EVO Banco joins the wave of entities that have decided to adjust their mortgage offer to the current market situation. Specifically, it has applied a new improvement in the interest rate of its variable loan, which is reinforced as one of the most competitive at the moment.
EVO’s ‘new’ variable rate smart mortgage has an interest rate of 0.95% during the first 12 months, although after that period it becomes Euribor + 0.75% (1.22% APR)with annual review, compared to the 1.85% established until now during the first year and the subsequent Euribor + 0.83% (0.99% APR).
In order to qualify for these conditions, customers must apply the maximum discounts, which in this case are the direct debit of income (either a salary, a pension or a benefit) and that these are at least 600 euros per month, as well as take out home insurance with the bank. Until now, the entity also required to take out life insurance.
In the event that these requirements are not met, the mortgage interest rate rises to 1.15% during the first year and to Euribor + 0.95% thereafter (1.41% APR).
Another key to this loan is that your hiring is 100% online and that does not establish commissions: neither for the study of the operation nor for the opening of the loan nor for the early amortization, whether they are partial disbursements or a total cancellation.
Finally, this mortgage is intended for the purchase of first homes, so it does not allow financing second home operations. The financing limit is up to 80% of the lower of these two amounts: the appraised value of the property or its purchase price. And as for the contract term, the limit is 75 years adding the age of the applicant and the life of the loan.
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