Hello,
I have the Polaris/CAM mortgage. My understanding is this is based on 6 months Euribor + 1.1%, this would be reviewed annually after 18 months and they use the Bank of Spain Euribor rate from two months previous. BoS refers to http://www.euribor-rates.eu/euribor-rate-6-months.asp
I was surprised to notice this has changed recently and although not much it made me review earlier rates which appear higher than expected. Even though it may just be 0.25-0.3% out, I'm keen to get this fully understood.
I contacted CAM via eChat and no luck was referred to a branch. Before I go down the email the branch route and to check my understanding does this lot below make sense.
Review Date Mort Rate Expected Euribor Actual Euribor (2m prior)
Initial 20/08/2008 6,10% 5,1% 5.126
18 month 28/02/2009 4,50% 3,4% 3.03
Annual 01/03/2010 2,34% 1,24% 0.99
why not annual? 02/08/2010 2,35% 1,25% 0.99
Anyone noticed something similar or have an explaination?
Date |
Interest Rate |
20/08/2008 |
6,10% |
28/02/2009 |
4,50% |
01/03/2010 |
2,34% |
02/08/2010 |
2,35% |