It's hot, but the market doesn't stop. The recent rise in interest rates by the European Central Bank before the summer has excited, once again, the Euribor, which, experts say, would be close to hitting a ceiling.
The brokers of Housfy Hipotecas, a mortgage brokerage company, have scrutinized the offers of the most important banks in the country to find the most competitive ones. This is the best interest rate they have found during the month of August. And the financial profile of the people who have been able to access it.
In August, the lowest fixed interest rate that Housfy has processed is 2.55% TIN, after discounts.
Fixed mortgages are the safest right now to protect against rises in the Euribor, even though fixed interest rates have also risen accordingly.
The average fixed rate of mortgages constituted on homes in Spain already reaches 3.4%, data from the INE from May 2023. Who, then, can access 2.55%?
For two applicants, we are talking about an income of €6,000 per month between them. It does not have to be a shared mortgage. A single person with sufficient seniority and a salary of more than €3,000 per month is also eligible for the best fixed interest rate on the market.
Apart from a good income, the bank will take into consideration the job position of the contracting parties. Employees or self-employed workers with sufficient employment seniority, or civil servants or other State employees have options to access the best interest rate.
Anyone who does not meet this profile should not suffer. The bank continues to offer fixed mortgages with convenient conditions, depending on the financial profile of the contracting party. Or plan b: the mixed mortgage.
Espiago, with more than a decade of experience in the sector, affirms that "the mixed mortgage is designed for those who find the fixed rate very expensive." And it works as an alternative for those who, wanting a fixed rate lower than the average market interest rate, are willing to take a little risk in the long term.
In Housfy, the mixed mortgage with the best rates is one whose first tranche, fixed and of 3 years, is 1.90% TIN. The second tranche, variable, is Euribor 0.45% TIN.
Variable interest no longer attracts so much attention, although there are those who know how to take advantage of its advantages. According to the latest data from the INE, in May 2023, 38% of the mortgages constituted in the country were at a variable rate.
The best variable interest rate that Housfy has found as of August 2023 is Euribor 0.20%. With a fixed first tranche, of one year, at 1.20% TIN and without depending on the Euribor, this type of mortgage is the option for the daring, the optimistic with the Euribor, or those who are very clear that, in the short term, they will receive an extraordinary liquidity flow with which they will be able to settle the debt.
A shareholder who plans to sell their shares in a short period may decide to take this interest rate low for the first few months and, taking advantage of the fact that there is no commission for early redemption, pay off the debt early if the Euribor remains high after a while. anus.
