The rise in interest rates has come hand in hand with a reduction in variable mortgages and a rise in fixed ones. The offer changes almost daily to adjust to the new context of a triggered Euribor. The bank wants to reactivate the variables and get off the fixed ones. Thus, fixed rates have increased rapidly to generally exceed 3% APR. There are even prices of 4% APR and 5% APR. Among this wave of increases, you can still find three fixed mortgages that do not reach, although just barely, the threshold of 3% APR. They are marketed by BBVA, Evo Banco and Ibercaja.
15-year BBVA fixed mortgage
BBVA offers subsidized fixed mortgages at different terms and the only one that does not exceed 3% APR is for up to 15 years, as long as the client meets the conditions. Without linkage, the interest amounts to 3.60% APR. It is necessary to domicile the payroll of more than 600 euros per month, take out multi-risk home insurance with BBVA Allianz Seguros and loan repayment insurance with BBVA Seguros. The subsidized mortgage covers up to 80% of the less than the purchase or appraisal values.
Thus, according to a representative example of the loan, for an amount of 150,000 euros with 180 installments, the monthly bill would be 961.81 euros. The total cost of the loan would amount to 183,056.83 euros. The application and process is digital. It has no opening commission or notary, agency and registration fees.
Evo Banco Smart Fixed Rate Mortgage
The Evo Banco Smart Mortgage has a fixed interest of 2.93% APR for 25 years with a discount. The client must direct deposit the payroll for an amount equal to or greater than 600 euros per month and take out home and life insurance. In the case of 150,000 euros, the 300 monthly installments would be 669.15 euros. The total amount owed would amount to 210,660 euros, of which 50,745 would correspond to interest. Without bonus, the APR is 3.12%.
It has no study or opening commissions. Nor mortgage expenses (management, notary, records or tax), only the appraisal. Hiring is 100% online.
Mortgage Let’s go to fixed rate of Ibercaja
Ibercaja has removed the One Step Mortgage from its catalog, both fixed and variable rate:. Now, it markets the Vamos Mortgage in the fixed, variable and mixed modality. At a fixed rate, the discounted interest is 2.95% APR for a term of 25 years for amounts from 100,000 euros with financing of up to 80% of the appraisal value (or the purchase price if it is less). If you are 35 years old or younger, it is possible to achieve up to 95% financing.
The requirements are to direct payroll of at least 2,500 euros per month and a minimum of three regular receipts, use cards, take out home and life insurance and make regular contributions to one of the entity’s investment funds. Without meeting the conditions, the price rises to 3.17% APR. The mortgage is free of opening and early repayment commissions.
For a mortgage of 150,000 euros, at the end of the loan a total of 210,986 euros will have been paid, of which 40,415 euros correspond to interest.
Rest of entities
The other entities that advertise their fixed mortgages offer prices above 3% APR. Openbank offers a 3.10% APR from 15 years fulfilling the bonus conditions. Coinc has recently raised interest rates from 3.50% APR to 15 years. Sabadell has also raised its subsidized fixed mortgage to 3.65% APR for up to 30 years. In MyInvestor they announce 3.70% fixed APR for 30 years.
In Santander, the 30-year Bonus Fixed Mortgage now exceeds 4% APR with bonding and 5% if conditions are not met. The same occurs at Bankinter in the different terms. CaixaBank proposes 4.312% bonus and 4.419% without bonus. In Abanca, the fixed mortgage is 5.88% APR for 15 years with the maximum bonus.
Some banks, such as ING or Kutxabank, are now inclined to personalize mortgages based on the client’s profile.
Best variable mortgages
In the market you can find several differentials that are around 0.60% on the Euribor. The cheapest are those of the variable mortgages of BBVA and Evo Banco, of 0.60%. TargoBank puts 0.65% plus Euribor on the table and Openbank offers 0.70%. Ibercaja, Coinc, Bankinter and Banco Sabadell have an interest rate of Euribor plus 0.75%. In each entity there are different fixed types of exit (the first year) and different conditions and requirements.
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