In 2024, 47.4% of purchases were made by people under 35: here are the opportunities to save.
The price gap in favor of variable mortgages compared to fixed ones is widening, and the decision by the ECB last Thursday to make another 25-cent cut in the cost of money suggests that the gap is destined to increase in the coming months. The gap between the 3-month Euribor, a benchmark parameter for the indexation of variables, and the 20-year Eurirs, used to determine the price of fixed rates, is now about 70 cents, a gap that is only partially reflected in the mortgage offer conditions, as shown by the market survey carried out on June 4 on the mutuiOnline.it portal, which provided us with the data. From the analysis of the ten most convenient standard mortgages of 140 thousand euros at 20 and 30 years aimed at the purchase of a home of 200 thousand euros, it turns out that the variables cost on average 25 cents less than the fixed ones. Here, all the tables on the prices and offers of fixed and variable rate mortgages from banks. The 45 cents that are theoretically missing in the account are due to the more favorable conditions that banks continue to reserve for those who take out a fixed loan; however, nothing ensures that they will continue on this line. Going into detail, the average of fixed rates at 20 years is 2.99%, the Taeg at 3.23% and the installment at 776 euros, while for variable rates the nominal rate is 2.76%, the effective one is 2.97% and the installment entails a saving of 16 euros.
Numbers, Calculations, and the Success of “Green” Mortgages
For the thirtieth anniversary, the fixed rate records an average nominal rate of 3.03%, an effective rate of 3.24% for an installment of 593 euros, while the indexed rate stands at 2.7% nominal and 2.97% effective with a saving on the installment of 20 euros per month. The mortgages that appear in the table have standard conditions, as we said. Loans for the purchase of homes with good or high energy efficiency allow for interesting savings on costs, even if of course it must be taken into account that the purchase of the house costs more in the immediate term. However, in the balance sheet, in addition to lighter bills, we must put the greater possibilities of revaluation: and the lower risk of depreciation of the mortgage guarantee is the reason why banks offer better rates.
Considering “green” products, fixed rates at 20 years are offered at an average effective rate of 2.89%, 34 cents less than standard products, and 30-year rates, taking advantage of the fact that the Eurirs of the period is lower than the twenty-year rate, are at 2.85%, with a discount of 39 cents on non-green mortgages. As for variable rates, the effective rate stops at 2.82%, with a discount that is reduced to only 15 cents on standard loans, while for the thirty-year rate the average green rate is 2.81%, 18 cents less than “normal” operations. The energy characteristics of the property given as collateral are not the only discriminating factor. Conditions also vary depending on the presence of flexibility clauses, such as the possibility of suspending payments for a certain period or the possibility of carrying out a certain number of fixed/variable switches and vice versa during the life of the mortgage.
For Young People
And they also depend on the age of the person applying for the loan, because the possibility for those under 35 to request a state guarantee thanks to the public fund managed by Consap not only allows for substantial discounts on the installment for disbursements exceeding 80%. But almost always the Consap parachute guarantees also, in the presence of income requirements, a green light to the investigation that would otherwise be impossible to obtain without providing additional guarantees beyond the house. Some numbers can better give an idea of how important these mortgages are for the residential market. If for a house of 200 thousand euros at 30 years in our tables we hypothesize a mortgage of 180 thousand euros without a Consap guarantee, a fixed rate entails an indicative installment of 830 euros, with public intervention 70 euros less are enough; at a variable rate, the standard conditions require about 810 euros per month, with the guaranteed ones it drops to 730 euros. Encouraging the purchase of young people is essential for the real estate market, as shown by the latest edition of the Agenzia Entrate Abi report on residential: in 2024, 47.4% of purchases were made by under 35s.
