The excellent situation of mixed mortgages in October 2023

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Are you thinking about applying for a mortgage this month? After reading about the good situation of mixed mortgages in October 2023, it is very likely that this sometimes forgotten mortgage model will become your first option. Let's start!

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Main characteristics of a mixed mortgage
As its name indicates, the mixed mortgage is a combination of the variable and fixed mortgage . It can be described as a variable mortgage with an initial fixed interest rate period. This period is flexible: it can be 3, 5, 7 or even 10 years. (To find out what is best for you, it is always good to use a mortgage plus expenses simulator ). After these years, your loan will change to the variable rate and will be governed by the Euribor .

Regarding the percentage of home financing , there Cayman Islands Phone Number List are no differences with the variable or fixed mortgage. The bank usually grants 80% of the value of the home, and the mortgagee must contribute 30% with savings:

The 20% that the bank does not cover.
And an extra 10% to cover the costs of purchasing the house.  
Recommended reading:   Housfy's Euribor forecast graph for 2024 and 2025
The situation of the mortgage market in October
On September 14, the ECB announced what appears to be its last interest rate increase . This tenth consecutive increase by Lagarde placed them at 4.5%, a figure that beat the maximum value reached during the 2008 crisis. The analysts' forecast is that this 4.5% will remain frozen until the mid-2024, and that in the second half it begins to reduce.

The Euribor, for its part, does not stop rising. In August, for the first time in 20 months, it fell, but in September it regained its upward trend and could continue rising until the end of the year. David Espiago, banking business director at Housfy Hipotecas, is of the opinion that the Euribor will close 2023 at the rate level, around 4.5%.

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A good situation to request a mixed mortgage in October 2023
It is highly likely that it is in your best interest to take out a mixed mortgage in October 2023 . This is the reasoning:



A mixed mortgage combines a short initial period at the fixed rate with a long period after the variable rate.
The fixed rate is convenient when the Euribor is high.
The variable rate is convenient when the Euribor is low.
Currently, the Euribor is high, so the fixed rate is appropriate.
The Euribor is expected to begin to fall next year. When it is significantly lower, a fixed rate will be appropriate.