Bankinter reduces the price of its longer-term fixed-rate mortgages to a record low
The Bank has set the interest rate for its 20-year fixed-rate mortgage at 1.55% NIR, the lowest rate it has ever applied to one of its most popular mortgage terms with customers.
The price and conditions of Bankinter's variable-rate mortgages remain unchanged.
Bankinter starts September with a substantial reduction in the interest rate for its longer-term fixed-rate mortgages - i.e. 15, 20, 25 and 30 years - the most popular with customers who opt for this type of mortgage.
These prices are already being applied to new mortgages and add yet another twist to Bankinter's range of loans following the reduction introduced a year ago that put interest rates for fixed-rate mortgages at their lowest level in the Bank's history.
Bankinter's latest commercial strategy sees the most aggressive reduction focused on the mortgage terms that are most popular with customers, especially the 20-year type with a new price tag of 1.55% NIR, down from 1.69%. A similar reduction of 14 basis points puts the rate of the new 25-year mortgage at 1.60%, while in the case of the longest-term fixed-rate mortgage - 30 years - the interest rate has fallen from 1.79% to 1.70%.
For all other terms (5, 10 and 15 years) the fixed interest rate will be 1.50% NIR.
The new prices for fixed-rate mortgages are available to customers who take out a package of other products at the same as their mortgage: a salary, business or non-salary account, life insurance covering the full mortgage amount, home insurance and a pension plan or EPSV with Bankinter Seguros de Vida.
These products are optional for customers but if they are not purchased the above interest rates may be higher. Bankinter’s fixed-rate mortgages are available to individuals living in Spain who are looking to buy their primary residence or a second home.
Fixed-rate mortgages are becoming increasingly popular with Bankinter customers who appreciate the highly competitive prices offered and the fact that they remain the same throughout the life of the mortgage. Fixed-rate mortgages represent 55% of all new mortgages taken out with Bankinter in the first half of 2020.
The price and conditions of variable-rate mortgages remain unchanged with a fixed nominal interest rate of 1.99% for the first year and then Euribor + 0.99%, making this an equally competitive product.