The cheapest fixed mortgages of April 2024

Fixed rate mortgages have regained prominence. They lost it while interest rates were very low, because at that time it was much more attractive to opt for variable mortgages. With rates practically at zero, it doesn't make much sense to opt for fixed mortgages, which will always force us to pay a higher fee; But at the moment when rates have started to rise, many seek to protect themselves from the effects of those increases. And the characteristic of a fixed mortgage is precisely that we always pay the same, from the first to the last installment, regardless of whether interest rates rise or fall.. So this format, if it suits us, avoids worries.

If we want to compare some mortgages with others, the first thing we look at is the interest rate set by each financial institution: the lower it is, the less we will pay.. But there are other elements to which we must also pay attention, because they affect our finances: to achieve certain conditions, the bank usually requires a series of commitments or links, such as the direct debit of the payroll and other receipts, credit cards credit with a minimum consumption, life or home insurance, investing certain amounts in pension or investment funds…

These are other services that, although we have not requested, may come in handy.. But let's make sure that we need them and that we take them into account when comparing offers.

Advantages of fixed rate mortgages

Indeed, fixed-rate mortgages always maintain the same installment: an interest is established that remains unchanged until we finish paying the loan.. The great advantage is that there are no surprises, we know exactly what we are going to pay month after month until the mortgage matures.

It is true that we will not be able to benefit from a reduction when rates go down, as happens with variable mortgages, but when the opposite circumstance occurs, that rates go up, it will not affect us either.. In short, they are mortgages without risk of any kind, and are ideal for conservative buyers who want to not worry.

What are the cheapest fixed mortgages in April 2024?

Let's see which are the cheapest fixed mortgages this month of April. The one that offers a lower interest rate is the Banco Sabadell Fixed Rate Subsidized Mortgage (2.75%). Next are the Bonus Fixed Mortgage from Banco Santander (2.80%) and the Smart Fixed Mortgage from EVO Banco (2.90%).

Let's also see the links of each of them. The Fixed Rate Bonus Mortgage from Banco Sabadell starts with an interest of 3.75%, but up to one bonus point is achieved by meeting the following conditions: domiciliate the payroll or pension (bonus of 0.40 points); take out home insurance (0.10 points); take out life insurance (0.40 points); and take out payment protection insurance (0.10 points).

In the case of the Banco Santander Bonus Fixed Mortgage, to reach 2.80% you must achieve a bonus of 1.10 points. These are the options to achieve this: you have to domiciliate the payroll, pension or benefit (0.50 points); take out some insurance with the bank (0.10 bonus points for every 100 euros of annual premium for each policy); use Santander credit cards six times in the three months prior to the interest rate review (0.05 points); hire an alarm from Movistar Prosegur (0.20 points); or have an energy efficiency certificate with letters A or B (0.10 points).

Regarding the EVO Banco Fixed Smart Mortgage, the bonus option to reach 2.90% is as follows: domiciliate the payroll, pension or benefit (0.05 points); take out home insurance (0.10 points) and take out life insurance (0.10).

The 10 best fixed mortgages of April 2024

Source: Kelisto.es with data from the websites of financial entities (analysis prepared on 04/01/2024). The table shows the ten fixed mortgages with the lowest interest for a term of up to 25 years. This term is taken as a reference because it is the one that best adapts to the average term for which mortgages are signed in Spain, according to the latest data available from the INE.. In the event of a tie, priority will be given to the offers with better conditions with respect to several criteria: the opening commission; the maximum percentage of the appraised value that allows financing.; the commission for partial and/or total early repayment; the number of products/services that need to be contracted to obtain the maximum bonus; the difference between the subsidized interest and the unsubsidized interest (the smaller the difference, the better). The non-availability of information always penalizes an offer compared to another for which its entity does show data in this regard.. If an entity does not have an offer for the chosen period, the next tranche for which it did have an offer has been taken into account.. This ranking only includes information on mortgages for any type of home, so the so-called “green mortgages” (which reward offers for homes with an A energy rating with a lower interest rate) are excluded.