The average interest rates of variable, fixed and mixed ‘green’ mortgages They are 1.21% more expensive than the average mortgage rate for August, according to Asufin with data from the Bank of Spain.
The V Green Finance Study, prepared by the association, states that ‘green’ mortgages are “more expensive” than conventional onesbut the loans are “more competitive.” “This is the paradox of this market, in which banks do not seem to continue having many incentives to promote the mortgage loan segment that rewards the sustainable characteristics of properties,” he says in a statement.
On the opposite side, it reports that both personal loans for renovations that improve energy efficiency and general ‘green’ loans – which can be used for renovation or ecological vehicles – are “cheaper”, by presenting a average of 6.27% and 5.11%respectively, lower than the 8.87% average interest rate on consumer loans.
The global supply of ‘green’ mortgages continues to rise, but it does so “unevenly” and “no relevant changes” in their incentives, except that the market conditions themselves make some of them more attractive. In the fixed segment, CaixaBank has joined, while in the variable segment, mortgages have gone from nine to 13. In addition, two new operators have entered the mixed sector, Triodos Bank and Banco Mediolanum, bringing the offer up to seven products.
On the contrary, in the personal loan segment, the offer for credits aimed at improving energy efficiency It goes from three to two proposals, while there are two generalist type proposals that can be used for both renovation and vehicle purchase.
Slower rate cuts
On the other hand, Asufin also affirms that financial entities are transferring the rate reduction to the ‘green’ mortgage segment “more slowly”, which “does not help” to encourage this type of products among the consumer.
The average rate reduction is 0.41%, going from the average 5.15% in September 2023 to the current 4.74%. Despite this decline, its rates They are 1.21% more expensive than the 3.53% average interest rate starting point for mortgages in the month of August according to data from the Bank of Spain.
“Although it represents a change in trend, this decrease is fundamentally based on the prices of variable mortgages and is much lower than what the Euribor has done in this period,” he says.
Financing of the ‘Eco’ car
Finally, Asufin also addresses financing for ecological vehicles, a product that has had a 0.43% decrease in its average rate, from 7.30% APR in 2023 to the current 6.87%less than half of what the Euribor has fallen (-0.91%).
Regarding the offer of this range, Asufin points out that it increases from 11 products in 2023 to 12 in 2024 and they are loans with a “great diversity” in terms, maximum amounts to be financed and, mainly, in its cost.
