ABC of Spain 2 / The market for mortgage deals is widening. When choosing the one that best fits our economy, Kelisto, an independent free online service that advises conumidores save on their bills, offers these six tips:
1. Security
Fixed mortgages offer more security to the borrower, and who knows what you will pay each month for the life of the product (unlike what happens in the variable type). The client is not able to benefit from a rate cut, but also not be affected by a possible rise thereof.
2. The deadline to return the money
In general, fixed rate mortgages typically have shorter amortization (seldom exceed 20 years, so it is necessary to have more previous savings) that variable rate, which usually offer terms up to 30 years. In fact, while the average maturity of the top 10 variables mortgage is 32 years, the 10 most interesting products at fixed rates is 23 years. However, it is increasingly common to find mortgages 30 year fixed rate, as with loans recently launched by Kutxabank, Banco Sabadell, Active Bank and BMN.
3. The maximum rate that can finance
Another of the peculiarities that have traditionally characterized the fixed rate mortgages is offering a tighter financing rates (below 80%). However, at present and in full mortgage battle, but the most attractive version Bankoa mortgage loan (which only finances up to 65% of the appraised value or sale of housing), the other offers up to 80% Funding: ie, the same number as more competitive offers a variable rate
4.. The range of choice
In case you want to hire a fixed rate mortgage, you probably do not own a range of products as wide as the variables loans: until recently, entities had a very limited supply and barely promoted. However, this is changing. In fact, in recent weeks they have reached the market, at least four new jobs. Those of Kutxabank, Bankoa, Banco Mare Nostrum and “Premium” of Sabadell
5. The requirements for future mortgaged required
In many cases, the requirements for mortgages are just as hard on still in the variables. The difference is usually in the linkage policy which decides each entity. For example, Kutxabank imposes a list of very wide for its customers demands, and opt for the fixed or variable loan: Mandate minimum income of $ 3,000 a month, card spending 3,600 euros a year, contributions of 2,000 euros per year Pension plans and hiring a home insurance and other life.
However, the requirements of other entities may be somewhat less demanding. It’s what happens with Sabadell, which for their mortgages and fixed household payroll requests (with a minimum of 3,500 euros in the case of fixed) and hire a life insurance and a home. The extra parts that require variable loan is also a payment protection insurance is contracted.
6. Local deals
Except for Bankoa (which only has offices in four regions), the rest of the cheapest fixed mortgage market can be hired in most of the country: Kutxabank has offices in 14 autonomous communities and Sabadell at all. ActivoBank, meanwhile, is online banking Sabadell and relies on its network of offices for certain procedures. In contrast, among the cheapest deals variables, much is severely restricted to certain regions presence, as with Bankoa, CajaSur (2), Spanish Cooperative Bank (1) and Rural Caja Castilla-La Mancha (3).
Information ABC of Spain 2
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