It is a financial product that combines the characteristics of traditional mortgages. Experts consider it an umbrella against the rises in the Euribor and the economic uncertainty of 2023, still without getting rid of a variable interest rate in the long run. Find the best mixed mortgage for you.
We could say that they are an evolution of variable mortgages, which, in themselves, already offer a first few months or a year with a fixed rate before beginning to reference their interests to the Euribor.
The mixed ones extend this fixed period a little longer—from 3 years to 15—depending on the banking entity and the financial profile of the contracting party.
In a country still very tied to the variable interest rate, mixed interest rates are resurrected as a modality that, even without abandoning the Euribor as a long-term reference index, offers a certain initial stability that is desirable in a context of sudden increases.
Although the most stable mortgage today continues to be the fixed one, those people who, due to their financial profile, cannot get the best fixed interest rate now opt for mixed mortgages.
For example, if in September the best fixed interest rate that Housfy got was 2.50% TIN, the best mixed mortgage had a first 3 years at 1.60% fixed TIN.
The experts’ forecast for the Euribor is optimistic: the index will reach its peak at the end of 2023 and will begin to decline throughout 2024. The most widespread theory among analysts suggests that, in three years, the Euribor should return to rates similar to those of the last five years, if the monetary policy measures of the authorities respond as expected.
But if the situation becomes chronic and the Euribor does not return to rates close to 0%, experts remember that there are always ways to extinguish.
The mortgage holder who has been alert and has gathered sufficient savings could decide to pay off his mortgage early once he moves to the variable section, taking advantage of the free nature of this action.
Mortgages who cannot pay off their mortgage early can look for options to change from a variable to a fixed rate, renegotiate their interest rate or change banks.
Many banks now offer various mixed mortgages. To find out the interest rate that each bank can offer according to the financial profile of the contracting party, the most accurate thing to do is to contact the entity directly and ask for a binding offer.
Among the offers advertised on the banks’ websites, the mixed mortgage from Banco Santander stands out, with which the interested party can choose between a first tranche at a fixed rate of two and a half years or 9 and a half years. The fixed interest rate of each varies depending on the conditions.
These are just general offers that do not correspond to the profile of the average contractor. To compare several options according to a specific financial profile, a recently popular option is to hire a mortgage broker. They negotiate with the main banks, present the available offers to their clients so that they can choose the one that best suits them.
