Increase the average amount requested by Sicilians for a mortgage; according to the analysis by Facile.it and Mutui.it, carried out on a sample of over 24 thousand mortgage applications collected in the region, in the first seven months of 2022 the aspiring borrowers in Sicily aimed to obtain, on average, 115,208 euros, worth to say 1.5% more than in the same period last year.
2022 was characterized by an increase in interest rates but, despite this, loans continue to be requested in the region for the purchase of a property; However, the increases have prompted many aspiring borrowers to evaluate new types of mortgages so much so that, in July 2022, 29% of the loan applications collected by Facile.it in Sicily and presented to the banks were for a variable rate mortgage with cap , a remarkable percentage if we consider that until a few months ago 9 out of 10 applicants were aiming for a fixed rate.
“Today the options available to consumers are more numerous than in the past; in addition to fixed and variable rates, hybrid solutions are rapidly spreading, such as, for example, variable mortgages with cap, which provide for fluctuations in interest but with a maximum ceiling for the monthly payment “ explains Ivano Cresto, Managing Director of financial products at Facile.it.
“These are more complex and less known products than traditional ones and for this reason the advice is to rely on expert consultants who know how to guide the applicant in choosing the most suitable solution”.
Applications for fixed-rate mortgages in July fell to 28% of the total, while the share of variable-rate mortgages stood at around 41%.
Change the identikit of the typical applicant; the average age of those who applied for a mortgage in Sicily in the first seven months of 2022 was 38 and a half years, a figure in sharp decline compared to the more than 41 years recorded in 2021. The decrease in the average age was the increase of applicants under 36 Sicilians who, in the first seven months of the year, represented 47% of the demand. The average duration of mortgages has risen to 24 years (it was 22 last year); on the other hand, the value of the properties subject to the loan fell to approximately € 157,000 (-5%).
The provincial trend
Looking at the demand for mortgages at the provincial level, a differentiated trend emerges. The province that, in the first seven months of 2022, recorded the most important increase is that of Ragusa, where the average amount requested by aspiring borrowers grew by 5.4% compared to the same period of 2021, stabilizing at € 107,427. ; followed in the ranking by Trapani, which recorded an increase of 5.2% (112,334 euros), Syracuse (+ 5.0%, 111,094 euros) and Messina (+ 2.2%, 109,061 euros).
Increases below the regional average for Agrigento (+ 1%, € 98,165) and Catania (+ 0.5%, € 118,194) while in Palermo the average amount requested (€ 123,394) remained substantially in line with that of last year.CopyAMP code
In absolute values, the province of Palermo is the one where, on average, higher-value mortgages have been requested; Caltanissetta the one where the average demand was more contained.
Rates on the rise
In terms of rates, as mentioned, the first seven months of 2022 were characterized by an increase in the cost of financing for the home. According to the simulations * of Facile.it, for an average fixed-rate mortgage (126,000 euros in 25 years, LTV 70%), the rates available online today start at around 2.60% (Taeg) with a monthly payment of 557 euros. , that is to say about 85 euros more than last year (or 26 thousand euros more in interest if we consider the entire duration of the loan).
If you look at the variable instead, the rates available online for the simulation indicated above start at 1.29% (Taeg), with an initial installment of 480 euros, i.e. around 30 euros more than twelve months ago.
Finally, the indices of variable rates with cap available online today start at 1.80% (Taeg), with an initial installment of 503 euros.