The Eurozone interest rate has now marked its fourth anniversary in negative figures

The Eurozone interest rate has now marked its fourth anniversary in negative figures, meaning mortgages in Spain and other common-currency nations will continue to be low – in fact, the closing figure for February was the second-lowest in 14 months at -0.179%.

Spanish variable-rate mortgages are set according to the euro interest figure, or Euríbor, and unlike in the UK, are re-valued annually.

The Central European Bank (BCE) has consciously kept the Euríbor low in the last few years in a bid to stimulate growth in the Eurozone, encourage home-buying and help start-ups and small businesses obtain affordable credit to be able to expand and create jobs.

Written by BayRadio