Bankinter is relaunching its variable-rate mortgage with a substantial price reduction
The improvement affects both the starting rate and the spread and represents the first downwards movement in variable prices in two years.
Bankinter is thus anticipating a change in the market trend in favour of variable-rate versus fixed-rate mortgages, where prices are rising in line with changes in interest rates.
Bankinter is maintaining the rest of the conditions and characteristics for the product: Maximum term of 30 years, arrangement fee of €500 and no commission for early repayment, whether total or partial. It is also exempt from management, notary and registry expenses, as well as stamp duty.
With this move, Bankinter is once again focusing its commercial offering on variable-rate mortgages, which had lost some of their market popularity to the fixed-rate format over recent years, thus anticipating a trend that will be gaining weight in the short and medium term based on expected changes in interest rates.
In parallel, and in line with this market perspective, Bankinter has renewed the rest of its mortgage offering with an increase in the prices of fixed-rate mortgages of between 15 and 20 basis points depending on the term chosen, but still keeping them among the most competitive.
As part of this new price proposal for Bankinter's variable-rate mortgages, discounts for the (non-compulsory) arrangement of the following products have been taken into account: salary account, life insurance and home insurance and/or a pension plan (or EPSV). A minimum family income of 2,500 euros/month is required.
The customer can request a variable-rate mortgage for the purchase of a first or second home. In the first case, financing of up to 80% of the appraisal value or of the purchase value, whichever is the lower, may be obtained. For a second home, the limit drops to 60%.
The new Bankinter mortgage can be arranged, in the same financial conditions, under the 'Hipoteca Sin Más' mortgage, meaning with the home as the only collateral.