The Euribor in March has again set a historical record when closing for the second consecutive month in negative. This month the indicator has fallen to -0012%. This data will save over the same figure for the previous year. The March 2015 Euribor was 0.212%, so the drop compared to March 2016 is slightly less than a quarter point. This implies according OCU that for a loan with an outstanding capital of 100,000 euros, a pending 10 years and tied to Euribor +0.5% term characteristics such loan, the review is expected to pay an interest rate of 0.488% and a reduction of around 9.5 euros per month, a saving of 114 euros per year.

This descent of the Euribor has caused concern among the financial sector by the possibility that they may continue descents and located at levels that imply a return for customers with the lowest spreads.

 For OCU this scenario, negative short-term interests is unlikely, since although they continue to produce declines in the Euribor, the index is still far from levels that can absorb the differential applied by the entities in reviewing mortgage loans variable rate. For this to happen the monthly average Euribor is expected to fall at least until -0.18% which is the differential that Bankinter offered promotional and limited way in April 2007. At that time it is normal that the differential will range around 0 ,3%. According OCU even though the Euribor is still far from those levels, if this were to happen it could, in some cases, get to apply negative interest. For those lower, to the portion of capital would correspond return each month detracting interest, so that the amount payable would be less capital to repay mortgages. For example, a loan of 100,000 euros outstanding principal and 10 years of outstanding term after the revision will correspond -0.02% interest, you would pay a fee of 832.49 euros, of which 834.16 it would be return of capital and interest -1.67.

From the banking sector it has been the reaction that the need to analyze from a legal point of view whether banks would be required to implement negative interest . The opinion of OCU in this regard is clear , observe the provisions of the contracts, the essence of a loan variable rate is the interest rate applicable have a similar interest rates current market developments . Therefore this development must be respected . Therefore advises all consumers who have a variable rate mortgage to be aware of the review carried out by your financial institution, so that this is done in accordance with the provisions of the contract.