Banca March expands its mortgage range with the new Discounted Fixed Rate Mortgage
29 October 2024 Category: Products
- Banca March's Discounted Fixed Rate Mortgage offers an NIR of 2.90%, which can be maintained for the entire term of the loan if the maximum discount is applied.
- For mortgages on primary residences, the maximum term is 30 years and the loan-to-value ratio can be up to 80%.
- The Discounted Fixed Rate Mortgage joins Banca March's range of other discounted mortgages: the Avantio Mixed Mortgage and the Avantio Variable Rate Mortgage.
Banca March has expanded its range of mortgages with the new Discounted Fixed Rate Mortgage. Customers who choose this mortgage format will enjoy a fixed NIR of 2.90% for the first year, which can be maintained for the entire term of the loan if the maximum discount is applied.
As of the second year, the interest rate varies between an NIP of 2.90% and 3.40%, depending on the discount applied. The maximum discount of 0.50% may be reached depending on how many of the following conditions the borrower fulfils: a 0.20% discount for depositing a salary, unemployment benefit or pension, 0.10% for taking out life insurance, 0.10% for signing up to an investment fund, pension plan or retirement plan and 0.10% for taking out insurance against damage.
The Banca March Discounted Fixed Mortgage has a minimum amount of €100,000 and is available to both Spanish residents and non-residents. For Spanish residents, for mortgages on primary residences, the maximum term is 30 years and the loan-to-value ratio can be up to 80%. For mortgages on second homes, the maximum term is 20 years and the loan-to-value ratio can be up to 70%. For non-residents, the maximum loan term is 25 years and the maximum loan-to-value ratio is 70%.
The new Discounted Fixed Rate Mortgage has expanded Banca March's range of discounted mortgages. Recently, the bank improved the conditions of its mixed and variable mortgages. The Avantio Mixed Mortgage now has an NIR of 2.20% for the first four years and a rate of 0.60% plus Euribor for the rest of the loan, provided that the maximum discount is applied. The bank's variable rate mortgages have an NIR of 2.20% for the first year and 0.60% plus Euribor for the remainder of the loan term, provided that the maximum discount is applied. These mixed and variable rate mortgage products can only be taken out via Avantio, the most comprehensive digital investment platform on the market, which offers optimal omnichannel services whilst delivering the tailored, expert advice which is the hallmark of Banca March.
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