Leading Spanish bank offers fixed rate mortgage over 20 years

Banco Sabadell in Spain has decided to enter the mortgage war that has opened at the beginning of 2015 with a ‘different’ offer. The company will launch a fixed rate offer for the entire life of these loans, which provides different terms: 3.5% for mortgages up to 15 years; 3.95% for up to 30 years; among others. These loans, which are for home purchases, have a fee of 1% and require a domiciled salary and a life insurance policy.

Fixed rate mortgages exist in Spain but the offer is substantially lower when compared with a variable rate. These include the Bankinter (4.94% over 15 years), Caixabank (between 5.5% and 6.95% for operations up to 25 years) or Kutxabank (3.89% up to 20 years). All require a domiciled salary and a life insurance policy.

However, as published by the Spanish newspaper El Diario Expansión, the bank directed by Josep Oliu, wants to promote either fixed or floating rate mortgages.