Only every tenth Spaniard is ready to pay more for a reliable financial product. According to Asufin’s III Green Finance Survey in Spain, 12.6%, down 0.3% from 2021, would pay more because their mortgage or personal loan was green. As for stable mortgage loans, only three entities sell them. One of them is a sustainable and ethical bank. Triodos Bank. However, it is the organization that offers it at a higher price, despite sustainability as a reason for existence.

In the case of fixed rate green mortgages, they are more expensive than regular mortgages. Also, some organizations that offered this product no longer have it as a Banco Sabadell and Unicaja. The average annual rate (total cost including expenses) is 4.41% compared to 3.31% for conventional mortgages. Despite such high interest, the client can find one from Bankinter with an annual interest rate of 3.5% for 20 years and at a discount (i.e. with related products). The conditions of this mortgage are for new housing with energy class A, valuation with energy class A and B in rehabilitated or used housing.

On the other side of the scale is fixed mortgage Triodos with an annual interest rate of 5.24% in a 30-year mortgage for homes with a type B energy rating. However, when compared to a Triodos fixed mortgage but for 20 years (e.g. Bankinter), the annual interest rate is 5.12% for homes with an A+ energy rating, or 5.21. % for houses with energy class B.

Secondly, BBVA is another organization offering this type of green mortgage. In the case of a bank headed by Carlos Torres, the 15-year annual interest rate for this product is 3.6% if you discount it. Conditions for houses A and B and a discount of 1.00% TIN. The same 30-year undiscounted product carries an APR of 3.65%.

At Asufin, they note that at a time when clients are looking at the price of mortgages as one of their main concerns and are looking for better terms, “the response from financial institutions is very negative, as soon as they limited the supply of green mortgages and new operators are not betting on it either.”

The average annual rate is 4.41% compared to 3.31% for conventional mortgages.

As for variable mortgages, the difference is smaller. The average APR of variable greens reaches 3.63%, which is 0.04% more than the 3.59% of ordinary ones. As the association warns, it must be kept in mind that this study was carried out with reference to the Euribor for August, 1.24%, and before the significant increase in September. Thus, the variable green mortgage rose from 2.54% to 3.63% per annum, which is 1.09% more, while the conventional mortgage increased its per annum from 2.62% to 3.59%, which is 0 .97% more.

At the moment, only Bankinter and Triodos Bank offer variable green mortgages. And Triodos is again of the greatest interest. Bankinter’s 25-year subsidized mortgage is Euribor plus 0.75%, which is 2.5% per annum. If the client prefers the option without bonuses, the interest rate will be Euribor plus 2.05% and 3.53% per annum.

Variable green mortgage triodes The 30-year term for homes with an A+ energy rating has an Euribor plus 1.05% and an annual interest rate of 3.97%. In houses with energy class B, the interest rate is Euribor 1.14% and annual rate 4.05% and in houses with energy rating C, Euribor plus 1.175 and 4.08% per annum.

Green loans, more competitive

In contrast to green mortgages, environmentally motivated consumer loans are growing, mainly in the vehicle segment, which is the most numerous, but there has also been some growth in rehab and mixed use. While it stands out that CaixaBank does not offer a specific loan, new operators such as WiZink Bank or Abanca are introduced.

However, in the area of ​​sustainable loans, we see that the green ones are cheaper than the regular ones. In those who are destined to purchase an ecological car, the average interest rate is 6.72% this is 1.40% cheaper than the average of 8.12% for regular ones. When housing is restored, its average rate of 5.96% is 2.34% cheaper than the 8.30% of regular rates.