The prediction of the economist and real estate analyst Gonzalo Bernardos about an imminent “mortgage war” in Spain has come true.
Some time ago, Bernardos anticipated that banks would begin to compete aggressively to attract clients by offering more favorable conditions on their mortgages, and now the facts confirm it, according to his analysis.
In a recent tweet, Bernardos highlighted an example that reflects this scenario: a fixed mortgage with a 1.85% interest ratesignificantly lower than the rates offered a year ago.
This type of offer not only confirms the trend towards greater competitiveness in the mortgage sector, but also responds to the strategies of banking entities to attract buyers in a real estate market that has shown signs of cooling.
Who benefits from the ‘mortgage war’ that Bernardos anticipated
According to Bernardos, the conditions of this “super bargain mortgage” are clear: it is intended for homes whose purchase price exceeds 300,000 euroswith a financing limit of up to 87.5% of the price of the property and a maximum financial effort of 35% of the applicant’s income. Additionally, the appraisal amount of the home cannot exceed 80% of the purchase price.
This context of ‘mortgage war’ It especially benefits buyers seeking long-term financial stability through fixed mortgages.
I told you. The mortgage war has already arrived and offers with interest rates much lower than a year ago. Here you have the example of a super bargain mortgage. (sugue)
— Gonzalo Bernardos (@GonBernardos) November 20, 2024
However, it also highlights the need to carefully analyze the conditions of each offer, considering factors such as commissions and linked products.
The entry into this new scenario reflects not only greater banking competitionbut also an attempt to reactivate the real estate market at a time of economic uncertainty.
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