Sabadell has joined Santander and CaixaBank and has signed an agreement to finance the properties sold to individuals by the bad bank.
The bank presided over by Josep Oliú has signed today an agreement with Sareb and has launched the mortgage “Subsidized Mortgage Sareb-Sabadell”. The Catalan institution will allocate 1000 million Euros to these mortgages, which apart from financing those properties sold directly by the bad bank, could also be used for the acquisition of assets that Sareb might have transferred to another vehicle, such as the Banking Assets Funds (BAF).
The managing directors of Sabadell and Sareb, Carlos Ventura and Walter de Luna, respectively, signed the agreement today, which will be in force until the end of 2014, although it will be possible to extend it.
The conditions of the new mortgage are very similar to the ones launched by Santander and CaixaBank. The maximum allowed loan to value (the percentage of the loan on the valuation amount of the property) is 80% of the acquisition for the purchase of a principal residence and 70% for a secondary residence.
The rate applied is a fixed 4% on the first year and a margin of 3,5% on the Euribor for the following ones. Depending on the link the customer might have with the bank, the margin could drop down to 2,5%.
Sabadell is also willing to grant this mortgage to non residents, even though with different conditions: a fixed rate of 4,85% on the first year and Euribor plus 4,05% for the following ones. With the bonus it might drop down to 3,30%.