When August arrives, the application for and contracting of mortgage loans tends to be drastically reduced. And it's totally understandable, since many potential buyers take advantage of this time to take a vacation. Even so, this is not a bad month to start looking for a mortgage if you want to buy a home: you can take advantage of your free time to make an appointment with several banks and start comparing offers.
And which entities offer the cheapest mortgages during this month of August? According to the financial comparator HelpMyCash.com, BBVA and EVO Banco have the best proposals for fixed and variable rates, respectively. Its analysts, yes, also advise going to other banks and negotiating with them to try to get even more attractive conditions.
According to a market analysis carried out by HelpMyCash, the BBVA Fixed Mortgage is the most attractive within its modality, taking into account the commercial offers that banks advertise over the Internet, from their branch windows and other media. . Its interest rate is from 2.80% for a term of up to 15 years and from 2.90% if the loan is repaid in a period of between 16 and 30 years. The average price of these products is currently above 3.50%.
It should be noted, of course, that the client must contract several bank products to access these types: direct deposit of their salary or pension and subscribe to the home and amortization insurance offered by the entity. If you reject all these links, the interest applied will be one percentage point higher.
BBVA, like the vast majority of Spanish banks, does not include an opening commission in the fine print of its fixed mortgage. This bank offers to finance up to 80% of the appraised or sale value of a habitual residence (the lowest) or up to 70% of that of a second residence, with a maximum repayment term of 30 years.
Regarding the variable rate offers, the comparator analysts awarded the gold medal to the Smart Mortgage of EVO Banco, an online entity that belongs to the Bankinter Group. During the first two years, this loan has a fixed interest from 2.20%, while for the rest of the term, the rate applied is from Euribor plus 0.48%. This is a price well below the average, which is around Euribor plus 0.70%.
This interest can be obtained in exchange for meeting two bonus requirements: direct deposit of the salary or pension and contracting the home insurance proposed by EVO Banco. If none of these conditions are met, both rates will rise by up to 0.20 percentage points.
EVO Banco, like BBVA, does not charge an opening commission either. With your variable mortgage you can finance up to 80% of the purchase of a habitual residence (or the appraisal value, if it is lower) or up to 60% of a second residence. The maximum term to settle the mortgage debt is 30 years.
From HelpMyCash they remember that both mortgages are the best that banks offer openly, that is, that they advertise through their different communication channels with their clients. However, there are entities that can match or even improve their conditions if the client enjoys economic prosperity, as long as he takes the trouble to look for other proposals, request counter offers and negotiate.
For this reason, the comparator analysts advise going to several entities, obtaining offers and trying to agree on better conditions. And if the client prefers to leave these procedures in the hands of a professional, they can also consider the option of hiring a mortgage broker, who will be in charge of negotiating with different banks at the same time to get the cheapest mortgage.
