The Centenos don’t want families to “spend their entire lives paying for the house.”

According to Mario Centeno, “Portugal does not meet the European Union average. Loan repayment period for home purchase [31,8 anos] 1.5 times higher than the European average,” he said cm, adding that “you have to be very careful when you want to increase this duration so that borrowers don’t spend their entire lives paying for a house.” According to the governor, the maximum age of the borrower in 70 years should not be exceeded.

According to the Financial Stability Report (REF), at the end of September, new home loan agreements were concluded with an average interest rate of 2.2% (1.4 percentage points higher than at the end of 2021).

According to REF, the number of new mortgage lending operations with fixed or mixed interest rates increased and in the first nine months of 2022 amounted to 13% of the amount of new loans. However, the “stock” of variable rate home loans continues to dominate (around 90% in September). After coming into force, the law on the revision of home loans should be published in the “Diário da República” next week.