If your mortgage is due for revision in March you will pay an additional 0.71 points fort the next year/six months (depending on your revision period) as the Euribor, used to calculate mortgage interest, experiences its biggest rise since July 2008.
On the average mortgage of 150,000 over 25 years at 0.5 points above the rate of the Euribor the increase will be around 50 euros a month.
Just a year ago in March 2010 the Euribor fell to an historic minimum of 1.215% but since then it has been steadily rising. It currently stands at 1.92% and, depending on your mortgage contract, a minimum additional 0.5% is charged by most lenders bringing the average mortgage interest rate up to nearly 2.50% from March.
You lender will inform you if this rise affects your mortgage account.
