{"id":22783,"date":"2007-07-01T12:33:00","date_gmt":"2007-07-01T12:33:00","guid":{"rendered":"https:\/\/clusterfamilyoffice.com\/blog\/?p=594"},"modified":"2007-07-01T12:33:00","modified_gmt":"2007-07-01T12:33:00","slug":"el-ferrari-diesel-el-zumo-de-naranja-natural-y-el-euribor-030","status":"publish","type":"post","link":"https:\/\/clusterfamilyoffice.com\/en\/el-ferrari-diesel-el-zumo-de-naranja-natural-y-el-euribor-030\/","title":{"rendered":"The Ferrari, diesel. Orange juice, natural. And the Euribor, +0.30."},"content":{"rendered":"
Yesterday I read the comments of an executive at a financial institution who boasted about offering mortgages to his clients at just (sic) Euribor +0.33. There are cheaper and more expensive ones, but I am appalled by the remarks that are often made on this subject by the money changers<\/span> or Banks; and the street hawker of usurious goods<\/span> or debt consolidation schemes and easy-to-access loans in general. This particular advert claimed that these terms made it easier for young people on lower incomes to buy their own flat. It did not specify whose property it was. Every day we\u2019re bombarded with slogans such as: \u00abYour home sooner than you thought\u00bb, \u00abWe\u2019ve lowered the price per square metre\u00bb or \u00ab100% financing\u00bb, yet there\u2019s little mention of the fact that it takes a lifetime and a half to pay off your flat. They\u2019ll even lend you the deposit amount for three years so you can buy off-plan. This whole jumble of bait and hellish traps is presented under the politically correct guise of the intention to \u00abmake housing accessible to our young people\u00bb. It\u2019s a case for the magistrates\u2019 court.<\/div>\n
But today I want to talk to you about variable-rate mortgages: Doesn\u2019t anyone realise that the problem no<\/span> Is it within the +0.33 spread? The problem lies with the Euribor itself and the looming increase in job insecurity<\/span>. Just 15 years ago, the interest rate stood at 10.40%. Mortgage enthusiasts<\/span> around the world, do a quick mental calculation of what that would mean for your current \u00abfinancial strategy\u00bb\u2026 Right, now anyone who\u2019s still aware of this should add the 0.33 spread, or anyone who\u2019s managed to negotiate skilfully<\/span>.<\/p>\n

We may not reach the interest rate levels of Barcelona \u201992 or the Seville Expo<\/span>, but who can guarantee that the Euribor won\u2019t approach or even exceed that level over the next one and a half lifetimes?<\/p>\n

\"\"<\/a>Taking on a generational mortgage simply because the terms on offer are cheap today in terms of variable interest rates is like buying a Ferrari just because it\u2019s a diesel and won\u2019t use more than 10, 15 or 20 litres of diesel per 100 kilometres. For the vast majority of people in this country, buying a Ferrari is beyond their means, even if it saves them a pittance on premium petrol. But financial institutions mercilessly confuse and manipulate people, so that households on modest incomes with precarious wages<\/span> please visit Ferraris<\/span> who will dig their own financial grave, or who, at best, will be unable to get back on their feet financially for the rest of their lives, as soon as interest payments (or their working conditions) start to strangle them.<\/p>\n

Therefore, demanding that the Euribor spread be a few hundredths lower strikes me as absurd when the real risk is being overlooked.<\/p>\n

I always find myself smiling when I remember a scene from the Torrente series in which Gabino Diego, with the syringe still hanging from his vein, asks the waiter to bring him some orange juice. And then he insists it must be fresh-squeezed, for the sake of his health.<\/div>","protected":false},"excerpt":{"rendered":"

Ayer le\u00ed las declaraciones de un directivo de una entidad financiera en las que presum\u00eda de ofrecer hipotecas para su clientes de tan s\u00f3lo (sic) un Euribor +0,33. Las hay m\u00e1s baratas y m\u00e1s caras, pero me sublevan las reflexiones que suelen perpetrar al respecto los vendedores de dinero o Bancos; y los top manta […]<\/p>\n","protected":false},"author":6,"featured_media":0,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[20],"tags":[],"class_list":["post-22783","post","type-post","status-publish","format-standard","hentry","category-sin-categorizar"],"_links":{"self":[{"href":"https:\/\/clusterfamilyoffice.com\/en\/wp-json\/wp\/v2\/posts\/22783","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/clusterfamilyoffice.com\/en\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/clusterfamilyoffice.com\/en\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/clusterfamilyoffice.com\/en\/wp-json\/wp\/v2\/users\/6"}],"replies":[{"embeddable":true,"href":"https:\/\/clusterfamilyoffice.com\/en\/wp-json\/wp\/v2\/comments?post=22783"}],"version-history":[{"count":0,"href":"https:\/\/clusterfamilyoffice.com\/en\/wp-json\/wp\/v2\/posts\/22783\/revisions"}],"wp:attachment":[{"href":"https:\/\/clusterfamilyoffice.com\/en\/wp-json\/wp\/v2\/media?parent=22783"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/clusterfamilyoffice.com\/en\/wp-json\/wp\/v2\/categories?post=22783"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/clusterfamilyoffice.com\/en\/wp-json\/wp\/v2\/tags?post=22783"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}