Autumn is usually a good time to take out a mortgage. It is common for banks to offer competitive financing conditions in the last months of the year, since they want to increase the concession to close the year with good figures. And the last quarter of 2023 will not be an exception, especially if we take into account the halt in hiring that has occurred due to inflation and the general rise in interest rates.
While it is true that current mortgages are worse than those of a year or two ago, there are many banks that offer good conditions, especially if the customer profile is attractive. According to the financial comparator HelpMyCash.com, entities such as BBVA or EVO Banco have competitive mortgage loans at fixed, mixed and variable rates, while others can lower their prices if the application is negotiated or processed through a broker.
At a fixed rate, for example, BBVA offers really attractive conditions. Your Fixed Mortgage has an interest rate of 2.90% if the term is up to 15 years or 3% if the money is returned over a period of between 16 and 30 years. In both cases, the applied rate is reduced by one percentage point for direct depositing the payroll or pension and for contracting the entity's home and depreciation insurance.
This fixed-rate mortgage has no origination fee, but it does include compensation for partial or total early repayment of 2% (1.50% from the eleventh year). It allows financing up to 80% of the appraisal or sale value of a primary home (whichever is lower) or up to 70% of that of a second home, with a maximum repayment period of 30 years.
For those who prefer a mixed interest, EVO Banco's Flexible Smart Mortgage may be the best option, according to HelpMyCash analysts. Your interest can be from 2.45% in the first five years and from Euribor plus 0.60% for the rest or from 3.20% for the first 15 years and from Euribor plus 0.75% thereafter. All of these types are subsidized by 0.40 points for the direct debit of the payroll and the contracting of the entity's home and life insurance.
This mortgage loan, like the previous one, has no opening fee. In case of early repayment, compensation will only be charged if it occurs during the fixed rate tranche: 2% in the first ten years and 1.50% in the following five. EVO Banco offers a maximum repayment period of 30 years and finances up to 80% of the value of a primary home or up to 60% of a second home.
Finally, the best variable mortgage on the market is also sold by EVO Banco. Your Smart Mortgage has an interest rate of 2.20% for the first two years and Euribor plus 0.48% for the following years, subsidized by 0.20 percentage points for direct debiting the payroll and contracting the home insurance offered by the entity. .
EVO Banco does not include opening or early repayment fees in the fine print of this mortgage. Its maximum amount is up to 80% of the value of a primary home (up to 60% of a second home), while the period to return the money can be up to 30 years.
According to HelpMyCash, these are the best mortgages that banks offer openly in autumn, that is, those that are advertised on their websites, shop windows and other commercial communications. Even so, if the applicant earns a high income and enjoys great job stability, it is possible that he or she can obtain more competitive conditions with these or other entities.
In that sense, you will have more options to obtain lower prices if you entrust the application to a mortgage broker. This professional, specialized in the housing credit market, will negotiate with various financial entities at the same time to obtain the best possible conditions for his client.
