Thousands of English families these days look to Japan with concern also for their own economies. Are those that established the home mortgage in yen, a trend that peaked with fury in the first decade of the century. The earthquake, tsunami and the nuclear alarm the Japanese currency has appreciated until it is at levels not seen since World War II, which increases greatly the monthly payment and the debt of those who chose mortgages multicurrency planning on saving.
Miguel Perez hired your mortgage in yen in the year 2007. Was 350,000 euros. The change then was 150 yen per euro. "Now I see that the change is down to 112 or 114 and I'm very worried," recognizes 20minutos.es. In the next installment Miguel may notice an increase of 1,500 euros to 2.00o says. In addition, the debt also is revalued and now, instead of having to be 350,000 euros 420,000.
yen mortgages were very profitable in early 2000, when the Euribor was through the roof and Japanese interest rates did not exceed 0.5%. The problem is that mortgages have a dual variability, one to type referenced interest in the case of Michael the Libor (London), and the exchange rate euro-yen. When reviewing these mortgages, usually every month, change the amount but also the total value of the debt.
Experts recommend "calm"
Since the housing crisis began just multi-currency mortgages are granted. Besides the yen, the Swiss franc was another common currency. "The banks were major campaigns in 2000 to persuade customers to switch to yen-denominated mortgages," says Peter Javaloyez, spokesman for the Agency Negotiator of Banking Products. "They were firemen or doctors or pilots, a customer profile of the middle class, upper middle and interested in financial products." Although there is no official record of how many mortgages in yen is the talk of thousands Agency.
Javaloyez recommended for those affected by the rising yen "calm." The Japanese authorities try to control the volatility of its currency with injections of liquidity from the Bank of Japan. Also on Friday the G-7 countries have announced they will intervene in financial markets to prevent speculation. "The multi-currency mortgages have very low interest rates that fixes the exchange rate rises. Furthermore, the yen will fall again, "said Javaloyez.
Miguel Lopez said that the next increase will take their share and debt increase, but when the yen recovers will consider" changing mortgage Swiss franc, which is more stable. "
Amaya Larrañeta - Via 20 Minutes
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