Banks Launch Eleven New Mortgages & Cut in Rates of Other Twelve

10/04/2014 – El Mundo

According to data based on mortgage comparison compiled by Bankimia, financial entities have released 11 new mortgage offers and decreased differential rates of at least a dozen of the existing ones.

The data confirms the banks´promise to start granting credits again. To compare, no new mortgage was launched in the first quarter of 2013 and the differential rates of those present on the market exceeded 3%.

“Now, the requirements to meet in order to obtain a loan are much stricter”, says Bankimia. In fact, many high-loyalty products, such as credit cards and insurances, must be purchased prior to receiving the money.

Moreover, some entites demand minimum amount to spend from €500 each quarter (Santander) up to €3.000 (HipoteCasa of Deutsche Bank). (…).

Speaking of the differential rate above Euribor, if all the additional products accepted, it does not cross 2%. In January, an average rate of all entites post 2,78%, while in April 2,415%.



Original article: El Mundo

Translation: AURA REE