The mortgage market opens the month of February with important changes. After analyzing all the available offer, HelpMyCash analysts have detected important modifications in the mortgages marketed by Spanish banks: fixed rates that rise, variable interests that are lowered, entities that now charge commissions for early repayment…

Do you want to know what are all the changes in mortgages that have occurred in February? In this article we show you the offers that have been modified during the last week, at a fixed, variable and mixed rate.

Changes in fixed mortgages

The trend of recent months continues in February: banks continue to make their fixed-rate mortgages more expensive. Why? Well, because they want to make them worse so that their clients contract loans with a variable interest, with which they hope to obtain greater benefits from the rise of the Euribor.

As you will see in the following list, four banks have worsened the conditions of their fixed mortgages, one entity has eliminated this product from its catalog and another has lowered its fixed rates:

• The interest rate of Ibercaja’s Vamos Fija Mortgage has risen from 2.95% to 3.10% for a term of up to 25 years.
• The Caja de Ingenieros Fixed Mortgage also now has a higher interest: in February it has risen from 3.20% to 3.45% for a term of up to 30 years.
• EVO Banco’s Fixed Rate Smart Mortgage now has a new commission for partial or total early repayment: 2% on the amount advanced (1.50% if the advance occurs from the eleventh year of the term).
• The MyInvestor Fixed Rate Backpackless Mortgage has a new partial early repayment fee of 2% (1.50% from the eleventh year), which will be charged if the sum of the advances made during a calendar year is equivalent to 25% or more of the amount that remained outstanding on January 1 of that year.
• The Triodos Bank Fixed Mortgage is the exception that confirms the rule: its interest has fallen from 5.27% to 4.34% for a term of up to 20 years.
• Caja Rural Granada has removed the Fixed Mortgage from its catalogue.

You should know, however, that there are still fixed-rate offers with very competitive conditions. For example, BBVA’s Fixed Mortgage has an interest rate of 2.90% at 30 years for direct debiting payroll and contracting the bank’s life and home insurance.

Modifications in variable-rate mortgage loans

As for variable mortgages, the thing is quite distributed. There are banks that have raised the initial fixed interest, others have reduced their spreads, some have included extra commissions in their offers and one has lowered the maximum financing:

• Kutxabank’s Variable Mortgage now has a higher interest rate during the first year: it has risen from 2.15% to 2.39%. For the rest of the term, the rate remains at Euribor plus 0.53%.
• The initial fixed rate of Ibercaja’s Vamos Variable Mortgage has also risen: from 0.99% to 1.50%. Its interest from the second year remains in Euribor plus 0.60%.
• Triodos Bank has lowered the interest on its Triodos Variable Mortgage: from Euribor plus 2.47% to Euribor plus 1.42%.
• MyInvestor has included a commission for partial early repayment in its Variable Rate Backpackless Mortgage: 0.25% during the first three years or 0.15% for the first 15. It only charges if the sum of the advances made during a calendar year is equivalent to 25% or more of the amount that remained outstanding on January 1 of that year.
• Unicaja has reduced from 90% to 80% of the purchase value the maximum financing it offers with its Real Madrid Mortgage.

And what about the mixed type?

Finally, mixed-rate mortgage loans have changed in a similar way to fixed mortgages. Discover all the modifications:

• Ibercaja has raised the fixed rate of its Mortgage Let’s go to mixed rate 10: from 2.45% to 2.55%. The variable rate, applied from the eleventh year, remains at Euribor plus 1.10%.
• The Mixed Mortgage of Caja de Ingenieros has also become more expensive in its fixed-rate tranche: from 3% to 3.25% in the first ten years. The variable rate that applies for the rest of the term is still Euribor plus 0.75%.
• EVO Banco has incorporated a total or partial early repayment fee in its Flexible Smart Mortgage, provided that the initial fixed rate is applied during the first 15 years. Its cost is 2% in the first ten years, 1.50% in the following five and 0% for the rest of the term.
• The Mixed Mortgage of Caja Rural Granada has been removed from the product catalog of this entity.

As you can see, mixed mortgages are now slightly more expensive. Even so, most banks offer attractive conditions if you want to mortgage at a mixed rate. One of the best loans of this kind is the Openbank Open Mixed Mortgage: its interest is from 2.48% for the first ten years and from Euribor plus 0.55% for the following, which you can get if you domicile your income, contract home and life insurance of the entity, use a credit card, invest in a fund and subscribe electricity and gas services with Repsol.

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