more expensive and risk disappearing

The high temperatures experienced in the summer months around the world, the forest fires or the scarcity of fossil fuels has put environmental care in the crosshairs. The citizen awareness in this regard it is increasingly evident and palpable. The CIS of September, for example, confirmed this, and if in July it was mentioned by only 2.7% of citizens, two months later it became the fifth biggest problem for 14.6% of Spaniards.

Recycling, reducing the use of air conditioning through a constant temperature in the house, the use of public transport or sustainable consumption are the order of the day, but sustainability or energy efficiency They are not always an easy task, especially in a context like the present one, where economic problems have become the main concern for 39.7% of Spaniards, according to the same CIS barometer.

Green mortgages are even more expensive and much more scarce than traditional ones

In this context, however the loan offer is adjusting to fluctuations in the Euribor and interest ratesthis did not happen with green mortgages, that is not all they are even more expensive and much more scarce than traditional mortgagesbut it could also be destined to disappear, since several entities have already withdrawn them from the market.

According to a study on green finance in Spain by the Association of Financial Users (Asufin), carried out in collaboration with the financial expert Antonio Luis Gallardo, green mortgages are much more expensive than conventional ones.

How come? The answer seems simple. “Basically, they are more expensive because there is no competition. Without competition there is no supply and without incentives there is no demand.required, no offer“, resumes Gallardo.

Therefore, the average APR (total price, expenses included) of the green fixed-rate mortgage reaches 4.41%1.10% more than the average of conventional, 3.31%, and the average APR of variable greens reach 3.63%, 0.04% more than 3.59% of conventional ones. And, in this context, two entities such as Banco Sabadell and Unicaja have stopped marketing this product, so that only three entities –Bankinter, BBVA and Triodos Bank– offer this type of mortgage Nowadays.

“The economic adjustment we are experiencing has interrupted a trend, that of growth in the number of Spaniards willing to pay more (whether in commissions, interest or decreased profitability in investment products) to bet on a sustainable financial product, although this variation is not very relevant in its percentage, for the moment. If between 2020 and 2021 the number of respondents had gone from 11.30% to 12.90% (1.60%), between 2021 and 2022 there was a decrease of 0.30%, until 12.60% “, says the head of studies at Asufin.

“The changing consumer priorities At a time when interest rates have not stopped rising, we see this very clearly with the mortgages and incentives they seek for their contraction. A) Yes, get better mortgage terms It was the third option in 2021 for 15.10% of respondents and now it becomes the second, for 28.30%, “he adds.

And, at a time when customers have it as one of their own it mainly concerns the price of mortgages and the search for better conditionsthe response from financial institutions is very negative, according to Asufin, “however much they have limited their supply of green mortgages and not even the new operators are betting on them “.

According to the association’s study, the offer of green mortgages is concentrated in three entities: Bankinter, Triodos and BBVA, while Banco Santander has stopped marketing its sustainable construction loan, at Euribor + 1.99%, and Banco Sabadell no longer includes in its portfolio the discounted mortgage for the purchase of homes with energy class A or B, which it offered at a fixed rate of 2.50%. For its part, Liberbank has stopped marketing its Oxygen mortgage, at Euribor + 1.79%after the merger with Unicaja.

“The problem that the consumer finds is not only that the offer is less, but that too their interests are higher than those of conventional mortgages and with few incentives, “says Patricia Suárez, president of Asufin, who ends up discouraging their hiring and it could lead to its virtual disappearance.

On the other hand, ‘green’ personal loans are cheaper

However, the situation is different in the case of green personal loans which, unlike what happens with mortgages, are cheaper than conventional ones.

For example, in those intended for the purchase of an ecological vehicle, its 6.72% average is 1.40% less than the conventional 8.12%while in the case of housing rehabilitation, its average rate of 5.96% is 2.34% lower than the 8.30% of conventional rates.

“In addition to a more varied offer, the costs of green personal loans remain more competitivewith very limited variations compared to 2021, despite the general increase in rates “, emphasizes Patricia Suárez.

Loans for the purchase of an ecological vehicle – new or used -, in the case of an institution such as Banco Santander, rose slightly, from 6.10% in 2021 to 6.72%, plus 0.62% . If we compare with the average personal loans for the purchase of vehicles in September, of 8.12%, they cost 1.40% less.

As Antonio Luis Gallardo explains, “the main reason is the inclusion of Banco Mediolanum which, with its variable three-month Euribor loan + 1.95% (APR 3.89%), improves significantly the existing costs. We find more competitive costs, of 5.96%, if we compare with the average of personal loans for the month of September, of 8.30%. They stand out both for their duration, which goes from seven years, in the case of Banco Santander, to 10 years, in the case of Ibercaja, and for their amount, from 80,000 euros for Ibercaja to 100,000 euros for Banco Santander.

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The maximum loan amounts are important as well from the lowest of Abanca and Banco Cetelem, of 60,000 euros, to 90,000 euros of Banco Mediolanumwith long terms that are seven years for Banco Santander and eight for the rest.

“For all kinds of use, if rehabilitation or purchase of the vehiclewe meet with very competitive rates: its average of 5.38% is much lower for both 8.12% of vehicle purchases (2.74% less) and for those who do not have this target, whose average is 8, 30% (2.92% less). Their amounts are less important and range from 30,000 euros for WiZink Bank to 60,000 euros for Kutxabank, with a maximum duration of seven years, in the Basque entity, and eight years, in WiZink “, concludes Gallardo.