Thank you for your enquiry for a Euribor Mortgage
Each person has unique and individual circumstances and requirements, and our recommendation for your Euribor Mortgage will reflect your own personal needs.
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With Euribor mortgages, the buyer borrows the money and makes the payments to the seller for their mortgage in Euros.
They were originally for people who had income in Euros but since you can sometimes purchase Euribor Mortgages at a lower rate, they have become more popular for foreigners. This might seem complicated but they are not much different from standard mortgages. Regardless of what type of mortgage a buyer settles on, they still need to do their research regarding fees, compare interest rates and save a deposit.
If you do not make your income in Euros but are interested in exploring this type of mortgage, there are some things you need to be aware of. There are risks of course because if the Euro rates rise drastically, you lose money. On the other hand, if they fall you stand to save a lot of money.
In this way, Euribor Mortgages are similar to variable mortgages except the rates have the potential to fluctuate more. Even if you choose a fixed rate mortgage, your payments can change if the Euro rate changes.
Since 13 countries presently are using the Euro, this offers flexibility for many so seems an attractive option. Euribor Mortgages are a way people are using as an attempt to build a safety net around their real estate. The reasons they are viewed as being secure are that so many use the Euro and the European Central Bank and it is seen as more stable. Lately, foreign rates have been fluctuating more.
Some lenders are hesitant about offering Eurobor Mortgages since the rates sometimes tend to benefit the buyer. It is not worth the hassle for some to convert their funds into Euros when the profit margin is lower than if they stay in their own currency. If you are interested in pursuing this type of mortgage, you may not have as many lenders to choose from.
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