Medida para fixar a prestação da casa? BdP alerta para o acréscimo de juros

Measure to fix the installment of the house? BdP warns of an increase in interest rates.

One of the measures taken by the Government to support Portuguese families with their home loans involves freezing the monthly installment at a fixed value for two years. However, the differential amount will have to be repaid...with interest, as warned by the Bank of Portugal.

06 Nov 20233 min

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Save on home credit? Credit intermediaries from Poupança no Minuto can present you with other solutions. Read in the article, then more about the new measure and another option you can turn to.

Bank of Portugal warns about the increase in interest rates when fixing the monthly mortgage payment.

On the Bank of Portugal's Banking Client Portal (BdP), in response to a question regarding the measure of fixing the installment of housing credit announced by the Government - "Will I pay more interest monthly?", the BpP warns that yes.

This is a portal that reports the most frequent questions asked by consumers, with the respective answers from BdP. Therefore, following the response regarding the increase in interest rates when joining the Government's measure, BdP explains that "since the moment of joining, the amount of interest paid monthly will always be higher than what would be paid if you had not joined this measure".

Therefore, if you are considering joining this measure, you should know that "the total amount of interest to be paid will always be higher", because "it results from the applicable interest rate continuing to be contracted" and, additionally, having to pay interest for delaying the repayment of the capital".

According to Notícias ao Minuto, the consumer defense association Deco confirms that those who adhere to the regime will see the total loan amount increased by interest rates.

It is worth remembering that the measure implies that the credit installment will be fixed for two years at 70% of the Euribor value, and the differential value between the original installment and the new installment that one will have to pay during this period, must be repaid four years later, spread out over the remaining term of the loan. And, at that time, the interest rate in force will be added.

In other words, this mechanism allows for a lower and stable installment for two years, but after that period the installments will be increased by interest rates.

Is there a solution to save on the home installment without interest rate increase?  

If you want to have access to a similar solution, where you fix the monthly payment of your housing credit for a period, but without the addition of interest later, there is: Housing credit transfer.

If you have a contract with a variable rate linked to Euribor and your bank does not allow for better conditions to save on the loan, consider transferring, for example, to the regime of fixed or mixed interest rate.

Transferring your mortgage credit can provide access to a mixed or fixed interest rate scheme, allowing you to save on your monthly installment. Currently, there are banks promoting campaigns with mixed rates starting at 3.35%, over two years, returning to the variable rate when it is expected that the Euribor rates will drop again.

Want to move forward? Contact the credit intermediaries of Poupança no Minuto, who provide a free mediation service to simulate your specific (savings) case.  


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