The Importance of Comparing Mortgages
In the summer of 2024, the search for the perfect mortgage in Spain can be a determining factor for those who wish to acquire a new home. With a very competitive mortgage market, comparing the offers of the different banking entities becomes essential to identify the options that best suit our needs.
Fixed Mortgages: Stability in Payment
Opting for a fixed rate mortgage means guaranteeing a constant monthly payment throughout the duration of the loan. This option is valued for its financial security. The entities presenting the most attractive offers this year include:
Offers from Featured Banks
1. **Banco Santander**: A subsidized TIN of 2.60% and an APR of 3.22%. Without bonus, the TIN amounts to 3.70%.
2. **EVO Banc**: Presents a bonus TIN of 2.90% and APR of 3.39%, increasing to 3.30% and 3.58% respectively without bonus.
3. **BBVA**: Offers a mortgage with a subsidized TIN of 3.00% and APR of 3.97%. Without bonus, the TIN is 4.00%.
To enjoy these advantageous conditions, it is often necessary to contract additional products, such as life or home insurance and payroll direct debit.
Variable Mortgages: Risk and Opportunity
Variable rate mortgages, which adjust according to Euribor, can start with lower installments, but involve a certain degree of risk due to interest rate fluctuations. The most competitive offers can be found at:
Best Variable Mortgage Options
1. **EVO Banc**: Subsidized Euribor interest +0.48% and an APR of 4.30%.
2. **KutxaBank**: Offers a bonus on Euribor +0.49% with APR of 4.43%.
3. **BBVA**: Subsidized Euribor interest +0.60%, with an APR of 5.05%.
As with fixed mortgages, favorable terms are likely to require additional products to be taken out.
The Mixed Mortgage Alternative
For those looking for a balance, mixed mortgages offer a combination of an initial fixed term with a variable rate term afterwards. Entities such as EVO Banco, OpenBank, Banco Santander, Cajamar and Bankinter stand out in this segment with competitive offers.
Tips for choosing the right mortgage
When selecting a mortgage, it is crucial to make a thorough comparison of the available offers and consider which one best fits our financial situation. Understanding the conditions and requirements associated with bonuses can result in significant savings.
Consulting with a mortgage expert is a wise decision, as they can provide personalized guidance and help optimize savings throughout the loan period.