We started the year and the Euribor continues to rise. It has marked 3,018% at the end of December, thus crossing the 3% threshold. In addition, this data certifies that the Euribor has broken the record for the largest year-on-year rise in its history: in 2022 alone it has grown by 3.5%. Taking these data into account… What can happen in the coming months? “The feelings for 2023 that the entities transmit to us is that the Euribor will continue to rise, but very slowly and the usual thing will be to see mortgage rates also around 3%,” predicts Simone Colombelli, director of mortgages at iSavings.
Given this situation, looking for a mortgage seems like a complicated mission, but the key is to analyze the market. Although it is true that the interest on fixed mortgages has not stopped rising since the Euribor stepped on the accelerator, the truth is that this fact has caused a forgotten mortgage product to return to the market: mixed mortgages. This product consists of a mix of fixed and variable rates. This means that, during a first period, the client will work with a fixed-rate mortgage and, once finished, the loan will have an interest rate dependent on the Euribor. The biggest advantage of mixed mortgages at the moment is that the interest they have during the fixed tranche is usually less than that of a fixed-use loan.
The best mixed mortgages in January of this year
An example of this is the mixed mortgage that EVO has. During the first 15 years, the user will have a fixed TIN of 2.15% and, from then on, this will become Euribor +0.75%. In this way, during this first tranche, an owner with a mortgage of 200,000 euros will pay a monthly installment of approximately 754 euros. The requirements to be met in this case are direct debit of the payroll, unemployment benefit or pension of more than 600 euros and taking out home insurance.
For its part, Ibercaja also offers a TIN of 2.15% during the first 10 years of your mortgage. Then the user will have an interest of Euribor +1.05%. The links to be able to enjoy these conditions are direct deposit of the salary and the usual receipts, use the entity’s credit card, purchase two insurance policies (life and home) and make regular contributions to one of Ibercaja’s investment funds.
Fixed mortgages below 3%? it is still possible
The mixed mortgage is a viable alternative, but a client may not feel safe knowing that it is a product that in the end will end up working as a variable mortgage. It must be taken into account that there are still some fixed mortgages with interest rates below 3% that may be of interest to this type of profile. One of them is held by Openbank. Your mortgage has a fixed TIN of 2.84% and an APR of 3.33%. However, in order to enjoy these conditions, it is necessary to direct deposit the salary, contract electricity and gas with Repsol, use the Openbank credit card, purchase two insurance policies (life and home) and make subscriptions/contributions/transfers in Funds Investment or Pension Plans marketed by the entity. BBVA also has a fixed mortgage with a TIN below 3% and, furthermore, it does not require as many links. The TIN is 2.90% and the APR is 3.96% as long as the payroll is domiciled and two insurances are purchased (home and loan amortization).
Are you looking for a variable mortgage? It’s the moment
With the Euribor on the rise, banks are betting on variable mortgages. It is for this reason that the person who wants a loan of these characteristics should not miss the opportunity. Unicaja’s variable mortgage, for example, has a TIN of Euribor +0.50% (0.99% during the first year) and an APR of 3.89%. The links in this case are having an income of more than 2,500 euros per month; domicile the payroll and the main receipts; purchase home, life or temporary disability insurance; take out car or health insurance and make a contribution to a pension plan or investment fund. For its part, ING’s orange mortgage has a TIN of Euribor +0.59% (1.50% during the first year) and an APR of 3.89%. In exchange, the user will have to direct deposit the salary, enter more than 600 euros per month or have a minimum balance of 2,000 euros per day and take out two insurances (life and home)
