In recent months, there has been a Change of trend in it mortgage market. The euribor, which is above 3%, a figure that has not been seen since the end of 2008, has raised the installments of variable-rate mortgages. Furthermore, before the uncertainty of the global economyusers also see problems when hiring a loan to fixed rate. In addition, the forecasts suggest that the worst has only just begun. This is the panorama that will be found in 2023, both those with mortgages and those who want to access a new home, either in property the en rent. However, the option of a third way: the mixed mortgage. Unknown to many, her hiring accounted for more than 35% of the loans in December, according to iAhorro mortgage adviser data.
Three out of four Spaniards have taken out a variable mortgageso the increase in average interest rate that banks charge each other for lending money has become a headache for many citizens. Hence they are sought alternatives. One of them is subrogate the loan with another bank to obtain better conditions. That also includes moving from a variable to a fixed mortgage rate. However, the requirements to sign a fixed-rate contract are also high. Hence the mixed option has become a resounding success in recent months.
What is the mixed mortgage?
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As its name suggests, this product is a combination of the characteristics of a fixed and variable 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. “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.
“The rise of mixed mortgages is also due to the fact that many banks already offer this type of product: Openbank, ING, Banco Santander, Bankinter, Ibercaja, Laboral Kutxa, EVO and Hipotecas.com, among others,” says Beyer, who recalls that actually the interest rates 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.
