If deciding to buy a house is difficult, choosing between a fixed or variable mortgage is not a simple matter either. On the one hand, we know that variable mortgages are the cheapest option at the moment, but we cannot predict how Euribor will evolve. And fixed-rate loans, on the other hand, are a little more expensive than the previous ones, but they offer us the peace of mind of a stable fee from start to finish. As we can see, opting for one product or another will depend, to a large extent, on our risk tolerance. To shed some light on this matter, HelpMyCash experts have designed a test that could help us review our preferences.
The fixed or variable mortgage test
The experts of this comparator receive questions every week from many undecided users between a mortgage loan linked to the Euribor and another at a fixed rate. If we identify with them, in just a minute we can find out which Phh mortgage would best fit our financial profile.
Answer the questions, add the score and read on!
If your answers add 3 points or more
You are one of those who love tranquility and security! In this case, the stable installments promised by a fixed mortgage would be what best suits you. Although these products are indeed somewhat more expensive than variable rate loans, we can say that fixed mortgages are experiencing their best moment. These are the three best this summer:
- Mortgage One Step From Ibercaja. It offers an interest rate of 1.50% and a repayment period of up to 20 years to return up to 80% of the value of the home. Of course, to get the best price it is necessary to domicile the payroll and have an income of at least 2,500 euros among all the holders.
- Smart Fixed Mortgage from Evo Banco. With an interest rate of 1.55%, this credit finances up to 80% of the price of the house and boasts of not having any type of link. The only condition is to return the capital in a maximum of 30 years.
- Coins Fixed Mortgage. The interest rate of this mortgage loan will depend on the term we choose: 1.50% at 20 years; 1.55% at 15 years; 1.59% at 20 years; 1.64% at 25 years; and 1.69% at 30 years. In this case, the entity does not require the contracting of any additional product, and the request is made only through the internet.
If you have any questions about any mortgage, remember you can write your question in the forum and our experts will help you for free.
If your answers add less than 3 points
You are one of those who prefer to risk a little to try to save! Let’s say that your risk tolerance is high and therefore an adjustable-rate mortgage might be the option that suits you best. Here we present the cheapest mortgages referenced to the Euribor on the market:
- Evo Banco Smart Mortgage. This entity offers up to 80% of the value of the house with an initial interest of Euribor plus 0.99% during the first year and an interest that is reduced in the following years until reaching the Euribor plus 0.69% from the year eleven. The conditions to be able to benefit from these prices are: direct debit the payroll and sign home insurance with the bank.
- Open Variable Mortgage. The initial interest rate of the credit offered by Openbank is 1.99% and from the second year onwards this varies depending on the percentage of financing that we need: Euribor plus 0.79% up to 50%; Euribor plus 0.89% up to 70%; Euribor plus 0.99% up to 80%.
- No Backpack Mortgage from MyInvestor. With this mortgage loan, we can finance up to 70% of the price of the house with an initial interest of 1.79% and Euribor plus 0.89% from the second year. Although it does not have any type of link, to contract this product it is necessary to have a minimum income of 4,000 euros per family unit.