He opens a new mortgage war in a market that is already heated by the rise in the Euribor and recovers the mixed mortgage in his showcase. These real estate loans are characterized by combining a fixed rate in the first years of the life of the credit and a variable rate in the last few years.
With the exception of , which never withdrew these loans from its offer, the rest of the traditional entities such as , , , , Ibercaja, Abanca or Kutxabank keep them out of the storefront, although this does not prevent them from being marketed in branches if customers demand it.
From the Cantabrian group, in fact, they assure that given the interest of users for this product seen in recent months in branches, they have decided to strengthen their marketing with the new mixed online mortgage. Thus, Santander offers (data with bonus) a first fixed tranche with a TIN of 1.20% for the first six months and from the seventh month and up to nine and a half years at 1.10% TIN, while later the variable tranche with a spread of 0.75% over Euribor.
‘Wildcard’ product
From the iAhorro mortgage comparator, they point out that clients have been opting for fixed-line loans in recent months for three reasons. On the one hand, it is being seen as a wild card product given that fixed-rate mortgages have become more expensive at the same time that they flee from variables due to the rise in the Euribor. On the other, they point out that there are banks that, to make them more attractive, are lowering their TIN in the fixed and variable parts and, finally, they point out that these fixed TIN are already cheaper than those that are being marketed for a totally fixed-rate loan .
The bank’s mortgage strategy has completely turned around in recent months due to the advance of the Euribor. The sector had boosted in recent years (with a negative Euribor) fixed loans, making interest cheaper in some cases to almost 1%. In fact, more than 62% of the mortgages that were marketed last December were fixed, according to the latest data from the Spanish Mortgage Association (AHE). However, the outlook changed completely at the beginning of the year with the expectation of a rise in interest rates in the euro zone to curb inflation, the first movement of which will come in July, as the European Central Bank has already announced ( ECB). Since then, the entities began to lower the spreads, at the same time making the fixed rate offer more expensive.
The change of third of a player as relevant in the market as Banco Santander could be a turning point in the mortgage market, causing the rest of the competitors to also recover mixed mortgages in their windows.
Meanwhile, the Euribor continues its runaway advance and closed last Monday (the last day for which there are data from the Bank of Spain) at 1,091%, 1,589 percentage points more than six months ago, after five years in negative.
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