How much does it cost to buy in installments? From the house to the car, what changes after the rate increase
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Fabi’s analysis
How have the installments of mortgages and other types of financing changed in the light of the increase in the cost of money, brought by the European Central Bank to 3%? And what could happen in the coming months if it is brought to 3.5%? Buying a car in installments, for example a 25,000-euro model, could cost, in the case of a ten-year loan at an 11.3% rate, more than 5,500 euros more than in 2021. As regards new mortgages, the installments of those at fixed rates are destined to double, while for those at variable rates the monthly “repayment” should rise by 31%. The calculations on the effects of the new rate hike, decided by the ECB on 2 February, are performed by Fabi. «There is a further risk on the horizon: in March, in fact, the European Central Bank could raise rates by another half point, thus reaching 3 and a half per cent. At the same time, however, the president of the ECB, Christine Lagarde, spoke of a probable change of strategy which would lead to no longer touching rates. Better late than never, it should be said, because unfortunately it is Italian families and businesses that pay the consequences», explained Fabi’s general secretary, Lando Maria Sileoni, in an interview with Tg5.
Read also:
– ECB, new rate increase of 0.50%: what changes for mortgages, savings, consumption
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