Are you strangled by your mortgage? Find out how to lower your payment and start saving right now

At the end of the month, the sadness is constant: the amount of bills to pay is almost equal to the salary you just received. How to cut expenses so that the balance increases and life becomes more comfortable? The solution may be simpler than it seems. After all, what is the biggest bill you have to pay each month? For most families, the answer is one: taking out a home loan. To cut expenses, there is nothing better than being able to reduce this amount.

The task may seem impossible, but it is not. There are not only several banks and credit institutions with different offers and proposals on the market, but also several types of housing loans. And perhaps the one you hired a few years ago is not the best and most profitable for you today. If not, you can review the terms of your bank or transfer your loan to one that offers you better terms and allows you to save at the end of the month. In most cases, without penalties – or with penalties paid by the new institution.

How to find out? You have two options. Either consult with different banks and credit institutions to find the best offer, or let someone from the specialists do it for you. Flipai, a registered brand of Eupago in the field of bank credit intermediation, does all the work for you: collects information from financial institutions, compares the information, chooses the one that suits you best, and even accompanies you throughout the process. And all this is free (the partner institutions pay for the service).

Start saving now

To know whether it is worth rolling over a mortgage, there is nothing better than knowing the market and trying to predict the coming years. The secret? The Euribor trend for the next five years. Most home loans in Portugal are indexed to the Euribor rate. What does that mean? When this amount increases, the loan installment also increases. And when it falls, so does the benefit. In recent years, the Euribor rate has risen, and with it, mortgage payments for most Portuguese families. What will happen in the next few years? No one knows for sure. But there are trends and it is always worth studying the market. Find out what Euribor is and how it is calculated, what the Euribor forecast is for the coming years and how to deal with it if you already have a mortgage, and here what the average Euribor rate is, how it affects your mortgage payment and what to do if it continues to rise.

Once you understand how the Euribor rate works, there’s nothing better than finding out if you have the best mortgage for you and your family budget. To do this, use the home loan transfer simulator offered by Flipai. Simply enter your details and Flipai will tell you whether or not to transfer your mortgage, to which institution, in what order and how much you can save by transferring. Simple, fast and just a click away, without having to do math or get bogged down in bureaucracy.

Fixed and floating rates

One of the biggest differences in home loans is the type of rate: fixed or variable. With a fixed rate, you always pay the same for the entire contract period, with no surprises, no matter whether Euribor rises or falls. With a variable rate, the cost of your instalment fluctuates depending on the Euribor: it can go up or down, meaning there will be some really good months and some really bad months. Find out if switching from a fixed to a floating rate is right for you, what the difference is, and what a mixed rate is. And don’t despair: it’s never too late to change. You can renegotiate your loan with your bank or transfer it to another bank. Flipai can help you find the best solution for your case and renegotiate with your bank or transfer your loan. To start saving at the end of next month.

Amortize the loan

Sometimes the most obvious is actually the simplest. If you have a very high credit and available liquidity, there is nothing better than amortizing it (paying off a significant portion of the debt) to reduce the payment. The problem is the cost associated with this amortization. Find out how much you can save by paying off your mortgage, and how much you will have to pay for it. Flipai will help you not only with all these bills, but also with creating a savings plan for paying off the loan. It’s simple, fast and high-quality. Here you can simulate paying off a mortgage.

Invest your savings in your home

With the bills prepared and everything taken care of, we finally started saving a lot of money on mortgage payments with Flipai. And you want to invest this money back into your home, which is already in need of repair. Take advantage of the opportunity and with a personal loan for work, carry out the repairs you have been putting off for years, a new kitchen, new plumbing, a new room for your children. You can request up to 75 thousand euros for materials, labor, decoration, equipment and furniture and pay it off within 84 months. Find out everything about the loan for home works and count on the help of Flipai experts who will help you throughout the process.

1.Within the framework of Decree-Law No. 81-C/2017, article 4, letters a), b) and c), Eupago – Instituição de Ação, Lda is authorized to provide the services of: a) Presentation or offer of credit contracts to consumers; b) Assistance to consumers by carrying out preparatory actions or other pre-contractual management work in relation to credit contracts that have not been presented or offered by them; c) Conclusion of credit contracts with consumers on behalf of creditors.

2. Within the framework of Decree-Law No. 81-C/2017, article 7, letter c), Eupago – Instituição de Escolha, Lda is authorized to provide advisory services on credit contracts.

3. Eupago – Payment institution, Lda has concluded credit intermediation agreements with BNI Europa, Banco BPI, Novo Banco, ABANCA – branch of Corporación Bancaria SA in Portugal, Cofidis, Santander Consumer Finance – branch in Portugal..