The importance of products associated with the mortgage
When it comes to getting a mortgage, most people often focus solely on the interest rate. However, there is one fundamental aspect that is often overlooked: complementary banking products. These products can mean considerable savings in your annual expenditure.
Benefits of taking out insurance with the bank
Banks usually offer advantages to those customers who are encouraged to take out additional products, such as home or life insurance. When choosing a mortgage loan, it is common for banks to offer a range of complementary services, including insurance, credit cards, pension plans and current accounts.
Significant savings
Choosing home or life insurance with the same bank that provides your mortgage can translate into substantial discounts. According to data from the Association for Insurance Mediation of Financial Institutions (Amaef), these savings can reach up to 150 euros per year for home insurance and between 300 and 500 euros for life insurance , which significantly reduces the total cost of the mortgage.
Advantages of joint contracting
The union of different banking products can result in a considerable decrease in the expenses associated with the mortgage. “Although the banks cannot force you to purchase additional products, it is common for them to offer more favorable conditions if you decide to contract insurance or other services”, comments Álvaro Urrutia, director of Amaef.
Relationship with the bank
Establishing an ongoing relationship with your financial institution can provide you with more personalized advice. “Being a client of both the bank and the insurance company gives you an advantage over the two providers, since the bank wants to maintain a positive relationship with you and makes sure to offer a service adapted to your needs,” highlights Urrutia .
Valuing service beyond economics
Despite the economic benefits, the insurance offered by banking entities is also recognized for its quality and customer service. According to Amaef, almost half of the policies taken out are not associated with a mortgage, indicating that customers value experience and service over monetary offers. Simplicity, accessibility and expert advice are aspects that customers appreciate.
Final considerations when taking out a mortgage
So when you’re considering a mortgage, it’s crucial that you don’t just compare interest rates. It is also important to consider the additional products that the bank can offer and the savings that these can generate. Although banks cannot force you to purchase these products, doing so can lead to significant savings and a stronger relationship with your financial institution.
Always read the conditions carefully and take advantage of the linked offers to better manage your expenses and enjoy a more profitable mortgage.