“Financial institutions force Spaniards to sign mortgages with mixed or variable rates, and fixed-rate loans are reserved for senior profiles, making them sign yes or yes with them, but to the rest they only offer variable or mixed product options”. With these words, Simone Colombelli, manager of iAhorro Mortgage, summarizes the results of a survey carried out by Mortgages manager at iAhorro between September 19 and October 19 among more than 1,700 people who took out a mortgage last year or are considering taking out a loan. in order to do.
Specifically, according to this survey, 42% of Spaniards claim that they prefer it. mixed mortgage compared to 26.80% of those who preferred still The rate of those who prefer mortgage is 21.50% variable. This last percentage is surprising considering the current state of Euribor, the reference index that shows the interest rate on these mortgages and is currently close to 4.2%. However, among the reasons given by those who signed variable or mixed mortgages for choosing this loan, the first thing is that they received 37% of the votes in the variable and 47.80% in the mixed mortgage. “The bank didn’t offer me anything else.”
Will Euribor fall soon? Almost 30% of variable rate mortgage holders believe this
Of course, the option “I think Euribor will fall” ranks second in the variable with 27 percent of votes, but only 9.10 percent of those who signed a mixed mortgage choose this option. “provides security” (18.20%) and “it was the best offer” (15.90%). “Generally speaking, Spanish citizens hope that the worst is behind us and the socioeconomic situation is starting to improve. This may be one reason why almost 22% of Hispanics sign variable mortgages; This is a very high rate if we analyze the current market situation,” says Simone Colombelli.
However, a spokesperson for iAhorro notes: “It is clear that many people would prefer the peace of mind that a fixed mortgage would give them, but there are two quite common problems: on the one hand, interest rates on fixed mortgages are now in 2022 as they have exceeded the values at the beginning of 2022 in most cases longer than at the beginning of 3% TIN; and furthermore, banks resist offering these services based on the customer’s profile.” Colombelli therefore adds: “Mortgators are left with only two options: sign a variable with a very low spread and wait for Euribor to fall, or opt for a mixed mortgage that gives them the security of a fixed mortgage in the early years.”
Only 9% of mortgage holders compare various offers
With interest rates so high, it is becoming increasingly difficult to find cheap mortgages and comparing and negotiating with different financial institutions becomes more necessary than ever. But only 9.10% of Spaniards who signed a mortgage last year went for one, according to data collected in a survey carried out by the mortgage comparator. mortgage comparator Have you signed your loan before (7.20%) or with assistance? mortgage broker (1.90%). On the contrary, the majority, 63%, confirm that they signed their mortgage with themselves. “the bank of your life”.
“We continue to be very conservative with financial and banking procedures. We adapt to the situations presented to us, often out of ignorance, without making any effort to improve them. This means that when applying for a mortgage we also forget that for such an important product due to its duration and cost, the savings that can be achieved in comparison can be very high,” complains Simone Colombelli, director of iAhorro Mortgages.