Spanish families are not going through the best of economic situations in this 2022. The growing inflation and the increase in prices are complicating the survival of many families, for whom the monthly fixed expenses have been increasing in recent weeks. However, it seems that this could get worse, as the Bank of Spainwhich recalls the problems that having a mortgage debt.
This was explained by the governor of this national banking institution, Pablo Hernandez de Cos. As he recalled in a forum, many of the families that have a mortgage could see the monthly installment to be paid increased due to the increase in interest rates.
The number of indebted families increases
In fact, they estimate that the number of families that are considered highly indebted ─those that allocate more than 40% of their income to paying debts─ could grow and exceed one and a half million, as reported by EFE. And it is that, while in 2020 10.9% of the indebted households allocated more than 40% of their income to the payment of these commitments (about 1.17 million households), it seems that in 2022 it could reach 15%.
Furthermore, the proportion of families with large financial charges will increase by about four percentage points because of this increase in prices, so that some 350,000 households would become highly indebted.
How to change from a variable mortgage to a fixed one
While the euribor remains uncontrollable, above 2.2%, a figure not seen since January 2009, users with mortgages are beginning to raise the possibility of change a variable mortgage for a fixed one. That is why the Bank of Spain has already recommended evaluating this change and there are three ways in which you can do it.
First of all, it can be done by changing the conditions of the mortgage loan at a time after signing, which is what is known as novation. Thus, the client will go to his bank to change these conditions and, if he accepts the offer, he must formalize it before a notary public and pay a commission based on the amount pending payment.
On the other hand, the user may also use the subrogationwhich will allow you transfer your mortgage to another entity. For this, the new bank will have to present a binding offer with the conditions of the new mortgage, always with the right to match or improve it. However, the expenses associated with the subrogation of a mortgage are usually higher than those of novation.
Lastly, and in more serious cases, a deficiency or a extension of the amortization period. However, the consequences of this alternative can be negative, although it could be a better option than resorting to debt reunification.