Taking out a mortgage in August is generally a bad idea. Bank activity usually declines during that month, given that most of their staff is on vacation. Therefore, the processing of the application is much slower and, in many cases, is not resolved until September, when the offices of the financial institutions return to routine.
Fortunately, for potential home buyers, August is over and banks are already processing applications as before the holidays. But do entities offer cheap mortgages in September? According to the financial comparator HelpMyCash.com, some have increased their prices, but it is still possible to get good conditions at fixed, variable and mixed rates.
For lovers of tranquility, the BBVA Fixed Mortgage is one of the best options, in the opinion of the comparator's analysts. Its interest rate is one of the lowest on the market: from 2.80% if the money is repaid in up to 15 years and from 2.90% if the repayment period is between 16 and 30 years.
These interests can be obtained in exchange for domiciliating the payroll or pension and contracting the home and amortization insurance offered by the entity. If the client prefers not to subscribe to these services and products with BBVA, the rate applied will increase by up to one percentage point: up to 3.80% if the term is up to 15 years or up to 3.90% if it is up to 30. years.
The maximum amount of this fixed mortgage is equivalent to 80% of the price of the home to be purchased, as long as this does not exceed 80% of the appraised value of said property. If you buy a second home, that percentage is somewhat lower: up to 70%. BBVA does not charge an opening commission.
At a variable rate, however, the best offer available is the EVO Banco Smart Mortgage, according to HelpMyCash. It has a fixed interest rate of 2.20% for the first two years and Euribor plus 0.48% for the following years, which can be obtained in exchange for direct debiting the income and contracting home insurance with the bank. If neither of these two requirements is met, the applied rate increases by 0.20 percentage points.
EVO Banco, like BBVA, does not charge the customer an opening commission. This entity offers to finance up to 80% of the purchase of a habitual residence (or 80% of the appraised value, whichever is lower) and up to 60% of the acquisition of a second residence. The term to repay your variable mortgage is up to 30 years.
EVO Banco also has the best mixed-rate commercial offer: the Flexible Smart Mortgage. In this case, the client can choose between two options: have a fixed interest from 2.45% for the first five years and a variable rate from Euribor plus 0.60% for the following years or have a fixed rate from 3, 20% for the first 15 years and one variable from Euribor plus 0.75% for the rest of the term.
In both cases, the interest is subsidized by up to 0.40 points for direct depositing the income and taking out home and life insurance from the bank. Like EVO Banco's variable mortgage, this product finances up to 80% of the purchase (60% for a second home), has a maximum term of 30 years and does not include an opening fee.
Now, although the mortgages mentioned are the best advertised by the bank, HelpMyCash states that other entities can offer conditions that are as or more attractive if the applicant enjoys great economic stability and earns a good salary. Of course, you will have to fight it: you will have to negotiate with each bank to try to improve your initial proposal.
If you do not have enough time or knowledge to carry out this negotiation, the comparator advises considering the option of hiring a mortgage broker. With this professional, the chances of getting better conditions will be greater, since he will be in charge of sending the application to several banks at the same time and will haggle with them until obtaining the most attractive price possible.
