The unbridled rise of the Euribor, which has led the index to which most variable-rate mortgages are referenced to close December at 3.018%, often a turnaround in the mortgage market. The bank has progressively made fixed-rate loans more expensive, its big bet in 2021, at the same time that it made the variables cheaper, with differentials that already reach 0.50%. The perspective is that these products continue to rise, with interest rates already at 4%, throughout 2023. However, there are still several banks that currently sell mortgage loans with a fixed interest rate below the Euribor.
BBVA, Imagin, Evo Banco, Ibercaja and Openbank have in their storefront mortgages with a TIN (the nominal interest rate), that is, the interest rate that the bank charges for lending money for the purchase of a home, below of this 3%. Of course, the APR (the equivalent annual rate) or what is the same taking into account the commissions and expenses that they entail, would overcome this barrier.
To date, BBVA sells the most competitive fixed-rate mortgage on the market with 2.50% for terms ranging from 20 to 30 years, although if the period is reduced to 15 years, interest drops 10 basis points, up to 2.40%, as long as the client is linked to the entity. In the case of the bank chaired by Carlos Torres, it requires direct debit of the payroll, plus the contracting of life and home insurance. Otherwise, the interest rises to 3.50% and the APR to 4.14%.
Evo Banco has the second cheapest fixed-rate mortgage, with a TIN of 2.65% for a term of 30 years. For this, it is necessary to domicile the payroll and also take out separate home and life insurance. The total APR stands at 3.13%. If the future mortgage debtor did not want to link up with the entity, the interest would rise to 3.05%, which would also be a good option given how the Euribor has ended the year.
The Imagin mortgage is one of the fewest requirements, since for its contracting it is only necessary to direct deposit a salary of at least 1,200 euros per month. The interest rate charged is also below the December Euribor close. Specifically, 2.70% for a term of 30 years, while the APR would remain at 3.17%. On the other hand, it would not be a bad option in the case of not complying with the link: an interest of 3.45%.
Ibercaja also stands out, with a fixed-rate mortgage with interest of 2.75%, but in this case the term is cut to 25 years. The APR would rise to 3.70%. In return, six linked products are required, among which monthly income among applicants stands out for a minimum amount of 2,500 euros per month.
The Openbank mortgage loan closes the circle, with a mortgage ranging from 2.69% for 15 years to 2.84% for 30 years. The APR would stand at 3.29%. To be able to access these prices, the digital subsidiary of Banco Santander requires a greater contracting of products, up to seven, which includes the direct debit of the payroll (900 euros per month for one holder and 1,800 euros for two), insurance of life, home and the use of credit card among others. Otherwise, the interest rises to 3.64% at 30 years.
Last call for those who want to sign a mortgage
The truth is that time is running against mortgaged futures. The fact that the Euribor has closed the monthly average in December at 3.018% will cause an update of these loans by the bank. For this reason, experts recommend that if you have a good offer, sign it as soon as possible.
Because how far could they go? In that, the bank has been raising the interest of fixed-rate mortgages and now the most common TIN exceeds the sense, to a greater or lesser extent, 3%, but everything arose from the evolution of the Euribor, which could reach 3 , 50% in the first part of next year. For good profiles, the best loans could be signed at around 3% and for medium profiles at 3.5% and even in the second half of the year they could reach fixed rates of 4%, explain financial sources.