Before the rise in interest ratesin recent months there has been a return of the mixed mortgages. The offer of these credits disappeared from banking entities in 2016, when the euribor was positioned in negative values. Unknown to many and with the benchmark most used in mortgages above 3%, its contracting accounted for more than 35% of loans in December 2022, according to iAhorro mortgage adviser data. Which is a mixed mortgage y how does it work?
As its name suggests, this product is a Combination of the features of a fixed-rate and variable-rate mortgage. During the first years, specifically between five and 15 years, the customer always pays the same fee. Subsequently, the amount varies depending on the Euribor.
Las mixed mortgages They have multiplied by seven in just one year and these already account for 40.7% of new signatures, while fixed-line mortgages remain in the lead with 56.6% and variables are at 2.7%. These are the main conclusions of a recent report prepared by Trioteca.
Lower interest than variable loans
Regarding the interest to pay, those of the mixed mortgages of these entities are around 2.5% TIN, half a point below the 3% of fixed mortgages. Hence, customers fearful of the evolution of the Euribor opt for this mortgage to weather the storm. “The forecast we have in 2023 is that at least one in five mortgaged opt for the mixed mortgage”, points out Marcel BeyerCEO of the banking product comparator iAhorro.
In contrast, in 2016, “citizens were not interested in Take the risk of going, after seven or ten years, from a fixed rate to a variable one without the certainty of how the Euribor would be in the future”, explains the director of iAhorro mortgages, Simone Colombelli, who qualifies that then “the fixed mortgage gave more security and became the queen of the market”.
The sector conforms to the Euribor
Then interest rates plunged, making the variable mortgage the best option. In this sense, currently three out of four Spaniards have signed a loan of this type. Until the rates went up again as a result of the inflation.
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According to data compiled by the comparator, mixed mortgages have already registered a “slight boom” between July and September. Specifically, during the month of July, of the total number of mortgages signed by iAhorro users, only 3.28% were mixed; but in August that percentage increased to 8.60%, although in September it moderated, standing at 6.85%. In December, on the other hand, they accounted for 35% of the contracts signed.
What banks offer them?
“The rise of mixed mortgages is also due to the fact that many banks are already offering this type of product through their web pages,” says Beyer. This is the case of Openbank, ING, Banco Santander, Bankinter, Ibercaja, Laboral Kutxa, EVO and Hipotecas.com.
2023-08-06 06:24:07
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