TO FIX or vary is the key question asked by people applying for a home mortgage in Spain, with a mixture of both also coming into the equation.

There are also some promising signs of interest and therefore mortgage rates set to come down this year, making it timely that the Organisation of Consumers and Users (OCU) has just published its latest study which compares the best offers on the market and highlighting those that offer the best terms.

The OCU said: “With the end of interest rate hikes and the moderation of inflation, the Euribor has begun its downward path: in December it closed at 3.679%, which is a significant decrease over the previous month, and its daily price during the first days of January is likely to produce further falls in the monthly average.”

According to the OCU analysis (for a 25-year loan of €100,000), the best mortgages have not changed much compared to November 2023, when it carried out its latest market study.

The group highlights offers from Evo Banco, Open Bank and Coinc.

Evo Banco offers a nominal interest rate of 2.5% for the first year, with a Euribor +0.68% revision.

The bank requires you to pay your salary directly into your account and take out home insurance with it in order to take advantage of their deal.

Open Bank offers a nominal interest rate of 1.6% for the first year, with a Euribor +0.70% revision, and the same home insurance conditions apply as for Evo Banco.

It also requires you to direct deposit your salary or pension, although you can also make a deposit from an account in another bank each month for a minimum amount of €900(or €1,800 if there are two or more account holders).

Finally, there’s Coinc that gives a nominal interest rate of 2.5% for the first year, with a Euribor +0.75% revision.

Unlike the other two, Coinc does not require you to set up a direct deposit for your salary, but it does require you to take out at least one Non-Salary Account with Bankinter.

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