We get you the best mixed-rate mortgage on the market, tailored to your circumstances and needs. Our advisors will negotiate with every bank on your behalf to guarantee you the best terms.
We arrange your mixed-rate mortgage in Málaga if you buy with us
Request your free financial advice now and one of our advisors will carry out a personalised study of your profile and explain in full the steps and requirements for a mixed-rate mortgage in Málaga.
We'll give you all the information you need on mixed-rate mortgages and answer all your questions. We'll assign you a personal advisor who will manage your mixed-rate mortgage directly and keep you informed at all times of how your application is going.
We want buying your new home to be a pleasant process, without surprises and with every guarantee. That's why at Valoracasa Estate Agents we arrange mortgages free of charge for buying clients who ask us to.
Our goal is to give you a comprehensive service to all your needs while buying your home and help in every way we can, with a personal, transparent service.
How do you get a mixed-rate mortgage?
Once we have all the documents needed to process a mortgage and know what you need, we submit your mortgage to every bank that suits your profile. Our advisors will screen the market for the best terms. We'll present several offers so you can choose the one you like best and that suits your needs.
Save time and money with our mortgage management service and leave it to the professionals.
Steps to get a mixed-rate mortgage
Here are the four steps to getting you the best mixed-rate mortgage on the market
- Financial advice to assess your needs and profile.
- Submit the mortgage to the banks we've screened beforehand.
- Negotiate with the banks every term of the mortgages to secure you the best.
- We present all the offers so you can choose your mortgage tailored to you.
Free financial advice
Shall we talk about your mortgage?
We find the best mortgage for you and arrange it free if you buy with Valoracasa.
Get a mixed-rate mortgage in Málaga
Book an appointment with our finance department now and ask, at no cost or obligation, about all the requirements and terms for a mixed-rate mortgage. Our advisor will negotiate directly with the banks to get you a mixed-rate mortgage on the terms you need:
- Term
- Interest rate
- Loan-to-value
- Deposit required
- Purchase costs
- Mortgage costs
- Tie-ins
- Repayment
- Borrowing capacity
Requirements for a mixed-rate mortgage
The requirements for a mixed-rate mortgage are the same as for any mortgage. Banks require applicants to have stable, provable income to guarantee repayment of the loan.
- A job that's stable, for at least 6 months.
- Income that's fixed and provable.
- Savings of your own to put towards the purchase.
- No seizures or arrears.
Mixed-rate mortgage terms
We guarantee you the best terms for your mixed-rate mortgage, tailored to your circumstances and needs. The terms depend on the client's profile and the bank granting the mortgage.
The more savings the client can put towards the home and the less they borrow, the better the terms they can get, as the bank's risk in case of default is lower.
You can also get better terms when buying a first home than a second home or investment. And the higher your income, the better the terms. Showing the bank good solvency is essential for negotiating preferential terms.
Civil servants can also get preferential terms, as banks value them highly as clients.
What is a mixed-rate mortgage?
Mixed-rate mortgages in Málaga. What are they? How do they work? Pros and cons of a mixed-rate mortgage. Which banks offer them? Which is best? How do you apply for one?
The mixed-rate mortgage is little known among consumers, although more and more banks offer this type of product.
If you ask a group of people what kind of mortgage they want, most will choose a fixed rate.
But not every bank offers a fixed rate and not every client can get one, so a mixed-rate mortgage is a very good alternative for clients who need a mortgage with a stable repayment.
A mixed-rate mortgage combines a fixed interest rate for one stage of the mortgage with a variable rate for the rest.
The fixed rate normally applies for the first years of the mortgage, generally the first ten, and the variable rate for the rest of the term, although it depends on the bank you take the mortgage out with
In practice, these mortgages work like a variable-rate mortgage with some special conditions.
A mixed-rate mortgage has a fixed rate for the first years and a variable rate for the rest of the term. So repayments are always the same in those first years, while afterwards they can change depending on movements in Euribor.
In general, the fixed-rate period of mixed-rate mortgages lasts between three and 10 years. Their other terms are similar to fixed and variable-rate mortgages: they can finance up to 80% of the purchase, have a term of up to 30 years and may include fees and linked products.
Mixed-rate mortgages are attractive if Euribor keeps falling or stabilises at low levels for a long period (as happened in recent years until early 2022). The main problem with these products is that it's impossible to predict how Euribor will behave 10 or more years from now, when the variable part of the loan begins. In other words, they're not an option for those who prefer stable repayments without future surprises.
Pros and cons of a mixed-rate mortgage:
Like all mortgages, the mixed-rate mortgage has its pros and cons compared with others.
Advantages:
- Interest rate: mixed-rate mortgages generally have a lower interest rate than fixed-rate mortgages. For example, ING's fixed-rate mortgage is currently 1.60%, while its mixed-rate mortgage is 1.20% in the first stage.
- Peace of mind in the first years: everyone wants as stable a mortgage as possible to avoid Euribor rises. Having a fixed repayment for the first years of the mortgage will help you plan better and feel more secure
- Duration: as a general rule, fixed-rate mortgages have shorter terms than mixed-rate ones. This way you can extend the mortgage term to reduce the monthly repayment
Disadvantages:
- Interest rate: Euribor is currently at historic lows and has been for several years. With Euribor so low right now, a mixed-rate mortgage isn't very attractive, as in the first years the bank will charge a fixed repayment much higher than you'd pay with a variable rate.
- Fees: partial and full early repayment fees are higher on a mixed-rate mortgage than a variable one. So if you plan to make early repayments, a mixed-rate mortgage may not suit you.
- Stability: although for part of a mixed-rate mortgage's life the client enjoys a fixed repayment, sooner or later they'll face a variable repayment depending on where Euribor stands at that time and the margin their bank charges.
As we've explained, a mixed-rate mortgage has a fixed rate for roughly 10 years and a variable rate for the rest of the term. So you might think it combines the advantages of fixed and variable-rate mortgages.
The reality, however, is very different. As they're designed, mixed-rate mortgage loans benefit the bank and harm the client. Here's why:
- Because you won't benefit from today's low Euribor. As your rate will be fixed for the first years, this type of mortgage doesn't let you take advantage of low Euribor to get cheaper repayments.
- Because it won't protect you from possible Euribor rises. This index is very likely to rise over the coming decades. By then your rate will be variable, so your repayments will go up.
Our advice, therefore, is that if you want lower repayments in the first years and can absorb a possible rise in Euribor, a variable-rate mortgage is better value. On the other hand, if you don't want any surprises in your monthly repayments for the whole term, a fixed-rate mortgage will always be a far more advisable option than a mixed one. Bear in mind that when you take out a mixed-rate mortgage, you can't know which way Euribor will go after the first 10 years.
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What is the best mixed-rate mortgage on the market?
Although variable-rate mortgages have been banks' main product for decades, more and more lenders are offering clients other alternatives such as mixed-rate mortgages.
- ING mixed-rate mortgage
- OpenBank mixed-rate mortgage
- Triodos Bank mixed-rate mortgage
- Bankinter mixed-rate mortgage
Although variable-rate mortgages have been banks' main product for decades, more and more lenders are offering clients other alternatives such as mixed-rate mortgages.
- ING mixed-rate mortgage
- OpenBank mixed-rate mortgage
- Triodos Bank mixed-rate mortgage
- Bankinter mixed-rate mortgage
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How do you apply for the best mixed-rate mortgage in Málaga?
Not many lenders offer mixed-rate mortgages, but it's important to shop around and compare before choosing.
At Valoracasa Estate Agents we want to help you get the best mixed-rate mortgage in Málaga, which is why our mortgage department is at your disposal
- Free preliminary advice: our advisor will study your real chances of getting a mixed-rate mortgage and tell you the interest rate, monthly repayment and tie-ins.
- Free mortgage processing: if you buy your new home with us, we'll get you the best mixed-rate mortgage completely free.
Not many lenders offer mixed-rate mortgages, but it's important to shop around and compare before choosing.
At Valoracasa Estate Agents we want to help you get the best mixed-rate mortgage in Málaga, which is why our mortgage department is at your disposal
- Free preliminary advice: our advisor will study your real chances of getting a mixed-rate mortgage and tell you the interest rate, monthly repayment and tie-ins.
- Free mortgage processing: if you buy your new home with us, we'll get you the best mixed-rate mortgage completely free.
-
Which banks offer good mixed-rate mortgages?
ING is the bank offering the most mixed-rate mortgages to new clients, with one of the best mortgages on the market.
Mixed-rate mortgages have one part at a fixed rate and another at a variable rate.
ING's mixed-rate mortgage can run to 40 years, with the first 10 at a discounted fixed rate of 1.15% and the rest at a discounted variable rate of Euribor + 0.89%.
The lender's conditions for the discounts are paying in your salary or a fixed monthly income and taking out life and home insurance with them.
ING's mixed-rate mortgage can be taken out 100% online, although the lender will assign you a telephone manager to help you throughout. Your manager will receive all your documents and process your mortgage.
Remember that you, as the client, must tell the lender which type of mortgage you want: fixed, mixed or variable.
Obviously every mortgage is different and has its pros and cons. You'll need to choose according to your needs and what suits you best.
ING is the bank offering the most mixed-rate mortgages to new clients, with one of the best mortgages on the market.
Mixed-rate mortgages have one part at a fixed rate and another at a variable rate.
ING's mixed-rate mortgage can run to 40 years, with the first 10 at a discounted fixed rate of 1.15% and the rest at a discounted variable rate of Euribor + 0.89%.
The lender's conditions for the discounts are paying in your salary or a fixed monthly income and taking out life and home insurance with them.
ING's mixed-rate mortgage can be taken out 100% online, although the lender will assign you a telephone manager to help you throughout. Your manager will receive all your documents and process your mortgage.
Remember that you, as the client, must tell the lender which type of mortgage you want: fixed, mixed or variable.
Obviously every mortgage is different and has its pros and cons. You'll need to choose according to your needs and what suits you best.
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