Officials are the preferred clients of banks and, as a result, these professionals are the ones who usually get the best conditions. Also, by having a job “for life”, if the bank does not offer them what they are looking for, they can negotiate with everything in their favor. Adjustable mortgages are the cheapest option on the market right now, so they could be the kind of product a risk-tolerant official would buy. Next, we will review the three most attractive mortgage loans referenced to the Euribor of the moment and we will review their characteristics one by one.
Openbank Variable Mortgage: if you need less than 80%
The Open Variable Mortgage offers an initial interest rate of 1.99% and from the second year, this will depend on the percentage of financing that we need: up to 50%, Euribor plus 0.79%; up to 70%, Euribor plus 0.89%; and up to 80%, Euribor plus 0.99%.
Openbank does not apply any type of commission to customers who contract their credit for the purchase of homes and, in addition, the connection is very low. In fact, to get the lowest price, you just have to domicile a salary of 900 euros per month per holder or make a periodic deposit to an account of the entity from any other bank for the same amount.
As for the minimum amount, the PHH mortgage will have to be at least 30,000 euros and the capital can be repaid in a maximum of 30 years.
BBVA MUFACE mortgage: if you are affiliated with the mutual
The MUFACE Mortgage is an offer addressed exclusively to officials who are affiliated with this mutual. BBVA offers an interest rate of 0.91% during the first year and Euribor plus 0.99% thereafter, and a financing percentage of up to 80%.
One of the advantages of contracting this credit is that we can repay it within a period of up to 40 years and there is no established minimum capital. Of course, in order to apply for this credit, which finances up to 80% of the value of the home, it is necessary to domicile the payroll at BBVA.
In this case, the entity applies an opening commission of 0.25% and 0.15% if we want to amortize the total outstanding capital during the first five years.
Cajamar #W Max Mortgage: if you charge 2,500 euros or more
Cajamar ‘s #W Max Mortgage could also be a good option for officials who want to buy a home. This entity offers financing with an interest rate of 1.50% during the first twelve months and Euribor plus 0.99% thereafter. As an advantage, in the case of housing with an A or A+ energy rating, the interest could be cheaper by 0.05 percentage points.
Speaking of commissions, Cajamar does not apply any opening commission, but it does penalize the total or partial early return of the mortgage capital: 0.15% during the first five years and 0% afterward. In this case, the entity does not specify a minimum amount, but it does establish a repayment period of at most 30 years.
Lastly, there are two requirements to access Cajamar’s #W Max Mortgage, which finances up to 80%: having or opening the entity’s Wefferent Account and having an income of at least 2,500 euros per month per family unit.