Many buyers accept the first mortgage offer they receive, especially from their usual bank, without realizing that a good part of the terms are negotiable if the process is approached with proper preparation.
Request offers from several lenders, not just your usual bank
The first common mistake is limiting yourself to asking for a mortgage only from the bank where you already hold your accounts, assuming you'll get the best terms there as an existing customer. In practice, comparing offers from at least three or four different lenders usually reveals significant differences in interest rate, fees, and bundling requirements, and it also gives you a much stronger negotiating position with your usual bank.
Use competing offers as leverage
Once you have concrete offers from other lenders, you can present them to your preferred bank (or whichever one offers the best overall terms) so it tries to match or beat them. Banks usually have some room to negotiate, especially for customer profiles they consider low-risk, and presenting a real alternative is usually far more effective than simply asking for a better deal with nothing to back it up.
Which terms are usually negotiable
- The spread over the Euribor (on variable-rate mortgages) or the fixed interest rate directly.
- Arrangement fees, if any apply.
- The discount percentage for bundling additional products, as well as the minimum number of products required to access it.
- In certain cases, the repayment term, depending on your profile and repayment capacity.
Always evaluate the total cost, not just the interest rate
When comparing offers, don't look only at the advertised interest rate: calculate the total cost factoring in fees, the real cost of the bundled products required for the discount, and the total term. Two offers with similar interest rates can have very different total costs once these other factors are included.
Prepare your financial profile before negotiating
The stronger your profile (stable income, low existing debt, a good credit history), the greater your real negotiating power. Reviewing and improving these aspects before starting the mortgage application process can translate directly into better terms being offered to you.
Don't rush the final stages of the process
Once you have a binding offer, you have a minimum legal period to review it calmly (including mandatory free advice from a notary before signing). Don't let yourself be pressured by artificial deadlines from the seller or the bank into signing hastily without having compared properly.
Model different scenarios before negotiating
Our mortgage calculator lets you quickly compare how your installment and total cost change depending on the interest rate and term, so you can go into the negotiation with concrete figures in hand.