Every three out of ten mortgages analyzed by FACUA 'force' borrowers to purchase mortgage-related products that raise the cost of their loans
Fees can reach up to 1,504.80 Euros more a year on a 20 years mortgage of 110,000 Euros.
FACUA.org
España-13/12/2011
FACUA has carried out a comparative study of twenty mortgages offered by thirteen financial institutions.
The Banks surveyed were ActivoBank, Banca Cívica, Banco Herrero, Bankinter, Barclays, Deutsche Bank, ING Direct, Sabadell Atlántico, Sabadell Guipuzcoano, bancopopular-e.com, Openbank, Unicaja and Uno-e.
FACUA has taken as a reference an average mortgage for the purchase of a first home for an amount of 110,000 Euros (representing the 80 % of the appraised value of the property) repayable in twenty years and with a variable interest rate.
The loan selected for the study is of 111,934 Euros, which, according to data released by the Spanish National Statistics Institute, is the average mortgage amount borrowed in Spain last September. The average rep
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