Euribor Mortgage

Hi,

Does anybody know if it is possible to obtain a Euribor based residential mortgage that rolls on a monthly or quarterly basis. In this case it would be a variable mortgage where the interest would be based on the banks lending margin and the Euribor fixing for that period.

This would be different to a tracker mortgage which would have been based on the ECB base rate and which understandabley won't be offered to new borrowers anytime soon.

Any thoughts @RedOnion, given you are very knowledgeable on breaks which are based on Euribor

Hi,
Not in Ireland. There are some existing EURBOR mortgages, particularly in the buy to let space where some banks treated them the same as business lending for a while. But there's no new business being written on that basis for residential purposes.

Interestingly there are a few countries in Europe where EURIBOR based mortgages are the norm, typically linked to 12 month EURIBOR in any that I've looked at.

Thanks for the response RedOnion.

That's a pity, especially as you note some exist in the buy to let space as the banks security is the same as would be the case in the residential market.

It would also facilitate people being able to buy a cap on their rate without necessarily fixing but having an element of downside protection

Mortgages in Portugal seem to be based off 3 month Euribor.