The average interest rate in the mortgages constituted on homes it was 2.65% and the average term was 25 years, according to the latest data offered by the National Institute of Statistics (corresponding to January). Its about highest rate in five years, since April 2018. 32.6% of home mortgages were established in the first month of 2023 at a variable rate and 67.4% at a fixed rate. The average interest rate at the start was 2.38% for variable-rate home mortgages and 2.79% for fixed-rate ones.
The Euribor closed March 2023 at 3.647%, the highest data since November 2008, and although it seems to be stopping the rise, the ECB still does not seem to have finished its monetary tightening.
However, in recent weeks it seems that some entities are loosening their hand a bit. Of course, to access the best offers you will have to be strongly linked with the entity. These are the conditions currently offered by Ibex 35 banks If you are thinking of applying for a mortgage:
Unicaja Bank
Unicaja Banco has the most competitive variable mortgage offer among all the Ibex 35 banks, with a TIN the first year of 1.49%, and after Euribor +0.50% (Variable APR 4.15%), although is linked to a monthly net income of 2,500 euros. For the rest of income the TIN the first year becomes 1.79%, and then Euribor +0.65%, with a Variable APR of 4.30%. The client must domicile the salary, contract life, home or unemployment / temporary disability insurance; car, health or other insurance that you may need; and contributions to investment funds or pension plans.
Without bonuses, for salaries of 2,500 euros or more, the TIN the first year will be 1.49%, then Euribor +1.50% (Variable APR 5.00%). For the rest of income, the offer is TIN the first year of 1.79%, and then Euribor +1.65% (Variable APR 5.17%). To take into account also an opening commission of 0.15%.
As for the fixed-rate loan, with the bonuses and a payroll of more than 2,500 euros, the TIN during the first six months will be 2.95%, and thereafter 2.85%, which translates into an APR of 3.65%. For the rest of income, the offer on the Andalusian bank’s website goes through a TIN in the first semester of 3.40%, and after 3.30% (TAE 4.13%). Without bonuses, for payrolls from 2,500 euros net, the offer will be TIN in the first semester of 2.95%, after 3.85% (TAE 3.98%). For the rest of income: TIN first semester of 3.40%, and after 4.30% (TAE 4.44%).
Sabadell Bank
Banco Sabadell has recently reduced the TAE -equivalent annual rate- of the fixed mortgage from 5.06% to 4.96% without applying any type of discount with a TIN -nominal interest rate- that has gone from 4.6 to 4 ,5%. If bonuses are applied, for which the entity of Catalan origin requests, in its maximum range, direct deposit of the payroll and contract home, life and payment protection insurance, the cost would remain at 4.3% APR.
In the case of variable mortgages, Sabadell has also reduced the spread. The current offer goes through a TIN of 1.50% during the first year and subsequently an interest of Euribor +0.65%, standing after the bonuses at 4.87% APR. If there is no link with the bank through payroll and insurance, the rate scales to 5.53% APR.
Both fixed and variable, Sabadell offers to finance up to 80% of the appraisal value for a maximum term of 30 years.
Santander Bank
In the case of Banco Santander, for 30-year financing for up to 80% of the appraisal value of the first home, the fixed-rate mortgage has a TIN of 3.99% for the first six months and 4.99 % TIN from the seventh month (TAE 5.23%) if there is no relationship with the bank. In the case of the subsidized mortgage there will also be a TIN for the first six months of 3.99%, but from then on it will become 3.89%, leaving the APR at 4.49%.
To access, you will have to pay your salary, pension or self-employed payment directly; use the credit card up to six times; purchase home, life, accident and disability insurance; and have a home with an A+, A or B energy efficiency certificate.
Regarding the variable rate mortgage, by fulfilling the conditions the client will obtain his loan at 1.79% TIN for the first six months and Euribor +0.69% TIN from the seventh month: Variable APR of 4.83%3. Without a link, it will be 1.79% TIN for the first six months and Euribor +1.79% TIN from the seventh month (5.57% APR).
BBVA
BBVA markets another of the most competitive variable mortgages on the market, with an interest rate of 1.49% during the first year, which during the rest of the life of the loan will become Euribor + 0.6% (4.68% APR), provided that the client applies the maximum bonuses. Specifically, the client must deposit a payroll or self-employed account, take out home insurance and loan amortization 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%, and after Euribor + 1.60% (5.28% APR).
In the fixed-rate loan, and using a reference term of 30 years and an amount of 150,000 euros, you can access a TIN of 2.90% during the first six months, and a TIN of 3.90% (4 50% APR) during the rest of the term without counting the bonuses.
bankinter
In the 30-year fixed mortgage, the Bankinter customer can access a mortgage at an annual TIN of 3.50% (TAE of 4.09%) with the maximum link to the entity. Without meeting the conditions, which, as in the rest of the entities, require keeping the payroll and contracting various insurances and a pension plan, the annual TIN becomes 4.80%.
In the variable rate offer, provided that the client meets all the conditions, the rate will be 1.50% for the first year and Euribor +0.75% thereafter, placing the variable APR at 4.74%. , as can be seen from the offer on its website. If there is no link, the mortgaged must assume an APR of 5.81%.
CaixaBank
The customer who contracts the 30-year Caixabank fixed mortgage can access the maximum bonus (1%) at a TIN of 3.45% and an APR of 4.795%. Without bonus, the interest will be 4.45% TIN and 4.931% TAE.
You can request up to 80% of the value of the guarantee, being the lower of the appraisal value or the value of the sale of the home, provided that it is the habitual residence. The maximum term is 30 years (the term of the operation plus the age of the youngest holder must not exceed 75 years).
The entity, leader in the Spanish mortgage market, does not offer an offer as such for variable rate mortgages on its website.