Bankinter Reduces Interest On Its 10-Year Fixed Rate Mortgage To 1.75%

19 April 2016 – Expansión

Bankinter has lowered the interest rate on its fixed rate mortgage to 1.75% over 10 years, the most competitive rate in the market, and to 2% over 15 years.

Euribor’s entry into negative territory and the continuous decrease of the index, which is the reference rate for most mortgages, has led the banks to step up their commitments to fixed rate mortgages in recent months. Bankinter, which was already offering the cheapest product in the market, has taken a new step in this commercial battle with an additional reduction in the rate of its fixed rate mortgages.

This reduction, which is the third in seven months, takes the interest rate on 10-year fixed rate mortgages to 1.75%, down from 1.8%. The entity chaired by María Dolores Dancausa has also decreased the rate on its 15-year fixed rate mortgage from 2.1% to 2% and on its 20-year mortgage from 2.5% to 2.4%. (…).

Other products

BBVA is the other entity that has strongly backed the fixed rate mortgage segment, which tend to have shorter repayment periods than their variable rate counterparts. The interest on its 15-year fixed rate mortgage is 1.9%, the lowest in the market over that term. (…).

Bankia…is also offering a 10-year fixed rate mortgage with an interest rate of 1.9%, as is Banco Cooperativo Español.

Translation: Expansión (by A. Roa)

Translation: Carmel Drake