30/06/2014 – Expansion
According to the information published on the bank´s website, Santander has cut in differential rate of its best mortgage by 10 basic points to 1.89%, thereby making it equal to the rates of the “Hipoteca Naranja” mortgage offered by ING Direct.
Few months earlier, Bankinter launched an Euribor plus 1.95% mortgage loan known as the “Hipoteca Sin Más”, the only one in the market that foresees an in lieu payment. Some weeks later, ING decided to follow the suit and decrease the attractive rate even more until posting it on the present percentage.
The initiative confirms that the sector senses approaching economic recovery, reviving the lending maket after tough years brought about by the real estate bubble burst. The glimmer of competition is more and more visible among the Spanish banks. Mortgage supply is said to recover gradually throughout 2014.
Original article: Expansión
Translation: AURA REE