2023-10-10 06:05:15
Banco Sabadell has given a twist to its mortgage offering, adding to the showcase the mixed-rate proposal that started in the middle of summer and with a reduction in the price of the fixed-rate product. The interest applied to this last loan lowers its rate by 40 basis points, from 3.95% TIN (4.76% APR) to 3.55% (4.35 APR), in the proposal with the maximum bonus that is obtained with the direct debit of the payroll or pension, and the contracting of home and life insurance.
This offer, available on the web and accessible, therefore, to any user, coincides with the advertising of the new catalog of mixed-rate products with which it allows the amortization fee to be shielded for 3, 5 or 7 years and has a variable price during the rest of the life of the operation.
In a three-year fixed rate financing, granted with a 30-year term and maximum bond, the client would access a 2.99% TIN during the years with an immovable installment and the rest of the years will have an interest calculated on the Euribor plus a differential of 0.80% (5.17% APR).
In the starter offer and without applying the bonuses derived from contracting extra products, this last mixed loan comes at a price of 5.85% APR (3.89% TIN the first three years and Euribor plus 1.70 % the rest of the years), and reaches 5.01% APR (4.55% TIN) in the fixed version.
The update of the catalog coincides with a time when other entities have made adjustments to their proposals. Bankinter has brought to market a product that includes two loans in the repayment installment (a fixed mortgage and a variable mortgage) and Santander exhibits one of the most attractive fixed loans on the showcase, after updating the way of estimating interest.
The Cantabrian group’s fixed mortgage offers a 3.39% APR (2.90% TIN) at the average 30-year rate and with a maximum bonus compared to the 4.49% it presented until a few days ago. The adjustment responds to the fact that Santander has reformulated the criteria with which it calculates the price of the mortgages that it discloses on the website and in branches (fixed and variable) to accommodate those used by the rest of the sector.
Price’s drop
Their movements in offers accessible to everyone or showcase ones take place after some entities have also lowered the prices they exchange in direct negotiation with financial brokers or with the end client, depending on the risk profile and their ability to pay.
In product information portals and brokers such as iAhorro, HelpMyCash and Kelisto, they also observe a greater willingness of entities to negotiate individually with clients and design adapted or tailored products.
The main reason that experts see behind this provision and the tweaking of the offers would be to try to mitigate the sharp decline in business. Between January and August, banks had granted 37,066 million euros in mortgages, an amount 17.12% lower than the 44,721 million granted in the same period of the previous year.
4,07% TAE
It is the average price of mortgages established in August according to statistics from the Bank of Spain, the highest threshold since 4.355% in February 2009 and double the 2.161% marked twelve months ago.
The rally responds to the rise in rates in the eurozone, which has gone from 0 to 4.5% in just over a year and a half. In contracting, the Euribor from two months ago is usually used for the process itself.
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