After spending a few hard months due to the pandemic, many banks are trying to encourage the contracting of real estate loans by lowering their interests.
Banks are selling the cheapest mortgages ever seen in Spain. And the fact is that the financial entities of our country need to earn money after spending a few very hard months due to the pandemic, so many try to encourage the contracting of loans for housing by lowering their interest. For those who want to take advantage of this situation to finance the purchase of a property at a good price, from the banking comparator HelpMyCash.com they have compiled all the available offers and have prepared a list of the best mortgages that can be contracted in February 2021.
Fixed rates, lower than ever
Given that the Euribor is trading at historic lows (-0.505% in January 2021), banks are more interested than ever in taking out fixed mortgages, the interest of which is not linked to this benchmark index. For that end, many entities have lowered the rates of these products, which are now located, according to HelpMyCash.com, at the lowest level ever recorded in our country.
The best offer in this sector is that of Coinc, a mark online of Bankinter. Your Fixed Mortgage has an interest of 1.35% at 20 years or 1.40% at 30 years, without opening commission and without having to contract other bank products. With it it is possible to finance up to 80% of the value of a first home or up to 60% of a second residence.
Second place goes to another entity belonging to Bankinter: EVO Bank. Your Smart Fixed Rate Mortgage has an i1.29% interest at 30 years, with a discount of 0.20 points for the direct debit of the the study and the hiring of home insurance from the bank. It has no opening commission and is used to finance up to 80% of the value of a first home.
This podium is closed by MyInvestor Fixed Rate Mortgage Without Backpack, an online financial company of Andbank EspaÃ ± a. This has a interest of 1.29% at 15 years, 1.59% at 20 years and 1.69% at 25 years, without opening commission and without additional products. Of course, it finances up to 70% of a first or second home and, to get it, it is necessary to charge a minimum of 4,000 euros per month net among all owners.
And the variable rate?
In the variable mortgage sector, however, there is not such aggressive competition. Even so, as the Euribor is so low, hiring one of these products can be very convenient (especially in the short term), since its interest is very low.
The best variable rate loan, according to HelpMyCash.com, is the Smart Mortgage from EVO Banco. This has an interest of Euribor plus 0.98% in the first year, of EurÃbor plus 0.88% from the second to the fifth, of EurÃbor plus 0.78% from the sixth to the tenth, and Euribor plus 0.68% from the eleventh; with a discount of 0.20 points for directing the study and hire home insurance from the bank. It has no opening commission and finances up to 80% of the value of a first home, with a maximum term of 30 years.
The silver medal goes to the Openbank Open Variable Mortgage, whose interest is 1.99% the first year and Eurob if 0.79% from the second, provided that up to 50% of the value of a first home is financed (that differential is 0.89% if it is financed up to 70% or 0.99% if it is financed up to 80%). In all cases, the interest is discounted by 0.40 points per domicile income and hire home insurance Of the entity. Openbank does not charge an opening commission and gives a period of up to 30 years to return the money.
Close this top 3 the MyInvestor Variable Backpack Without Mortgage, which has an interest of 1.79% the first year and Eurob if 0.89% the following (without extra products). It has no opening commission, has a term of up to 25 years, and finances up to 70% of the value of a first or second home. In addition, you have to charge at least 4,000 euros net per month among all holders to get it.
Better prices can be negotiated
From the HelpMyCash.com comparator they affirm, yes, that there are banks that can equalize or even improve these conditions. Therefore, they recommend request financing from several entities and negotiate with each of them to try to get an even more attractive price, especially if you have a good profile (high income, very stable employment situation, etc.).
When comparing offers, they also comment that do not look only at the interest rate. Mortgages, in many cases, include other expenses that can increase your price (commissions, additional products, etc.), so it is important to take them all into account to find out how much you would actually have to pay for your home financing.