The mortgage market begins this year as it ended last year: with increasingly expensive home loans. The rise in the Euribor in December, which climbed to reach an average value of 3.018% (the highest since 2008), has increased the price of variable mortgages and, by rebound, also that of fixed and mixed mortgages. And it seems that this trend will continue throughout 2023, given that most forecasts suggest that the Euribor will continue to rise in the coming months.
In this context, if a person needs financing to buy a home, it is advisable that they take out their mortgage as soon as possible to avoid the rate hikes that are coming (provided that they can afford it, of course). But which banks still offer attractive conditions? According to the HelpMyCash.com bank comparator, the entities that market the cheapest mortgage loans are imagin and EVO Banco.
imagin, CaixaBank's mobile banking, offers the best fixed-rate mortgage on the market, in the opinion of HelpMyCash analysts. Your imaginBank Fixed Mortgage has attractive interest rates, starting at 2.70%, which can only be obtained in exchange for paying your salary directly; without the need to contract insurance or other products of the entity that cost money. If this requirement is not met, the applied rate rises to 3.45%.
With this mortgage you can finance up to 90% of the sale or appraisal value of a habitual residence (the lower of the two), with a repayment term of 30 years. imagin does not charge an opening commission, although it does apply a commission for early repayment of 2% (1.50% from the eleventh year) in case of repaying all or part of the debt early.
EVO Banco's Smart Mortgage, for its part, is the cheapest at a variable rate, according to analysts from the financial comparator. Its interest is from 0.99% fixed for the first year and from Euribor plus 0.50% the following ones. To achieve this, it is necessary to domicile the income and take out the home insurance offered by the entity. If these requirements are not met, interest increases by 0.20 percentage points.
EVO Banco allows you to finance up to 80% of the purchase or appraisal value (the lowest) of a habitual residence or up to 60% of that of a second residence, with a repayment term that can reach a maximum of 30 years. This online entity, which belongs to the Bankinter Group, does not charge commissions for opening or for total or partial early repayment.
According to HelpMyCash, EVO Banco also sells the cheapest mixed mortgage on the market: the Flexible Smart Mortgage. This product has a fixed interest during an initial period, which can be from 1.85% for the first five years or from 2.15% for the first 15, and a variable rate for the rest of the term, which is from Euribor plus 0.75%. In both cases, the interest is subsidized by 0.40 percentage points for domiciling the income and contracting the entity's home and life insurance.
EVO Banco's mixed mortgage, like the variable one, allows you to finance up to 80% of the appraisal or sale value of a habitual residence or up to 60% of that of a second residence, with a term of up to 30 years. This product does not include commissions for opening or for partial or total early repayment.
