Are you going to buy a second home? This bank has the cheapest mixed mortgage

2023-10-30 20:43:22

Buying a house has become an unattainable dream for many citizens in Spain, due to high housing prices and the increase in the Euribor. However, despite this situation, a growing number of Spaniards have managed to own not only one house, but two. According to data from the National Institute of Statistics (INE), Almost three million households in Spain own a second home. This trend has experienced an increase of 44% in the last two years, especially since the start of the pandemic, which modified housing needs.

Although the demand for second homes is increasing, Getting a traditional mortgage for this type of property is a challenge.either. These mortgages usually offer more restricted access to financing, covering between 60% and 75% of the value of the house, compared to 80% for the usual home. Plus, they generally have higher interest rates.

These mortgages usually offer more restricted access to financing, covering between 60% and 75% of the value of the house.

Profile of the second home buyer

The typical profile of second home buyers usually includes solvent people with savings and the ability to pay. They usually have indefinite contracts and in many cases are civil servants. Furthermore, they tend to be families with more than three members. However, in the current environment of rising interest rates, It is not necessarily the best time to buy a second home.

He increase in interest rates, promoted by the European Central Bank, has caused a decrease in the taking out of mortgages, which has also affected mortgages for second homes. Additionally, home prices continue to rise, growing 6% compared to the previous year, reflecting high demand and limited supply.

Mixed mortgage of Sabadell

For those considering purchasing a second home, Banco Sabadell offers an attractive option with its mixed mortgage, which stands out as one of the most economical on the market. The entity not only provides competitive interest rates, but also the flexibility to choose different fixed terms.

With a fixed interest rate of 2.99% For the first three years, this mortgage offers buyers the opportunity to secure a stable payment for an initial period. After this period, the rate becomes Euribor + 0.80% (5.17% APR), as long as the client complies with certain bonuses, such as directing income to the entity and taking out home, life and property protection insurance. Payments.

You can take out a mortgage for your primary home or second home. Photo: Freepik.

For those who do not meet the bonus requirementsthe initial fixed rate amounts to 3.89%, and the differential increases to Euribor + 1.70% in the variable section (5.85% APR).

One of the advantages of this mixed mortgage from Banco Sabadell is that it is available for purchase of any type of home, whether a habitual residence or a second home. However, it is important to keep in mind that the maximum financing percentage for second homes is reduced to 70% compared to 80% for primary homes.

The entity no commission applies for opening the loanbut it charges commissions for early repayment, which are regulated by the 2019 mortgage law and cannot exceed 2% of the advanced capital.