Source: World Nation News —
Added to the increase in shopping cart prices is the increase in interest rates, which is causing trouble for mortgage holders. In just one year, Euribor has gone from negative (-0.56% on January 24, 2022) to over 2% (specifically, 2.01% on January 23, 2023). This translates into an average mortgage increase of over €200 per month.
This situation has overwhelmed Isabella Bucur and her husband, who bought a flat in the Zaragoza neighborhood of Valdespartera nine years ago. “We lived on rent In a new urbanization with all services, next to Augusta Shopping Center, and we paid 430 euro Because it was social housing. We decided to buy an apartment because they told us we would pay less than rent“, says Bucur, 52, who moved to Spain from Romania 16 years ago.
The apartment cost him 130,000 euros and the mortgage was fixed at 25 years so that the payments were comfortable. “From the beginning we have already paid enough, 600 Euro. When Euribor started rising, they raised it for us 700 Euro. I was horrified when I saw the first bill of that amount. In the next revision they have told us it will go up to around 1,200,” he says.
and that’s not all. The nightmare continues. A few months ago, all residents of the urbanization where they live had to pay a 1,300 euro leak due to property damage. “It turns out the builders didn’t leave it the way they should have,” he lamented.