CatalunyaCaixa Enters The Mortgage War

14 January 2015 – Expansión

The bank has lowered its spread over Euribor to 1.65% for related customers.

CatalunyaCaixa has revealed its strategy to boost lending. Under the slogan, More loans now (Ahora más créditos), the Catalan group has launched a global campaign to promote its loans to both families and businesses.

The company joins the battle to supply mortgages, by lowering the spread over Euribor for its CX Mortgage from 1.85% to 1.65% for related customers (requiring them to register payroll, receipts, home and life insurance and credit cards). It also eliminates the arrangement fee.

In recent weeks, several entities have announced improvements in the conditions of their loans for home purchases. The latest was Kutxabank, which offers a spread of 1% over Euribor, the most competitive rate in the market. A few days earlier, Santander announced that it was offering mortgages for 1.69% above Euribor.

The bank is backing its mortgage as an attractive product that it hopes will allow it to capture and cross-sell to clients, whereby resulting in a greater number of contracted products and higher income per client.

In addition to its mortgage offer, CataluynaCaixa is also promoting improved conditions on its consumer loans, which may be contracted at rates of between 6.5% and 7%. For the business segment, the bank offers funding at rates of between 1.8% and 3%.

Original story: Expansión

Translation: Carmel Drake

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