With a soaring Euribor (it closed February at 3.534%), this does not seem the best time to finance the purchase of a home with a variable-rate mortgage, since its interest is calculated precisely with this reference index. It is logical, therefore, that the majority of potential buyers prefer the security provided by fixed rates: according to the latest data from the National Institute of Statistics, 65.5% of mortgages registered in December 2022 were of this type .
The bank, however, does not want to make it easy for these customers. Over the last few months, the vast majority of entities operating in Spain have made their fixed mortgages significantly more expensive. At the moment, if a person requests financing from his bank, he will generally be able to get a fixed rate of around 3.50% or more; a price far removed from interest rates of less than 2% that were offered just a year ago.
There are a few banks, however, that still grant fixed mortgages with interest rates below 3%. According to a market study carried out by the financial comparator HelpMyCash.com, entities such as EVO Banco, BBVA or Unicaja allow you to obtain a fixed rate below that percentage. Of course, its analysts warn that their offers will not last long, so it is convenient to process the request as soon as possible.
According to HelpMyCash, EVO Banco's Smart Fixed Rate Mortgage is the cheapest of its kind. Its interest is one of the lowest: from 2.80% for a term of up to 30 years if the client directs their income and contracts the entity's home and life insurance. In addition, it does not include opening commissions or partial early redemption, although it does include compensation for total early redemption of 2% (1.50% from the eleventh year).
The BBVA Fixed Mortgage also has an interest rate below 3%: from 2.80% if the repayment term is up to 15 years and from 2.90% if the repayment period is between 16 and 30 years. . In exchange, the client must deposit his salary or pension and contract home and life insurance with the bank. This loan does not include an opening commission, but it does include compensation for partial or total early repayment of 2% (1.50% from the eleventh year).
Another financial institution that is reluctant to offer a fixed mortgage above 3% is Unicaja. This Andalusian entity offers a fixed rate from 2.85% (2.95% the first semester) for a term of up to 30 years, which can be achieved if the payroll is paid directly, home and life insurance is contracted from the bank and contributions are made to one of their pension plans. Unicaja does charge an opening commission of 0.15%, as well as compensation for partial or total early repayment of 2% (1.50% from the eleventh year).
From the comparator, they also ensure that there are other entities that may be willing to offer a fixed mortgage below 3% if the client's profile is good, but they do not openly advertise it. To get these banks to lower their initial prices, it is necessary to negotiate with them or leave the request in the hands of a mortgage broker, who is a professional specialized in reaching better agreements with financial companies.
These offers show that it is still possible to get a fixed-rate mortgage at a competitive price. However, according to HelpMyCash, it is very likely that the aforementioned banks will make their loans more expensive sooner rather than later, as well as the entities that already grant fixed mortgages above 3%.
The forecast for the coming months is that the Euribor will continue to rise due to rate increases by the European Central Bank. Most likely, therefore, is that entities continue to make their fixed mortgages more expensive: partly to encourage their variable rates and partly to maintain their profit margins. According to the comparator analysts, the average interest on fixed-rate mortgage loans will be between 3.75% and 4% in the near future.
Therefore, those who want to contract a fixed mortgage at less than 3% should hurry to process the application, because the longer it takes, the fewer options they will have to get attractive interest. To increase those probabilities, it is also advisable to request financing from as many banks as possible and haggle with each entity to try to obtain the lowest possible price.
