How much can my house installment go up in November?

Do not want your monthly installment to keep rising with the increase in interest rates? The solution is to fix the interest rate on your credit. Contact the credit intermediaries at Poupança no Minuto and find out how you can proceed with this process. But first, let's see how much the installment increase could be.

Contracts with variable interest rates experience another increase in the installment in November.

Contracts with variable interest rate indexed to Euribor will once again see their monthly payment revised in November. Due to the increase in the average monthly rate in October, the installment will experience a new rise.

According to simulations shared by Notícias ao Minuto, those who have a 12-month Euribor contract could see their installment increase by about 130 euros compared to the last revision. With a 3-month Euribor contract, it will be around 54 euros, and with a 6-month Euribor, 27 euros.

How much can the installment go up? Find out in practice.

According to the mentioned simulations, and considering a loan of 150,000 euros, with a repayment term of 30 years and a spread of 1%, in relation to the following Euribor terms, you can see the following increases:

Euribor six months (4.115%): €815.81

Three-month Euribor rate (3.968%): €802.30

Euribor 12 months (4,160%): €819.96  

Contrasting with the previous review, in which the installments were in the following values:  

In May 2023 - Euribor at sixth months (3.516%): 761.45€  

In August 2023 - Euribor for three months (3.672%): 775.43€  

In November 2022 - 12-month Euribor (2,629%): €684.41 

The increase reflected in 0.088 points in the Euribor rate at three months, 0.085 points in the Euribor rate at six months and 0.011 points in the Euribor rate at 12 months.

Note that the average monthly Euribor rate rose in all three terms, but in the future, the value will remain the same, according to the latest decision by the ECB to keep interest rates unchanged.  

How to stop the monthly home payment from increasing?  

In order to prevent the monthly house payment from rising again, following the increase in interest rates, you will have to fix the contract rate.

In other words, at this moment, if a variable rate is contracted, it is indexed to Euribor, so, with the rise of the benchmark, its installment also increases.

But it is possible to hire a fixed rate: a fee amount that remains unchanged throughout the entire credit contract.

If your bank does not allow you to change the interest rate of your contract through renegotiation of conditions, you can do so through a credit transfer.

Transferring your mortgage credit to another bank is usually a cost-free procedure that allows you to negotiate new terms for your financing.  

Currently, banks are running campaigns promoting mixed rates starting from 3.35%, allowing you to have the rate fixed for a certain period, such as two years, and then return to the variable rate (when it is expected that Euribor rates will go down again).  

To understand the savings you can access through this process, you can contact a credit intermediary that simulates your specific case. The intermediaries of Savings in a Minute offer a free service, where they present several proposals from new banks and help you compare and choose the most suitable for you. Contact us and discover what we can do for you and your credit!