Banks are marketing the cheapest mortgages that have ever been seen in Spain. And it is that the financial entities of our country need to earn money after going through a few very hard months due to the pandemic, so many try to encourage the contracting of home loans by lowering their interests. For those who want to take advantage of this situation to finance the purchase of a property at a good price, the banking comparator has compiled all the available offers and has drawn up a list of the best mortgages that can be contracted in February 2021.

Given that the Euribor is trading at historic lows (-0.505% in January 2021), banks are more interested than ever in taking out fixed mortgages, whose interest is not tied to this benchmark index. To this end, many entities have lowered the rates of these products, which are now, according to HelpMyCash.com, at the lowest level that has ever been recorded in our country.

The best offer in this sector is Coins, a Bankinter online brand. Your Fixed Mortgage has an interest rate of 1.35% at 20 years or 1.40% at 30 years, without an opening commission and without having to contract other bank products. With it, it is possible to finance up to 80% of the value of a first home or up to 60% of a second residence. The second place goes to another entity belonging to Bankinter: EVO Banco. Your Smart Fixed-rate Mortgage has an interest of 1.29% at 30 years, discounted by 0.20 points for direct debit of the payroll and the contracting of the bank’s home insurance. It has no opening commission and is used to finance up to 80% of the value of a first home.

This podium is closed by the Mortgage Without a Fixed Type Backpack of MyInvestor, an online financial company of And bank Spain. This has an interest of 1.29% at 15 years, 1.59% at 20 years, and 1.69% at 25 years, with no opening commission and without additional products. Of course, it finances up to 70% of a first or second home and, to get it, it is necessary to charge a minimum of 4,000 euros per month net among all owners.

In the variable mortgage sector, however, there is not such aggressive competition. Even so, as the Euribor is so low, hiring one of these products can be very convenient (especially in the short term), since its interest is very low.
It has no opening commission and finances up to 80% of the value of a first home, with a maximum term of 30 years calculated using FHA Loan Calculator.

The silver medal goes to the Openbank Open Variable Mortgage, whose interest is 1.99% the first year and Euribor plus 0.79% from the second, provided that up to 50% of the value of one is financed first home (this differential is 0.89% if financing up to 70% or 0.99% if financing up to 80%). In all cases, the interest is discounted by 0.40 points for domiciling the income and taking out home insurance from the entity. Openbank does not charge an opening commission and gives a period of up to 30 years to return the money.

Closing this top 3 is MyInvestor’s Variable Backpack Without Mortgage, which has an interest of 1.79% the first year and Euribor plus 0.89% the following (without extra products). It has no opening commission, has a term of up to 25 years, and finances up to 70% of the value of a first or second home. In addition, you have to charge at least 4,000 euros net per month among all holders to get it.

The best variable rate loan, according to HelpMyCash.com, is the Smart Mortgage from EVO Banco. This has an interest of Euribor plus 0.98% the first year, Euribor plus 0.88% from the second to the fifth, Euribor plus 0.78% from the sixth to the tenth, and Euribor plus 0.68% from the eleventh; with a discount of 0.20 points for direct debit payroll and take out bank home insurance. It has no opening commission and finances up to 80% of the value of a first home, with a maximum term of 30 years.

The silver medal goes to the Openbank Open Variable Mortgage, whose interest is 1.99% the first year and Euribor plus 0.79% from the second, provided that up to 50% of the value of one is financed first home (this differential is 0.89% if financing up to 70% or 0.99% if financing up to 80%). In all cases, the interest is discounted by 0.40 points for domiciling the income and taking out home insurance from the entity. Openbank does not charge an opening commission and gives a period of up to 30 years to return the money.

Closing this top 3 is MyInvestor’s Variable Backpack Without Mortgage, which has an interest of 1.79% the first year and Euribor plus 0.89% the following (without extra products). It has no opening commission, has a term of up to 25 years, and finances up to 70% of the value of a first or second home. In addition, you have to charge at least 4,000 euros net per month among all holders to get it.

From the HelpMyCash.com comparator, they affirm, yes, that there are banks that can match or even improve these conditions. Therefore, they recommend asking for financing from several entities and negotiating with each of them to try to achieve an even more attractive price, especially if you have a good profile.

When it comes to comparing offers, they also comment that it is not necessary to look only at the interest rate. Mortgages, in many cases, include other expenses that can increase their price (commissions, additional products, etc.), so it is important to take them all into account to find out how much you would really have to pay for home financing.