Just a few months ago, the feared opening commission was hidden in the fine print of most mortgage offers, a charge that significantly increased the initial costs of the operation.
Lately, however, it seems that banks have decided to rethink this policy. And, according to analysts at the bank comparator GoodFinance.com , just over 70% of the entities that sell mortgages no longer charge this commission , which means saving hundreds (or even thousands) of euros for future owners household.
The big bank changes policy
Curious as it may seem, the Spanish entities with the most clients are the ones that captain this new commission elimination policy. From GoodFinance.com they assure that the mortgages of Banco Santander, BBVA, CaixaBank, Banco Sabadell and Bankia no longer charge that opening charge , although they clarify that the latter bank already abolished it at the beginning of 2017.
Between medium and small banks, on the other hand, there is more division. Thus, while entities such as Kutxabank, Ibercaja or Triodos Bank choose not to apply the opening commission, others such as Bankinter or Liberbank do include it among the expenses of their mortgages. The cost of the charge may be different depending on the bank, but usually ranges from a minimum of 0.5% to a maximum of 1.25% ; Sometimes with a minimum amount.
That less than 30% of banks now charge this commission is good news for mortgaged futures, which can save good money in opening your credit. For example, for a mortgage loan of about 150,000 euros, the savings for the client would be between 750 and 1,875 euros.
Virtual banks, the ones that charge less commissions
GoodFinance.com analysts, however, warn that many of these entities do charge other fees: early repayment if capital is advanced, subrogation if bank changes or novation if conditions of the bank change mortgage. They clarify, of course, that most of the online banking does not apply these charges , which constitutes a sign of identity of these financiers.
Specifically, six of the eight virtual banks that sell mortgages do not charge any commission : Openbank, Hipotecas.com, MyInvestor, Pibank, EVO Bank and ING. Of the remaining two, ActivoBank does apply the early repayment commission, while Coinc includes that charge plus subrogation compensation only on its fixed mortgage.
Commissions for early amortization and subrogation are limited by law. In variable mortgages, they can be 0.25% applicable in the first three years of the life of the loan or 0.15% in the first five (and 0% later). In the fixed ones, they can be 2% during the first 10 years and 1.5% later. In both cases, they cannot overcome the financial loss that is generated to the entity. Regarding the commission for novation, its cost may be that agreed between the parties, although if only the credit term is modified, it cannot exceed 0.1%.
Watch out for the rest of the expenses
But this absence of commissions is of little use if it is not accompanied by an attractive interest. According to GoodFinance.com analysts, it is important to compare several mortgages to find the one with the lowest rate . They also advise to look at the combined products that must be contracted to access that interest, because if they cost money (insurance, for example), it may be more useful to sign a loan with a higher rate without that associated service.
Also, from the comparator remember that, when signing a mortgage, the future owner must also pay the expenses associated with the sale of the house , whose cost is usually equivalent to 10-12% of the price of the property. Previously, you also have to pay the appraisal , which costs an average of about 300 euros. Certain banks offer to return the appraiser’s fees to their clients after hiring, but they only do so if the loan is formalized.