Bankinter launches a dual mortgage that allows the client to choose which percentage is fixed and which variable

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The mortgage market is slowing down, but there are still many buyers looking for home ownership and banks continue to bet heavily on attracting them. The stealthy battle that entities have been maintaining for months in housing credit is sharpening innovation when creating products in the sector and in this context the latest proposal of Bankinter.

The entity announced this Thursday the launch of a new mortgage formula, the dual mortgage, which allows the client to decide at the time of signing the percentage of the loan that will be constituted as a variable mortgage and what part will be fixed, each of them maintaining the respective particularities of that mortgage type.

The approach is an evolution of the mixed mortgage, the latest format that has gained weight in the sector in recent months in the heat of the rise in the Euribor and the rise in the price of money. “Unlike the mixed mortgage, the two interest rates [fijo y variable] coexist throughout the life of the loan,” the entity explains in a note.

“The dual mortgage allows clients to define from the beginning of the loan what percentage of the mortgage will work in variable mode and what part will work in fixed mode, each with its respective particularities. In this way, the percentage of capital in fixed modality will be amortized at a fixed interest rate throughout the life of the loan, while the variable part will do so as is usual in this type of mortgage: with a fixed exit rate for the first 12 months of the loan and, thereafter , an annually reviewable rate referenced to the Euribor plus a differential established by the bank,” adds the bank.

The sum of both amounts will make up the monthly payment of the Dual Mortgage, something that the buyer must understand very well. “The client will see a single monthly fee charged to their checking account, although the loan information will contain a breakdown of how much of that fee corresponds to the variable tranche and how much to the fixed tranche, as well as the interest rates applied in each case. “.

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