CaixaBank’s 100% digital bank, imaginBankoffers a single fixed-rate mortgage product, which greatly simplifies decision-making and reduces the level of uncertainty when planning your budget for the purchase of a main house or apartment.
A fixed mortgage like the one from imaginBank is special for those customers who fear upward trend of the Euribor and they prefer that their installment remain stable during the 30-year term that the bank gives for the repayment of the mortgage loan.
Advantages of the imaginBank Fixed Mortgage:
The Fixed Mortgage imaginBank It is a relatively new financial product, so it is good to know in detail what it offers us if we are interested in acquiring a flat or house for a main residence or habitual use. Next, we detail some of its advantages compared to other mortgage loans in the Spanish market.
Type of interest
The interest offered by Fixed Mortgage imaginBank is 2.70%, which is quite competitive compared to other mortgage loans today, not only fixed rates, which are around 3% in most entities that offer them, but also compared to variable mortgages.
Las variable mortgages depend on the value of euriborand not only is it difficult to predict the behavior of this benchmark index over the next few years, but it currently already shows values above 2.60% (2.629% in October 2022 with an upward trend) and the banks’ fixed spreads are rarely below 0.80%, adding, therefore, quotas higher than 3%.
To get this interest rate of 2.70%, imaginBank only asks for your income to be directly debited (salary, pension or professional income for a minimum of 1,200 euros per month), without requiring the contracting of other financial products from the bank such as insurance, cards or investment funds.
90% financing and return of appraisal
Another highlight of the Fixed Mortgage imaginBank It is the financing of 90% of the value of the property (the lowest price between the sale and the appraisal). This financing is ideal for those who want to acquire a house or apartment, but do not have the savings required to cover an initial disbursement of 20%, since most mortgage loans do not exceed 80% financing.
In addition, the mobile bank of CaixaBank does not charge you opening and study commissions, and in terms of processing and registration costs (which are around 10% of the value of the sale), if you order the appraisal to imaginBank, the bank will refund the cost of the appraisal within a maximum of 45 days after signing the mortgage.
Disadvantages of the imaginBank Fixed Mortgage:
Not all are advantages, of course. First, you must request the Fixed Mortgage imaginBank before the 45 yearssince the maximum age at the end of the mortgage (CaixaBank’s repayment period is 30 years) must be 75 years, compared to other financial entities that extend the maximum age to 80 years.
And as we mentioned earlier, to get that interest from 2,70 % You must direct your income into an imaginBank account. However, if you do not meet this requirement, you lose the bonus incentive and the mortgage interest increases to 3,45 %which means an increase of 0.75 percentage points in your fees.
And although the imaginBank Fixed Mortgage has a virtual simulator to calculate the amount to be deposited in each of your installments (the conditions may vary depending on the client’s profile), despite being a bank that is sold as 100 % digitalyou cannot do the contracting process online.
On the contrary, the mortgage credit It is not available through the entity’s app -you can only request information and the response times are not short-, so you must go to the CaixaBank branch that you have assigned as an imaginBank customer to actually contract it.
And despite the fact that, as we pointed out earlier, imaginBank does not charge opening commissionsdoes charge a commission for early repayment, so if you decide to pay in advance, either part or all of the mortgage, you must pay a commission of 2% during the first ten years and 1,50 % from the eleventh year, and the amortization cannot exceed the financial loss that has been generated to the bank.
Finally, the Mortgage Fixed imaginBank is a financial product exclusive for the purchase of a first home, so you will not be able to obtain it for a second residence or a property for investment.