12
Apr
With the disappearance this year of Libor (a benchmark used for loans in currencies other than the euro), the future of multi-currency mortgages is uncertain. These types of credits associated with foreign currencies must now be linked to an alternative benchmark. Otherwise, as stated by the Bank of Spain "these mortgages will lose the reference to calculate in the periodic reviews the interest rate to be applied and, therefore, the installments cannot be determined". Problems associated with multi-currency mortgages In Spain there are about 70,000 people with multi-currency mortgages. They are loans to buy homes granted in a currency other…