BBVA continues to sell one of the most competitive variable mortgages on the market. This variable interest rate loan establishes an interest rate of 1.49% during the first year, although thereafter it is converted into Euribor + 0.6% (4.68% APR), provided that the client applies the maximum discounts.
Specific, and domicilias los ingresoes in the entity (with a minimum of 600 euros in the case of a salary and 300 euros if it is a pension, and the self-employed quota if the client is a self-employed worker), if take out home insurance y loan repayment insurance that covers at least half the amount of the mortgage or 150,000 euros if that 50% exceeds said amount. In addition, both insurances must be in force and up to date with payments.
In the event that these conditions are not met, the interest rate during the first 12 months remains at 1.49%, although from that moment it changes to Euribor + 1.60% (5.28% APR) .
Another of the characteristics of the BBVA variable mortgage to take into account is that it does not have an origination commission, although it does penalizes early repayment, either partial or total. In fact, it is necessary to advance a minimum of 300 euros and assume a commission of up to 0.15% of the repaid capital if the payment occurs during the first five years of the life of the loan. From then on, as established by the mortgage law, the penalties disappear.
Another advantage of this loan is that it is intended for the purchase of any home, although it establishes different financing limits. In the case of a Habitual housing, the entity is willing to lend up to 80% of the lesser of these two amounts: the appraisal value of the property or its purchase price. If the operation is on a second homethe maximum is 70%.
Regarding the term, BBVA allows sign up to a maximum of 30 yearsalthough as long as the holder with the youngest income is not over 70 years of age on the expiration date of the operation.
The last requirement of this financing alternative is that it is intended for residents in Spain with income and assets only in euros.