The price of mortgages skyrocketed last year. According to the Bank of Spain, the equivalent annual rate of these products, which measures their cost in interest, commissions and other costs, rose from 1.54% registered in January 2022 to 3.12% in December; more than double. And with a view to the coming months, it is expected that banks will continue to make their mortgage loans more expensive, given that the European Central Bank will keep its rates up and the Euribor will continue its rise.
Even so, it is not all bad news for those who want to take out a mortgage. According to the financial comparator HelpMyCash.com, there are banks that still offer attractive rates, especially if the application is processed through a mortgage broker: fixed rates of less than 3% for those who love stability, good mixed rates for those who they want to avoid the next increases in the Euribor and reduced differentials for those who believe that this index will go down again in a few years.
At a fixed rate, for example, the most attractive offer is the imaginBank Fixed Mortgage from imagin, CaixaBank's mobile banking. According to the buyer's analysts, their interest is one of the lowest on the market: from 2.70% for direct debit of recurring income of at least 1,200 euros per month; without the need to contract insurance or other additional products.
This entity also does not charge an opening commission to the client, although it does apply a compensation of 2% in the event of partial or total early repayment (1.50% from the eleventh year). This mortgage allows you to finance up to 90% of the appraisal or purchase value of a habitual residence, to be repaid in a period not exceeding 30 years.
EVO Banco, according to HelpMyCash, offers the cheapest mixed mortgage: the Flexible Smart Mortgage. Its initial fixed interest can be from 2.15% during the first five years or from 2.45% for the first 15, while the rate in the variable tranche is from Euribor plus 0.75%. To obtain these prices, it is necessary to have a minimum income of 600 euros per month and take out home and life insurance from the entity.
EVO Banco does not apply commissions for opening or total or partial early repayment. With your mixed mortgage you can finance up to 80% of the appraisal or purchase value of a habitual residence or up to 60% of that of a second residence, with a maximum repayment period of 30 years.
And which bank offers the best variable rate mortgage loan? According to HelpMyCash analysts, EVO Banco once again leads the ranking of this modality. Your Smart Mortgage has interest from Euribor plus 0.50% (0.99% fixed the first year), which can be obtained in exchange for domiciling an income of at least 600 euros per month and taking out the entity's home insurance .
Like the mixed mortgage, EVO Banco's variable rate offer does not include opening commissions or partial or total early repayment. The maximum financing is also 80% of the appraisal or purchase value of a habitual residence (60% of a second residence), while the repayment term cannot exceed 30 years.
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