Banco Santander offers one of the most attractive fixed mortgages on the market today. With a subsidized fixed mortgage, you can save a significant amount of money each month if you meet certain requirements.
This option is ideal for those who want to buy a home in Spain in August 2024. They are looking for peace of mind knowing that their monthly fees will not change, regardless of fluctuations in the Euro price.
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Banco Santander Fixed Mortgage Advantages
The main attraction of Banco Santander’s fixed mortgage is its competitive interest. It currently offers 2.60% TIN and 3.22% APR for customers who meet all the bonus conditions. This can translate into a monthly fee of around €450, depending on the total loan amount.
One of the main advantages of choosing a fixed rate mortgage is the security it provides. Unlike variable rate mortgages, where payments can change based on movements in Euribor, with a fixed mortgage, you will always pay the same amount each month. This makes it an ideal option for those looking for long-term financial stability.
Maximum Bonus Requirements
To access the best terms for this fixed mortgage, a series of requirements must be met that give a significant bonus. Among them:
- Salary or pension localization. Salary of at least 600 euros per month or pension of at least 300 euros per month is required.
- Insurance Contract. It is necessary to obtain both life insurance and home insurance with the entity.
- Energy Efficiency Certificate. If the home you are buying has an energy efficiency certificate of class A+, A or B, you will be able to get an additional bonus.
Meeting all of these requirements not only improves your loan terms, it also allows you to get a lower interest rate, which translates into significant savings over the years.
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If you cannot meet any of the above requirements, your mortgage terms will change significantly. Instead of 2.60% TIN and 3.22% APR, a Banco Santander fixed mortgage will have 3.70% TIN and 3.90% APR. This means an increase in monthly fees, so it is advisable to try to adhere to the terms as closely as possible.
What you need to know about Banco Santander’s fixed mortgage
Regarding the general characteristics of this mortgage, Banco Santander offers financing of 80% of the estimated value of the house. With a maximum repayment period of 30 years. For second homes, financing is reduced to 70% of the estimated value and the maximum period is 25 years.
In addition, the term of the mortgage, plus the age of the owner at the time of signing, cannot exceed 80 years.
One of the added advantages of Banco Santander’s fixed mortgage is that it does not charge an opening fee. However, if you decide to repay the loan in full or in part before the agreed term, an early repayment fee will apply. This fee varies depending on the remaining term of the loan and the amount you decide to repay.
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