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MORTGAGE COMPARISON TOOL

Fixed or variable mortgage. What are the differences?

And you will be able to do it. Here is the fixed-rate mortgage and the variable-rate mortgage next to it. Here are all of the factors to take into account for each one so you can say “this is better” or “I don't know” or “yes, of course, but what's that Euribor all about?”

Comparador de hipotecas

Fixed or Variable-Rate? Compare the details of all our mortgages.

A complete table with the main figures for both types of mortgage: fixed and variable-rate. Payments, features, advantages, interests, expenses... Everything in plain sight.

How it works


Main advantage


Monthly payment


Interest rate


Term


Maximum % to finance


Interest rate/price


Subject to meeting the terms and conditions

If terms and conditions are not met

Arrangement fee


Mortgage expenses


You can combine variable and fixed interest at the same time, however you choose to split it, from day one.

You'll have the peace of mind of the fixed rate while taking advantage of the opportunities of the variable rate.

A single instalment with a variable part and a fixed part.
A fixed part and a Euribor + spread part.
Maximum term: 30 years.
80% first home 60% second home
Yes.
zero management expenses Zero registration expenses Zero notary expenses Zero stamp duty (IAJD) €249.56 appraisal
It varies and is reviewed according to the benchmark index, better known as the Euribor.

Subject to fluctuations in the Euribor.

Variable.
Euribor + spread.
Maximum term: 30 years.
80% first home 60% second home
25 years If the terms and conditions are met1 Euribor + 0.75% 2.50% NIR during the first year Variable APR 5.23%
25 years No terms and conditions1 Euribor + 2.05% 3.80% NIR during the first year Variable APR 6.31%
Yes.
zero management expenses Zero registration expenses Zero notary expenses Zero stamp duty (IAJD) €249.56 appraisal
You pay the same amount for the entire term of the mortgage.

Peace of mind. Payment amounts are not affected by fluctuations in the interest rate.

Fixed.
Fixed forever.
Maximum term: 30 years.
80% first home 60% second home
20 years If the terms and conditions are met2 3.40% annual NIR 4.05% APR
20 years No terms and conditions2 4.70% annual NIR 5.10% APR
Yes.
zero management expenses Zero registration expenses Zero notary expenses Zero stamp duty (IAJD) €249.56 appraisal
The interest rate is fixed for the first few years and variable for the remaining years.

The maximum initial fixed-rate period may be up to 25 years (you can choose the number of years) and the rest of the term will be variable-rate.

Fixed + Variable.
Fixed-rate for the early years and Euribor-rate subsequently + spread.
Maximum term: 30 years.
80% first home 60% second home
25 years (fixed-rate for 20 years and variable-rate for 5 years) If the terms and conditions are met3 3.45% annual NIR (for the 20 fixed-rate years) Euribor + 0.70% (the remaining years) 4.11% variable APR
25 years (fixed-rate for 20 years and variable-rate for 5 years) No terms and conditions3 4.75% annual NIR (for the 20 fixed-rate years) Euribor + 2.05% (the remaining years) 5.17% variable APR
Yes.
zero management expenses Zero registration expenses Zero notary expenses Zero stamp duty (IAJD) €249.56 appraisal
You can obtain up to 90% of the value of your home, using the lesser of the purchase price and the appraisal value as the benchmark. As it is a young person's mortgage, at least one of the holders must be under 36 years old.

Up to 90% financing for a first home.4

Variable.
Euribor + spread.
Maximum term: 30 years.
Up to 90% of the value of the home, using as the lesser of the following two values as a benchmark: the purchase price and the appraisal value.
30 years Euribor + 0.70% If the terms and conditions are met4 2.45% first-year NIR Variable APR 5.18%
30 years Euribor + 2.00% No terms and conditions4 3.75% first-year NIR Variable APR 6.27%
Yes.
zero management expenses Zero registration expenses Zero notary expenses Zero stamp duty (IAJD) €249.56 appraisal

Feels like something is missing, right? we will explain what the Euribor, NIR and APR are

Euribor

It is the interest rate at which European credit institutions lend money to each other and it is the benchmark for variable-rate mortgages. The fixed part that you negotiate for your variable-rate mortgage is added to the percentage established by the Euribor, known as the spread. So, if the Euribor goes down your payment goes down, and if it goes up, it goes up.

  • The Euribor varies and is revised depending on the market.

NIR

It is the nominal interest rate. In other words, it is a fixed percentage that is agreed for a borrowed amount of money. It is the basis for calculating the APR, so it is important, but it is not a good reference to compare loans.

  • It does not have to be annual and does not take into account expenses, etc.

AER

The equivalent annual rate (APR) tells us the actual amount that will be paid for a loan. It is a mathematical formula that includes the NIR, the commissions, the term of the loan and the payment frequency.

  • It is therefore the most useful benchmark for comparing mortgages of the same type and term.
  • For variable-rate mortgages, the APR is for reference only because it will also vary with the Euribor.
Qué hipoteca me puedo permitir

Why is it helpful to use a mortgage comparison tool?

The mortgage comparison tool will help you to analyse, understand and make decisions about the various mortgages on the market: fixed-rate, variable-rate, mixed-rate, etc. It is essential to be able to see at a glance the advantages, conditions, prices and other factors of each mortgage so that you can decide which one best suits your expectations and circumstances.

Advantages of comparing mortgages

At Bankinter we have prepared a table where you can compare the benefits of our two main mortgages: variable-rate and fixed-rate.

We've broken down the main indicators that you should take into account when choosing a mortgage. They might look the same initially, but when it comes to repaying your mortgage you'll find certain differences: interest rates, advantages, terms, monthly instalment, conditions, linked products, etc.

Documentos para comprar una casa

What to look for when comparing mortgages

Below we explain the main factors to bear in mind when comparing mortgages:

Fees and commissions

When you take out a mortgage, you should bear in mind that you might have to pay a series of fees, such as the arrangement fee or a fee for early repayment or cancellation of the mortgage. It is essential to be clear about all these extra expenses to avoid surprises in the final budget for your home.

Financiación

The percentage of financing you ask the bank for will vary according to your savings. Currently, when you apply for a mortgage you must have savings to cover at least 20% to 30% of the value of the property plus the expenses involved in the transaction. That said, banks lend a maximum of 80% of the purchase or appraisal value of the property if it is the primary residence, and somewhat less (65% to 70%) in the case of a second home.

Interest rate

The mortgage interest rate is a percentage that is applied to the loan amount to determine the instalment you will have to pay each month to settle your debt. This interest rate may be fixed (the same percentage for the duration of your mortgage repayment period), variable (benchmark index + spread), or mixed (a mixture of both types).

Your questions, and those asked by almost everyone else

Offer valid until the total amount offered has been reached: 750 million euros for variable-rate mortgages and 25 million euros for fixed-rate and mixed mortgages.