Given the current situation, getting a mortgage can be very complicated attractive. Institutions reluctant to give credit due to rising delinquencies and to offset the decline of Euribor, have increased the interest rate differential which apply over Euribor. So last year, only very attractive profiles, we have seen mortgage with a spread of less than 1% or fixed interest rates around 6.00%.
We can say that the current crisis because the Spanish were forced to apply for personal loans or credit worst express to carry out the payment of an automobile, housing reforms, paying university fees or unforeseen expenditures.
The mortgage is the most common form of loan for home purchase. Although in recent years housing prices have suffered numerous cuts, the idea of getting buy the house based solely on savings, is a utopian idea to the Spanish average.
Spreads on variable rate mortgages are clear rise. The banks are adjusting their loan portfolio, one after another, disappearing repositioning best deals and those that do not change much. By analyzing the current portfolio of loans we see that in most cases, the cost to be paid exceeds 1.00%, which shall be added to the evolution of the Euribor.
Still, variable rate mortgages are still much cheaper than fixed rate mortgages. Consider that the current Euribor value is in the 1,240%, which added to a spread of 1.20% returns a 2.44% interest rate … 5.40% well below the floor resulting proposals to fixed.
The first thing to reduce the difference, is trying to negotiate with the entity or employ experts in the sector, with its experience and preferential treatment may reduce the spread and get the best mortgage according to his profile.
The second thing is to sign a series of linked products, which typically offer entities that bonifican differential and thus reduce the interest payable, including: Domiciliar payroll, household bills, apply for credit card, home insurance contract , life insurance contract, hire a savings plan and / or pensions.