In the freeze further increases in interest rates Of the mortgages that they are aware of, banks have agreed, in an effort to stabilize current levels of the burden on households from additional upward trends in mortgage interest rates.
Alpha Bank and Eurobank seem to have agreed on the procedure so far. Other banks are expected to take similar measures, as each bank follows its own policy. According to reports, the benchmark date on which interest rates will be frozen is March 31st and will be applied to all types of euribor, i.e. 1 or 3 month LIBOR, the rate at which CHF loans are calculated based on all mortgages. at the base rate of the European Central Bank. It should be noted that the 3-month Euribor was at the end of March at 3.03%.
At each interest rate based on the agreed reference date, each bank will calculate the margin (spread) agreed upon with the borrower and the loan installment will be calculated. According to sources from the banks, the measure essentially converts all mortgage interest rates into fixed rates for a specified period, which, according to available information, will be valid for 12 months.
If there is a reduction in interest rates during this period, the reduction will, of course, be applied in favor of the customer. Banks bear the cost, and according to the banks, that cost is not related to new loans, nor of course fixed rate loans anyway. It is noted that the total amount of mortgage loans is estimated at 29.5 billion euros, however, this amount relates to all current or non-current loans.
source: Moneyreview
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