Mortgage Payments Resetting in November Climb About 89 Euros a Month on 12-Month Euribor Loans and 44 on Six-Month

Households whose variable-rate home loan is reviewed in November will pay more from this month, and the biggest increase falls on loans tied to the 12-month Euribor. On our own arithmetic, a typical 150,000 euro loan on that index goes up by about 89 euros a month, almost exactly the jump that October's reviews delivered. Loans on the six-month rate go up by about 44 euros, and on the three-month rate by about 18.

The numbers

Portuguese variable-rate home loans are typically repriced at each review on the average of the chosen Euribor (the euro interbank rate) over the previous month, plus the bank's fixed margin, or spread. The exact rule is in each contract. A November review therefore uses October's average.

October averaged 2.635 percent for three months, 2.975 percent for six months and 3.239 percent for 12 months, according to Euribor data compiled by global-rates.com. Banco de Portugal publishes its own monthly averages on BPstat on 3 November; for every month we checked, its figures matched.

Our example assumes 150,000 euros still owed over 30 years with a 1 percent spread, and holds both constant to isolate the rate change. These are our own calculations, not bank quotes:

• 12-month Euribor (last reviewed November 2025, on a 2.187 percent average): from 647.63 to 736.94 euros, up 89.31 euros or 13.8 percent.
• Six-month Euribor (last reviewed May 2026, on 2.454 percent): from 669.72 to 713.96 euros, up 44.24 euros or 6.6 percent.
• Three-month Euribor (last reviewed August 2026, on 2.425 percent): from 667.30 to 684.92 euros, up 17.62 euros or 2.6 percent.

Your own figure depends on your balance, remaining term and spread. The European Central Bank kept its rates on hold in October (our report), and October's averages barely changed from September's: the three-month figure was flat and the 12-month figure dipped slightly.

Who is affected

Bank of Portugal data for August show that 46.3 percent of outstanding loans for permanent homes were on variable rates, 49.1 percent on mixed rates and 4.7 percent fixed. Among variable-rate loans, the six-month Euribor was the index on 40.2 percent, the 12-month on 31.0 percent and the three-month on 24.3 percent. The average monthly payment on these loans was 446 euros in August.

What you can do

• Ask your bank about renegotiating. New variable-rate home loans averaged 3.23 percent in August, against 2.86 percent for mixed-rate loans (a fixed rate for the first years, variable afterwards) and 3.83 percent fixed, according to BPstat. A switch is a new agreement, so compare the total cost, not just the first payment.
• Paying off early now has a fee again. The waiver of the early repayment fee on variable-rate home loans under Decreto-Lei 80-A/2022 expired on 31 December 2025. Under Decreto-Lei 74-A/2017, the fee is capped at 0.5 percent of the amount repaid in a variable-rate period and 2 percent in a fixed-rate one. No fee applies if you repay because of death, unemployment or a job move of more than 50 km. Give seven working days' notice for a partial repayment, ten for full repayment.
• Tell your bank early if payments are a strain. Under Decreto-Lei 227/2012, a bank that sees signs of financial difficulty must assess them and, where you can still pay, present proposals within 15 days of receiving your documents. If a payment is missed, the bank must contact you within 15 days, and if it stays unpaid it must bring you into an out-of-court settlement procedure, known as PERSI, between the 31st and 60th day.