Bankinter launches first fully online mortgage through COINC, with no required affiliation or change of bank

Bankinter has reached another online banking milestone with the launch of the first fully online mortgage in the market through its online financial services platform, COINC. This automatic mortgage loan can be taken out directly via mobile phone, computer or tablet. It is approved online, with no customer affiliation or additional products required. Accordingly, it is open to non-customers of Bankinter and COINC.

COINC is pricing this mortgage at 0.99% interest during the first year, after which it will be annually revised at the Euribor rate, plus a spread of 0.99%. These conditions are currently the most competitive in the market. The price is closed, without any fees; and does not offer discounts for taking out other COINC products.

This new mortgage is being released within an ecosystem intended to provide thorough solutions for all issues, questions and procedures concerning home purchases and financing, without leaving the COINC website.

Firstly, it provides customers with a space to gather information regarding the property they wish to finance. This information includes property appraisals, changes in housing prices or supply and demand in the area, as well as details on public transport, health centres, schools and green spaces. The website also lets customers compare prices based a given property’s reference price and even has a mortgage simulator.

Secondly, the process to acquire a mortgage is fast and simple. Customers are asked to provide their financial information on the website. They may also instantly upload any documents required to take out the mortgage. Shortly thereafter, customers will receive an online response about whether their mortgage application has been approved. The system automatically approves loans. After verifying that the applicant’s profile meets credit risk requirements, the system takes little time to process the mortgage. Therefore, COINC follows the same prudential standards that Bankinter has in place for granting all mortgages. Homes can only be financed for 80% of their appraisal value.

The online system informs customers at all times about the status of their mortgage, which will be available to them once they sign for it.  If any further information is required of them, they will receive a notice.

With this procedure, customers are a click (or a screen) away from all the added services available during any purchase. They may access an advisory service to resolve any doubts they may have about taxes, in addition to a mortgage dictionary to look up all the terms involved in these processes; and a specific section about contracts, with examples to furnish deposit or leasing agreements, among others.

When it is time to sign before a notary – the only face-to-face interaction required for all mortgage agreements – the system schedules an appointment digitally.

The platform even includes a market place where independent professionals related to the housing industry (decorators, architects, furniture merchants, renovators, etc) can offer customers their services.

This new COINC loan follows the online mortgage trend that is revolutionising the market in other countries. Furthermore, it is part of the online strategy of Bankinter, a bank that has made several achievements in terms of technological innovation over its long history. Its goal is to offer customers top value-added products and services characterised by simple and speedy online transactions, through an omnichannel banking strategy.