Mortgage loan rates soared, according to the September 2021 monthly report of the site “My Best Rate” -www.mimejortasa.cl- since in the four years it monitors, the final cost of mortgage loans showed an increase for the sixth consecutive month this year.
“For the case of 3,000 UF, 20% standing, 20 years, the final cost of the credit reached an average of UF + 5.43% per year in September; in December 2020, the final cost was UF+3.92%. So far this year, the final cost has increased 151 basis points. In practice, this means that the dividend (insurance included) has increased by 1.85UF (13%) so far this year,” the report says.
“For the case of 3,000 UF, 20% standing, at 25 years, the final cost of the credit reached an average of UF + 5.41% per year in September; in December 2020, the final cost was UF+4.02%. So far this year, the final cost has increased 140 basis points. In practice, this means that the dividend (insurance included) has increased by 1.80UF (15%) so far this year,” they add in the second year.
For the case of 6,000 UF, 20% standing, at 20 years, the Mi Mejor Tasa report indicates that “the final cost of the credit reached an average of UF + 5.28% per year in September; in December 2020, the final cost was UF+3.79%. So far this year, the final cost has increased 148 basis points. In practice, this means that the dividend (including insurance) has increased by 3.62UF (13%) so far this year.”
Finally, in the case of 6,000 UF, 20% standing, at 25 years, “the final cost of the credit reached an average of UF + 5.42% per year in September; in December 2020, the final cost was UF+3.89%. So far this year, the final cost has increased 153 basis points. In practice, this means that the dividend (including insurance) has increased by 3.93UF (16%) so far this year.”
On the other hand, in the ranking of each credit year, the report shows that the banks Consorcio and Security ranked No. 1 in two simulated exercises each. On the other hand, the banks Falabella, Itaú, BICE and Chile are the most expensive.
In addition, it is indicated that, if all associated costs and expenses are included and the correct annual rate (monthly compound) is calculated, the final cost to the customer exceeds the Maximum Conventional Rate of UF+ 5.08% per year in most banks.
The most serious case detected in this month was that for the credit exercise of UF6,000, 20% standing, 25 years, the slate rate of Banco BICE of UF + 5.4% per year, exceeds “from the outset” the Maximum Conventional Rate of UF + 5.08% per year. The report asks “Where is the CMF?” and notes that “this situation will be reported to the CMF as it violates the Law and corrective and sanctioning measures will be requested.”
