Variable mortgage rates shoot up in Spain, Senate rejects France ‘friendship’ treaty during Macron visit, two months since Ceuta border rush, and more news from Spain on Thursday October 1st.
Spanish Senate rejects treaty with France during Macron visit to Spain
Spain’s Senate on Tuesday rejected a so-called Treaty of Friendship and Cooperation with France, on the very day that the French President, Emmanuel Macron, began his visit to Spain.
With 106 votes in favour, 142 against and one abstention, the Upper House rejected the treaty, which had previously been approved by the Congress of Deputies.
Earlier that day, King Felipe and Queen Letizia had welcomed Macron and his wife, Brigitte Macron, to the Royal Palace in Madrid on their first state visit to Spain. Macron also met with Prime Minister Pedro Sánchez.
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Euribor rises above 3 percent, pushing up variable mortgages
The Euribor, essentially the interest rate at which credit institutions lend money, has risen above the 3 percent threshold, putting further pressure on Spanish variable mortgages.
It even reached 3.362 percent recently, levels not seen since the summer of 2024.
This increase has a direct impact on those with variable-rate mortgages. A 25-year mortgage of €150,000, with a spread of 1 per cent above the Euribor, would see monthly repayments rise from around €725 to around €809 if the annual review is based on current levels, according to Roams’ calculations.
That is an increase of around €84 per month and just over €1,000 per year.
Two months since Ceuta border rush
Two months have now passed since the mass incursion by migrants into Ceuta, one of Spain’s exclave cities in North Africa.
Around 80,000 people crossed the border by sea using floats or swimming, while others crossed the land border.
Around 80 are estimated to have died. Hundreds of migrants, including women and children, reportedly remain in the city.
The event sparked protests across Spain, and piled further political pressure on Prime Minister Pedro Sánchez.
READ ALSO: Thousands protest government in Madrid over Ceuta migrant crisis
DNA sample identifies man accused of fatally running over woman in Madrid
A DNA sample has led to the arrest of the man responsible for the fatal hit-and-run of a 21-year-old medical student in 2021 in the Moncloa district of Madrid.
The sample, found in the suspect’s abandoned vehicle, enabled forensic police to identify a match in Illes, France, where the alleged perpetrator was living under a false identity.
