A person who receives a salary within the average, with an indefinite contract, and who, to buy his house, needs a loan of between 100,000 and 200,000 euros. This is the majority profile of the user who asks a mortgage online, according to a study by iAhorro. The data refer to the potential mortgages that started in 2018 on-line an application for a loan through this bank comparator. The contract is terminated directly with the entity that grants the mortgage, although the agents of the comparator can advise the client in all the phases prior to signing. This robot portrait differs in part from the user who starts an application process offline, which manages Your Mortgage Solution, an intermediary company with 14 offices in Spain.
The main disagreement between mortgage users who use the Internet to carry out a part of the hiring process and customers who prefer intermediation in person is based on the amount of money that both request, although the overwhelming majority does not ask for more than 300,000 euros, in both cases. According to the iAhorro data, 37.7% of the users who started the procedures on-line in 2018, through this comparator, it requested loans of between 100,000 and 200,000 euros, while 31.2% requested between 200,000 and 300,000 euros. Some proportions that, in the case of the intermediary, are very different, since they amount to 48.4% and 12.3%, respectively.
Amounts requested, upwards
"The amount of money requested has increased in recent months, especially in the provincial capitals," they point out from the comparator, in line with the general data of the mortgage market. Attending to the latest INE data, the high cost of housing contributed to inflate the average amount of mortgages, which was 123,727 euros in 2018, 5.6% higher than the previous year.
The general manager of Your Mortgage Solution, Ricardo Gulias, points out that in the last four months there has been an upward trend, especially in the section from 200,000 to 300,000 euros. Anyway, in his opinion, "the price of housing upwards has not been fully consolidated and the buyer is not so clear about whether this increase will be maintained". And he adds that in large cities such as Madrid, Barcelona, Seville or Valencia you begin to notice symptoms of certain cooling: "Strong price negotiations are taking place again and buyers prefer to move to the crown zones of cities before paying very high and perhaps unrealistic prices in the center," he says.
Margin to negotiate
Since the level of income and the type of employment contract of its clients are two of the requirements that banks study very carefully before granting them the mortgage, iSavings has also analyzed how much the majority of its users earn. From the comparator's report, it can be deduced that 68.7% entered more than 1,500 euros per month in 2018, a level close to the 2,040 euros of average gross salary registered in Spain at the end of 2018.
On the contrary, "in the channel of mortgage intermediaries, the wages of home buyers up to 200,000 euros have an average of 1,048 euros," says Gulias, with this proviso: "Of course, if the headlines are two and we add salaries of both, we exceed 2,000 euros and we obtain an optimum percentage of indebtedness for the mortgage to be granted ".
"Clients with a salary within the average or higher and a fixed contract are those who have a greater margin to negotiate their mortgage with the bank," indicate from iAhorro. Among the users who applied online for a mortgage through this comparator, 66.7% had an indefinite contract, 12.5% were civil servants, and only 8.7% were part of the collective of workers autonomous. Regarding the type of contract and the profession, the proportions of clients offline of your Mortgage Solution are very similar. "73.4% of the operations have had at least one of the holders with an indefinite contract; 14.6%, officials or interns with seniority; and 5.2%, own-account workers, "says Gulias, who is not surprised at the low percentage of self-employed workers, as the collective" is the most penalized when it comes to borrowing ", in his words.
"Very often his statements – with many expenses deducted to pay less taxes – do not even give him a chance to survive, so getting a mortgage is impossible for them," he stresses. "The reality is that taxation for small entrepreneurs and SMEs is very strong. If they want to buy a home, they must first clean up their economy and try to get out of debt", Concludes Gulias.