Mortgage holders that took up banks’ fixed interest rate loan offers are losing thousands of euros annually, reports the regional daily Aamulehti.
The majority of fixed interest rate loans are in the neighbourhood of five percent. People carrying home loans pegged to fixed rates are losing thousands of euros annually in comparison to borrowers with home loans that are anchored to fluctuating reference rates, such as Euribor, according to the Financial Supervisory Authority.
The agency calculated that a four percent five-year fixed rate deal on a 150,000 euro loan will not beat out variable rates until interest rates reach 6.76 percent.
Mortgages linked to the fluctuating European inter-bank lending rate Euribor currently carry interest rates between 1.5 and 1.7 percent.
Between 2006 and 2008 up to a third of home buyers took out fixed rate loans. The popularity of these loans, some 160,000 which have been issued to date, has recently dwindled.
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