The 100% digital bank of CaixaBank, imagineBankoffers a single fixed rate mortgage product, which greatly simplifies the decision-making process and reduces the level of uncertainty when budgeting for the purchase of a main house or apartment.
A fixed mortgage like that of imaginBank is special for those customers who fear the Euribor upward trend and they prefer their share to remain stable during the 30-year term the bank allows for 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 buying an apartment or a house for our main residence or for habitual use. Below, we detail some of its advantages over other mortgage loans in the Spanish market.
Interest type
The interest offered by Fixed mortgage imaginBank it is 2.70%, which is quite competitive compared to other mortgages today, not only fixed rate, which is around 3% in most of the institutions that offer them, but also compared to variable mortgages.
S variable mortgages depend on the value of euriborand not only is it difficult to predict the trend of this benchmark index in the coming years, but it currently already has values above 2.60% (2.629% in October 2022 with an upward trend) and fixed bank spreads are rarely lower than the 0.80%, thus adding quotas higher than 3%.
To obtain this 2.70% interest, imaginBank requires only direct debit of your income (salary, pension or professional income for a minimum of 1,200 euros per month), without requiring the bank to contract other financial products such as insurance, cards or investment funds.
90% financing and return of expert opinion
Another highlight of the Fixed mortgage imaginBank It is the financing of 90% of the property value (the lowest price between the sale and the appraisal). This loan is ideal for those who want to buy a house or an apartment, but do not have the necessary savings to cover an initial outlay of 20%, since most mortgage loans do not exceed 80% of the loan.
In addition, the mobile bank of Caixa Bank does not charge you opening and study fees, and in terms of practice and registration fees (which are around 10% of the sale value), if you entrust the assessment to imaginBank, the bank will return the cost of the appraisal within a maximum of 45 days from signing the loan.
Disadvantages of the imaginBank fixed mortgage:
Not all are advantages, of course. First you need to request the Fixed mortgage imaginBank before 45 yearssince the maximum age at the end of the mortgage (CaixaBank’s repayment term is 30 years) must be 75, compared to other financial institutions that extend the maximum age to 80 years old.
And like we said before, getting that interest from 2.70% You must direct your earnings to an imaginBank account. However, if you don’t meet this requirement, you lose the bonus incentive and the mortgage interest increases to 3.45%which means a 0.75 percentage point increase in your odds.
And although the imaginBank fixed mortgage has a virtual simulator to calculate the amount to be deposited in each of your installments (conditions may vary depending on the customer’s profile), despite being a bank that sells itself as 100% digitalit is not possible to carry out the online contracting procedure.
Conversely, the mortgage credit It is not available through the institution’s app – you can only request information and response times are not short – so you have to go to the CaixaBank branch that you have assigned as an imaginBank customer to actually contract it.
And even if, as we pointed out earlier, imaginBank does not load installation costsapplies a fee for early amortization, so if you decide to pay all or part of the mortgage early, you have to pay a fee of 2% in the first ten years and 1.50% from the eleventh year and the amortization cannot exceed the financial loss that has been generated for the bank.
Finally the Mutual Fixed imaginBank is a financial product exclusive for the purchase of the first home, so you will not be able to obtain it for a second residence or a property for the purpose of investment.
