a The European Central Bank (ECB) decided to raise interest rates again last week and this action may have a Impact of up to 234 euros in the provision of mortgage loans this monthAnd the According to simulation Deco / Money & Rights.

What would the effect be on your own condition? Doctor Finance provides an Euribor simulator – which you can access over here – allowing you to “get an idea of ​​how your monthly premium will be affected by the interest increase”.

The company specializing in personal finance points out that in order for the values ​​to be as close as possible to the real ones, You need to enter the following data In simulation:

• Duration of your Euribor rate: 3, 6 or 12 months;
• The month in which your benefits will change after the review;
• the value of your spread;
• Principal amount owed
• The number of installments due from your credit;
• Finally, select the value of the Euribor price that you want to simulate.

“Although many people are annoyed by the rise in interest rates, know that the monthly installment of credit You won’t experience drastic increases overnight. After all, the ECB is acting incrementally,” explains Dr. Finance.

Doing excercise, “When your performance is reviewed (According to the terms of the Euribor rate you have contracted for), the Euribor update will be applied, and subsequently added to the value of your spread. These two components (Euribor rate + spread) give rise to TAN (Nominal Annual Rate), i.e. the interest rate on your home loan.”

Dr. Finance recommends: “After you have an idea of ​​the effect of interest on your credit savings, it’s time to get to work. And why? Because you will likely have to make some adjustments so as not to jeopardize your financial stability.”

One of the solutions is Review the terms of your loan: “Talk to the bank where you got the financing and see what can be done. In other words, try to see if there is room for the bank to reduce the credit spread.”

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