Madrid, Oct 21 (EFECOM).- Green mortgages, which finance the purchase of sustainable properties, are more expensive, in general terms, than conventional mortgages, the opposite of what happens with other types of loans such as personal loans or those intended for consumption. of the same category, which are cheaper.
These are some conclusions from the V Asufin Study of Green Finance, in which the association of users of financial products recalls that the average interest rates of variable, fixed and mixed green mortgages were 1.21% more expensive than the average interest starting point for general mortgages, which was 3.53% in August, according to data from the Bank of Spain.
On the contrary, both personal loans for renovations that improve the energy efficiency of properties and general green loans, which can be used both for renovations and for purchasing an ecological vehicle, are cheaper, with respective averages of 6.27% and 5.11%, lower than the average 8.87% for consumer loans.
According to Asufín, these data show that banks “do not seem to have many incentives” to promote this type of mortgages and are even passing on the rate reduction more slowly.
At the end of September, the average rate reduction was less than half a point, 0.41%, and fell to 4.74% from 5.15% in the same month of 2023.
Despite this decrease, the rates were 1.21% more expensive than the 3.53% average starting point for mortgages in the month of August, according to data from the Bank of Spain.
Although it represents a change in trend, says Asufin, this drop is fundamentally based on the prices of variable mortgages and is much lower than what the Euribor has fallen in this period.
Finally, and very similar to mortgages, the price of loans for green vehicles fell by 0.43%, from 7.30% APR in 2023 to the current 6.87%, less than half the drop in the Euribor. (-0.91%), which again shows that financial institutions “are not passing on the rate drop quickly.” EFECOM
