The mixed mortgages They have been the main protagonists of 2023: more than half of Spanish consumers opted for them last year. But why? What are mixed mortgages and what advantages do they have? First of all, we must know that mixed mortgages are those that combine a fixed interest rate with a variable one. The first years of the loan contemplate a fixed interest rate and, from then on, they begin to have a variable interest rate.
Its rise is due to the fact that mortgages with a variable interest rate have lost prominence as a result of the evolution of the Euribor. This has caused many homeowners to consider changing their mortgage to a more stable model. Almost 55% opted for a mixed mortgage, an interesting option when the Euribor is on the rise, as it provides the certainty of paying the same installment without variations for a series of years. Furthermore, they are an interesting option to obtain, for a few years, a fixed rate mortgage with a lower interest rate than that offered in a conventional fixed mortgage.
In this context of interest in mixed mortgages, ABANCA has an interesting financing option. Call Mari Carmen Mixed Mortgagethe offer stands out for offering a fixed rate starting at 2.50% during the first five years and, subsequently, a variable rate from +0.60% to the Euribor.
To give us an idea, a Attractive mixed mortgage is characterized by having a fixed interest rate below 3% the first years and a variable interest below Euribor plus 0.80% for the rest of the life of the loan. This makes the ABANCA option a housing financing solution with very competitive conditions, which combines in a single product the main advantages of a fixed and a variable mortgage loan.
From the moment the Mari Carmen Mixed Mortgage from ABANCA is signed, the client knows the fixed fee that they will pay during the first 60 monthly payments. Starting in the sixth year and for the remaining term, the mortgage interest rate becomes variable, adding a margin to the 12-month Euribor. Besides, The price is another of the attractions of this ABANCA mortgage modalitysince “the client can benefit from rates that are currently among the most competitive in the Spanish market,” the entity points out.
If the maximum bonus is reached for contracting basic products or services at the bank, the client could obtain that type of fixed interest of 2.50% for the first five years and, the variable with a differential of +0.60%. Without bonuses, the interest rate rises one point: up to 3.5% in the fixed tranche and up to 1.6% + Euribor in the variable tranche (from the sixth year).
ABANCA's Business Development Director, Saray Cendón, highlights that “with this financing alternative we want to offer our clients the best conditions of a fixed and variable mortgage“.
Likewise, he emphasizes that the product “provides the customer peace of mind and security during the first years of the mortgagewhich usually coincide with the period of highest interest burden, and allows you to benefit from a possible rate drop in the future, with some of the lowest rates in the sector right now.
The Mari Carmen Mixed Mortgage is intended to facilitate access to financing for the purchase, self-promotion or rehabilitation of homes. It can be requested from a maximum term of 30 years and, like the rest of the Mari Carmen modalities, it allows financing up to 80% of the lower of the following values: the appraisal of the home or the purchase and sale price, and does not pass on to the client the costs of notary, registration and management.
Other solutions stand out in ABANCA's offer, such as Mari Carmen mortgage for efficient homeswhich subsidizes the interest rate during the first year if the property has an A or B energy rating.