ING gives a new twist to the war that banks are waging on mortgage matters. And it is that the entity has announced an improvement in the conditions of its mixed loan for the purchase of a house, whether it is the first or second residence.
This mortgage is divided into two parts: the first 10 years are subject to a fixed interest rate, which goes from 1.45% that was established until now to 1.25%; while after that time, the rate that is applied is variable, of Euribor + 0.99% (1.93% APR), as long as the client domiciles the payroll and takes out home and life insurance.
The orange bank explains that this mortgage has accounted for 36% of new operations that has been carried out in the first quarter of the year and that the decision to lower the interest responds to the objective of “promoting a product that is rare in the market
and that responds to the needs of those clients who are looking for a flexible mortgage with the advantages of the variable and the fixed one. On the one hand, it allows you to have the peace of mind of having a fixed installment during the first 10 years, which is the period in which the most interest is paid, and, on the other, being able to choose a term of up to 40 years. “
Remember that most entities establish a maximum term of up to 30 years to formalize mortgages.
Other advantages offered by the ING mixed loan, in addition to being able to contract it for a longer term, is that the process is 100% online until the signature, that has no fees for canceling the loan in advance, either a partial or full amortization, and that frees the customer from paying all expenses of the formalization of the loan, including the appraisal of the property, despite the fact that the law establishes that the appraisal and the copies of the deed requested by the client must be assumed by him. Regarding financing, this mortgage allows financing 80% of the appraised value of the house if it is the habitual residence and 70% in the case of second homes.
These features are also available for ING’s fixed and variable mortgage, the other two modalities that complete the mortgage offer of the entity and that has improved in recent months. The variable orange mortgage establishes a fixed rate for the first 12 months of 1.99% and after that period Euribor + 0.99% applies. In the case of the fixed orange mortgage, the interest rate stands at 1.6% from the first to the last monthly installment.
To obtain these conditions, and as in the case of the mixed mortgage, the client must direct the payroll and take out home and life insurance. In addition, the minimum amount of the loan must be 50,000 euros.
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