribor interest rate will be cut by 1.67%, which means that in a loan of 100,000 euros, for 30 years, and with a spread of 1%, households with contracts associated with this index will see their monthly mortgage installment fall by 5.08 euros, from 305.15 to 299.58 euros.
Monthly charges associated with home loans indexed to 6-month Euribor - the most common in Portugal - will also fall. These installments will fall by 1.42% to 300.82 euros, i.e. 4.33 euros below the 305.15 euros of the last revision.
Households with mortgages associated with a 12-month Euribor rate will benefit from a cut of 1.1%. In practice, and taking the same scenario into account, the value of the benefit will be set at 307.87 euros during next year.
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Wildfire victims in Portugal to receive free legal support
The Portuguese Bar Association has launched a solidarity initiative to lessen the impact of rural wildfires and support victims across the country. A pool of around 500 volunteer lawyers will provide free legal assistance to citizens and businesses severely affected by the blazes.
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