Although banks prefer to boost their fixed rate home loans, it is still possible to find one variable mortgage with competitive conditions: a differential of 1 percent or less (the part that is added to the Euribor to calculate the interest), without opening commission …
Now, according to the financial comparator HelpMyCash.com, not everyone can access these offers. And it is that entities, in general, reserve them for clients with a good profile and, in the vast majority of cases, who are willing to contract other products to lower the interest rate.
You have to have savings and a good work situation
Currently, there are a good number of banks that market variable mortgages with an interest of less than Euribor plus 1 percent.
On paper, these offers are available to any client who can prove a certain solvency, but from HelpMyCash they ensure that They can only be accessed by applicants who demonstrate a good profile.
And what is a good profile? According to this comparator, a customer who has saved 30 percent of the cost of housing to be financed, what dedicate a maximum of one third of your salary to the payment of dues and have a stable job with a permanent contract and with a minimum age of more than six months, as well as little or no current debt.
If you meet these requirements, you can take out loans such as Hipoteca Open Variable de Openbank, whose interest is from Euribor plus 0.95 percent (1.95 percent fixed the first year) in exchange for directing the income and taking out your home insurance. This entity does not charge an opening commission and returns the cost of the appraisal if the client orders it.
Products can be contracted to lower interest
But as can be seen in the example, having a good profile is not always enough: according to HelpMyCash, about 90 percent of financial institutions only offer spreads of less than 1 percent if the client hires one or more products yours (known as a bonus).
The most common requirements to obtain this price are direct debit of the payroll or recurring income and take out the bank’s home and life insurance, although there are finance companies who also ask to use their cards, invest in their funds or pension plans, etc.
This is the case, for example, of the ING Variable Orange Mortgage whose interest of Euribor plus 0.89 percent (1.99 percent fixed the first year) is rewarded by 0.60 points for keeping their contract life insurance and by 0.20 points more for having domiciled the payroll and keep your home insurance.
Banks such as the Dutch entity periodically check (every six or 12 months) that the requirements to access the bonus are met and, if they are not met, they raise the rate applied in the corresponding points.
If you want to take out a subsidized variable mortgage, therefore, it is essential assess whether you are willing to meet the requirements of the offer during the entire return period.
Likewise, you have to do numbers to verify that hiring more products pays off and to compare the full price of the loan with that of other mortgages.
It should be noted, in that sense, that there are a few products such as COINC Variable Mortgage that have a very low interest (1.89 percent fixed the first year and Euribor plus 0.89 percent the following) without the need to subscribe to other services.
Beware of the initial fixed interest
Finally, from HelpMyCash they warn that hiring a variable mortgage with a differential of less than 1% does not ensure paying a low installment from the beginning. And is that practically all of these products have an initial fixed interest of about 2% that applies during the first 12 or 24 months.
Therefore, it is recommended look for a variable mortgage that has no initial fixed interest (You can try to negotiate with the bank, although it is very complicated) or that, in case of including it, sea less than 2 percent.
Also, the ideal is that this applies for a maximum of one year to be able to take advantage of the low price of the Euribor as soon as possible, whose value is currently at historical lows (close to -0.5%).
–
