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Everything you should know about variable rate mortgages and fixed in Spain

Are you looking for funding to finance your home in Spain? In this article we give a few tips on the types of mortgages that offer Spanish banks. We hope you find it useful.

This 2016 is unlikely to be a good year for creditworthy customers and savers looking to finance the purchase of your home. The statistics seem to confirm this trend.

The National Statistics Institute of Spain (INE) recently published data transmissions property rights relating to November 2015, indicating an increase of 13.7% of the purchases of homes registered over the same month 2014. All seems to indicate that the housing market gets moving again.

If you look at the mortgages registered in the first 10 months of 2015, 206,218 mortgages on housing, 20.6% more than in the same period of 2014 were recorded.

What kind of interest choose for my mortgage?

If you are thinking of buying your home, and looking for bank financing to buy a property, in addition to carefully study the financial characteristics of the mortgage offer to select the best option that fits your needs and possibilities, assess what interest rate you are interested : fixed, mixed or variable rate?

Fixed-rate mortgage loans.

The fixed rate mortgage loans supposed to pay the same rate throughout all the agreed term, ensuring that the monthly payment will remain constant, up or down market interests. If a variable rate is hired, keep in mind that in each review the fee will vary according evolve or Euribor benchmark agreed.

Joint mortgages offer a fixed multi-year period, then apply a variable rate.

Variable rate mortgages.

The variable rate mortgages monopolize the current contract, representing 90.3% of the total in October 2015, as recorded by the INE. Among the reasons for only 9.7% of the registered mortgage agreement being signed at a fixed rate you can quote the lowest bid by banks, more demanding requirements for granting and relative ignorance of customers.

So what is the best for me?

It depends. The only certainty is that, before taking any decision, and make calculations train you need to choose a high probability of success.

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