ING keeps the ‘war’ for mortgages alive: it cuts fixed and mixed interest by 0.10% | My money

The battle of financial institutions to attract mortgage customers is still alive. At a time when the contracting of mortgages is increasing due to the economic reactivation after the pandemic, ING seeks to make its mortgages even more competitive. The bank has announced a new reduction in the price of its mortgages just four months after the last improvement, but this time only in the fixed and mixed modality.

Specifically, it reduces the interest in the fixed period by 10 basis points. The Fixed Orange Mortgage It now has an APR of 2.07% compared to the previous 2.17%, as long as the payroll is domiciled and the home and life insurance is contracted. Without a link, the interest is 2.22% APR. The repayment term is up to 25 years.

In the case of Mixed Orange Mortgage, the interest falls for the fixed installment of the first 10 years to 1.15% (before 1.25%) and maintains the variable period at Euribor plus 0.89%. The APR remains at 1.83% fulfilling conditions, with a term of up to 40 years. ING assures that, with this movement, it wants to “facilitate access to a rare product in the market that responds to the needs of clients who are looking for a flexible mortgage with the advantages of the variable and fixed”. Without payroll or insurance, the APR rises to 1.97% APR.

Although ING cut the differential of its Variable Mortgage that is added to the Euribor last July, from 0.99% to 0.89%, this time it has left the variable modality outside the price cut.

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In general, banks are focusing on fixed mortgages, with which they obtain a little more profitability in the face of the lows of the Euribor index. Although the mortgage rate par excellence has risen this month, it still remains at levels close to -0.5%.

ING ensures that it maintains a complete mortgage offer and that stands out for its price, conditions, simplicity and ease of contracting.

In both the mixed, fixed and variable mortgage, the entity finances up to 80% of the appraised value (75% in the case of a second home). In addition, ensures ING, its formalization does not entail any type of additional expense for its formalization (notary, registry, agency and appraisal). The hiring process is 100% online until the signature and with a personal manager who accompanies the client.

ING’s mortgage activity is registering a very positive rhythm with a 71% growth in new production until June compared to the first half of 2020. By type of mortgage, 48% of those contracted this year have been at a variable rate, compared to the 38% mixed and 14% fixed.

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