Bankinter Reduces Mortgage Interest Rate to 2.9%

16/04/2014 – Cinco Dias

When majority of Spanish banks decreased their interests to the level below 2%, Bankinter decides to go further and cut in initial fixed rate in its Hipoteca Sin Más mortgage at Euribor + 1.95%.

Thus, the pioneer bank in mortgage rate decrease now posts the first year rate at 2.9%, instead of former 3.9%. Moreover, Bankinter cancels the obligation of buying a payment-protection insurance that conditioned obtaining this rate.

From the first year on, the differential above euríbor will remain at 1.95% level if two high-loyalty products purchased: home and life insurance, apart from salary deposit requirement. Skipping any of the conditions will result in up to 1% increase.

The mortgage includes no minimum rate clause, no opening fee and no fee on early payment. However, it has got a fee in case of withdrawal and turning to another entity: 0.50% during the first 5 years and 0.25% for the following term, up to 30 years. Maximum financing is equal to 80% of appraisal home value and shall be of minimum 150.000 euros or more. Additionally, securities shall represent at least 3.000 euros per month.

Special offer for < 35-year old

Bankinter´s campaign includes special offer for clients who are not 35 yet, protecting them from Euribor fluctuations.

 

 

Original article: Cinco Días

Translation: AURA REE

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