Fixed mortgages around 2% are about to go down in history. After the rise in rates by the European Central Bank, which in September went from 0.5% to 1.25%, several banks have made these products more expensive and have placed their interest rates at around 3% or above: CaixaBank (2.70% ), Banco Santander (2.89%), ING (3.25%)… During the coming weeks, it is more than likely that other entities will jump on this bandwagon to maintain their margins in the face of the European supervisor’s measure.
However, if the applicant hurry, they can still get a fixed mortgage at a good price: with an interest of around 2% or with a slightly higher rate, but without the need to contract insurance or other products from the entity. According to an investigation carried out by the financial comparator HelpMyCash.com, the five banks that offer the best conditions within this modality are Ibercaja, EVO Banco, BBVA, Openbank and COINC, although the client can negotiate with other entities to try to obtain similar proposals.
Ibercaja’s Easy Fixed Mortgage is the cheapest offer at a fixed rate, according to the analysts of this comparator. Its interest is competitive, from 2.25% for a maximum term of 25 years, and it can be obtained in exchange for meeting a single bonus requirement: direct debiting the payroll of the holders for a minimum joint amount of 2,500 euros. In case of not doing so, the rate rises to 3.25%.
Ibercaja offers to finance up to 80% of the purchase of a habitual residence, provided that the amount borrowed is greater than 100,000 euros (the property must cost at least 125,000 euros). This entity does not charge opening commissions or for total or partial early repayment.
The second position in this HelpMyCash ranking is occupied by the Smart Mortgage at a fixed rate from EVO Banco. Its interest is lower than that of the previous loan, from 2.05% for a maximum term of 30 years, but it is necessary to contract more products to achieve it: direct debit a minimum recurring income of 600 euros per month and subscribe to home insurance and entity life. Otherwise, the applied rate rises to 2.45%.
This fixed mortgage allows financing up to 80% of the purchase of a habitual residence. EVO Banco, like Ibercaja, does not charge opening commissions or for total or partial early repayment.
The bronze goes to the BBVA Fixed Mortgage, whose interest is from 1.95% if it is repaid in up to 15 years and from 2.05% if the term is up to 30 years. In exchange, the client has to direct deposit their payroll (at least 600 euros per month) and take out home and amortization insurance with the bank. The rate applied rises by one percentage point if none of these requirements are met.
With BBVA you can finance up to 80% of the purchase of a habitual residence or up to 70% of the price of a second residence. Your fixed mortgage does not have an opening commission, although it does for total or partial early repayment: 2% of the amount paid ahead of time (1.50% if more than ten years have passed since signing).
HelpMyCash places Openbank’s Open Fixed Mortgage in fourth position. In this case, the interest is from 2.29% if the term is up to 15 years, from 2.40% if it is up to 20 years, from 2.53% if it is up to 25 or from 2 .62% ??if it is up to 30 years. The bank offers to reduce these rates by 0.10 percentage points if the client requests an amount of 150,000 euros or more.
The aforementioned interest, yes, is discounted by 0.60 percentage points for meeting several requirements: direct debiting a minimum recurring income of 900 euros per month, contracting home and life insurance from the bank and subscribing to electricity and gas supplies with Repsol.
Openbank finances up to 80% of the purchase of a habitual residence or up to 70% of a second residence (in this case, the maximum term is 25 years). It does not charge an opening or partial early repayment fee, although it does charge for full early repayment: 2% on the advance payment (1.50% if it occurs after the eleventh year of the term).
Finally, the COINC Fixed Mortgage (an online Bankinter brand) closes this top 5. Its interest is not one of the most attractive: from 2.70% if the term is up to 10 years, from 2.75% if it is up to 15 years, from 2.80% if it is up to 20 years, from 2.85% if it is up to 25 years and from 2.90% if it is up to 30 years. However, it can be obtained without the need to contract other products of the entity, which lowers its price.
With this mortgage loan you can finance up to 80% of the purchase of a main residence or up to 60% of a second residence. COINC does not charge an opening fee, but it does apply a full or partial early repayment fee of 2% on the advance payment (1.50% from the eleventh year of the term).
For now, these are the best fixed mortgages on offer in Spain, at least openly. However, from HelpMyCash they warn that they could have an expiration date, since it is likely that the aforementioned banks will raise their fixed rates in the coming weeks or months. For this reason, the analysts of this comparator advise processing the request as soon as possible and requesting financing from other entities to have a plan B.
It may also be interesting to leave this work in the hands of a mortgage broker. This intermediary can get offers more quickly, since it sends the client’s request to several banks at the same time. In addition, thanks to his experience, he usually negotiates more attractive conditions (lower interest, less commitment…) for the applicant, which allows him to save a good sum of money.
