Javier Serrano
Updated Monday, April 8, 2024-15:06
Accounts The best paying accounts in April 2024
Mortgage Aid Guide: how to apply, requirements and news
All financial entities offer
mortgages
to purchase properties: as we know, these are
loans
that have the peculiarity that they establish
the property itself as collateral
, that is, in a situation of non-payment, the bank could keep the
home
. So the first thing we must be very clear about is that we can afford the mortgage and not
go into debt
beyond our means; Acting realistically is the best way to avoid disappointment in the medium term.
When making comparisons, the first thing we look at is the
interest
, because it is the rate that directly indicates how expensive or cheap the
loan
is . But it is advisable to tread a little more finely: we must also analyze what
links
each mortgage requires of us. It is common that financial institutions, in order to reduce this interest rate, require us to contract complementary products, such as
direct debit of payroll
and other receipts,
credit cards
with a minimum consumption,
life or home
insurance
, and that we invest certain amounts in pension or investment funds...
It is common, and we can also benefit from all these products, but let's keep it in mind when making our calculations.
What types of mortgages exist?
We have always distinguished between
fixed rate mortgages
and variable rate mortgages. The first ones always maintain the same interest, without variations, so that the installment is the same from the first installment until we finish repaying the loan. The
variable rate
ones
are referenced to an index accepted by the market - in Spain, the most common is the
Euribor
-, and a differential is applied, which we could say is the profit of the financial institution. In this case, if rates rise they will revise our fees upwards and we will pay more; and if rates go down, the opposite will happen, and we will pay less. So they are a double-edged sword. So we have to be attentive to these fluctuations and the effect they may have on our family economy.
The fixed mortgage is for those who do not want to risk anything and prefers to know what to expect, while the variable mortgage is for those who choose to take advantage of moments of low rates, but know that if those rates rise too much, they could find themselves in trouble.
However, in recent years an intermediate model has emerged:
mixed mortgages
.
The instability we have experienced has made many people afraid of the rate hike, but they trust that in a reasonable period of time, everything will return to normal. So a mixed mortgage establishes a fixed term for a few years – which is usually 5, 10 or 15 – and then returns to the variable format. It is a way to ensure peace of mind for a season.
What are the cheapest mortgages in April 2024?
Let's take a look at how things are going this month of April 2024. In the case of
fixed rate
mortgages , the cheapest this month is the Fixed Rate Bonus Mortgage from Banco Sabadell (2.75%).
However, we must take into account the
links
that we have already talked about. This mortgage starts at an interest rate of 3.75%, but you can get up to one bonus point by meeting the following conditions: domiciliate your payroll or pension (bonus of 0.40 points); take out home insurance (0.10 points); take out life insurance (0.40 points); and take out payment protection insurance (0.10 points)
In the case of
mixed
ones , the cheapest is that of Ibercaja (from 2.25% fixed for the first five years and then it goes to Euribor + 0.65).
And in the case of
variables
, the cheapest is the Real Madrid Variable Mortgage from Unicaja (Euribor + 0.45). But in this case,
links
are also necessary , such as direct debiting a payroll for an amount greater than 3,000 euros, taking out home insurance and life insurance, taking out a credit card, investing in funds or providing an energy efficiency certificate. housing with A rating.
Below, we give you details of
the most interesting mortgages
that exist on the market at the moment:
The five best fixed mortgages of April 2024
FIXED MORTGAGE from BANCO SABADELL
Initial TIN: 2.75%
Interest for other years: 2.75%
APR from 3.87%
Term: 30 years
GO TO THE OFFER
BANCO SANTANDER BONUS FIXED MORTGAGE
Initial TIN: 2.90% for six months
Interest for other years: 2.80%
APR from 3.39%
Term: 30 years
GO TO THE OFFER
smart fixed mortgage from evo bank
Initial TIN: 2.90%
Interest for other years: 2.90%
APR from: 3.39%
Term: 30 years
GO TO THE OFFER
BBVA fixed mortgage
Initial TIN: 2.90%
Interest for other years: 2.90%
APR from: 3.86%
Term: 25 years
GO TO THE OFFER
Fixed mortgage Mari Carmen de Abanca
Initial TIN: 2.90%
Interest for other years: 2.90%
APR from: 4.63%
Term: 25 years
GO TO THE OFFER
The five best mixed mortgages of April 2024
Ibercaja Mixed Let's Mortgage
Initial TIN: 2.25% for 5 years
Interest for other years: e+ 0.65%
APR from: 4.4%
Term: 25 years
GO TO THE OFFER
Mixed mortgage from Banco Sabadell
Initial TIN: 2.25% for 3 years
Interest for other years: e+ 0.85%
APR from: 4.68%
Term: 30 years
GO TO THE OFFER
EVO Banco mixed smart mortgage
Initial TIN: 2.35% for 5 years
Interest for other years: e+ 0.60%
APR from: 3.79%
Term: 30 years
GO TO THE OFFER
Free mixed mortgage from EVO Banco
Initial TIN: 2.35% for 5 years
Interest for other years: e+ 0.60%
APR from: 3.79%
Term: 30 years
GO TO THE OFFER
Mixed mortgage Mari Carmen de Abanca
Initial TIN: 2.50% for 5 years
Interest for other years: e+ 0.60%
APR from:5.22%
Term:30 years
GO TO THE OFFER
The five best variable mortgages of April 2024
Unicaja variable Real Madrid mortgage
Initial TIN: 2.40% for 1 year
Interest for other years: e+ 0.45%
APR from: 4.88%
Term:30 years
GO TO THE OFFER
EVO Banco variable Smart Mortgage
Initial TIN: 2.20% for 2 years
Interest for other years: e+ 0.48%
APR from:4.29%
Term:30 years
GO TO THE OFFER
Kutxabank variable mortgage
Initial TIN:2.57% for 1 year
Interest for the rest of the years: e+ 0.49%
APR from:4.44%
Term:30 years
GO TO THE OFFER
Unicaja variable mortgage
For payrolls starting at €2,500
Initial TIN:2.40% for 1 year
Interest for the rest of the years: e+ 0.50%
APR from:4.8%
Term:30 years
GO TO THE OFFER
Variable mortgage Mari Carmen de Abanca
Initial TIN:1.40% for 1 year
Interest for the rest of the years: e+ 0.60%
APR from:5.68%
Term:30 years
GO TO THE OFFER
Source of best fixed mortgages:
Kelisto.es
with data from the websites of financial entities (analysis prepared on 04/01/2024). The table shows the five fixed mortgages with the lowest interest for a term of up to 25 years. This term is taken as a reference because it is the one that best adapts to the average term for which mortgages are signed in Spain, according to the latest data available from the INE. In the event of a tie, priority will be given to the offers with better conditions with respect to several criteria: the opening commission; the maximum percentage of the appraised value that allows financing.; the commission for partial and/or total early repayment; the number of products/services that need to be contracted to obtain the maximum bonus; the difference between the subsidized interest and the unsubsidized interest (the smaller the difference, the better). The non-availability of information always penalizes an offer compared to another for which its entity does show data in this regard. If an entity does not have an offer for the chosen period, the next tranche for which it does have an offer has been taken into account. This ranking only includes information on mortgages for any type of home, so the so-called "green mortgages" (which reward offers for homes with an A energy rating with a lower interest rate) are excluded.
Source of best mixed mortgages:
Kelisto.es
with data from the websites of financial entities (analysis prepared on 04/02/2024). The offers are ordered by the following criteria: 1) Lowest fixed interest; 2) Lower variable interest; 3) Lower opening commission; 4) The highest percentage of the house price that allows you to obtain; 5) Lower cost for advance commission; 6) Products required to obtain the maximum bonus. This ranking: 1) only includes information on mortgages for any type of home, so the so-called "green mortgages" (which reward offers for homes with an "A" energy rating with a lower interest rate) are excluded and 2) only shows offers from entities with a presence in more than half of the Autonomous Communities or that allow the contracting of their products online.
Source of the best variable mortgages:
Kelisto.es
with data from the websites of financial entities (analysis prepared on 04/02/2024). The offers are ordered by the following criteria: 1) Lowest fixed interest; 2) Lower variable interest; 3) Lower opening commission; 4) The highest percentage of the house price that allows you to obtain; 5) Lower cost for advance commission; 6) Products required to obtain the maximum bonus. This ranking: 1) only includes information on mortgages for any type of home, so the so-called "green mortgages" (which reward offers for homes with an "A" energy rating with a lower interest rate) are excluded and 2) only shows offers from entities with a presence in more than half of the Autonomous Communities or that allow the contracting of their products online.