Been with the same mortgage bank for years? You are probably overpaying
Portuguese consumer press is pushing a simple check this month: a mortgage left untouched for years often sits above current market rates. One couple cited in the coverage cut €317.74 off their monthly payment — €3,812.88 a year — after moving to a mixed rate. Transferring a mortgage to another bank (transferência de crédito) is a normal, regulated move: the new lender takes over the contract. Meanwhile Euribor is not moving in one direction — the 6-month rate rose while the 3- and 12-month rates fell.
Why it matters for your move
Worth a check if your loan has run for years without review, your payment feels high, or current rates are below what you signed. The reports do not quantify the switching costs, so ask both banks for the full figure before you decide — the saving above is one household's case, not a promise.
This is Re-locant.com’s own brief, written to explain what the update means for people moving to or living in Portugal. For the full original report, see the source below.