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Buying a home on credit will be cheaper. On Monday, Bankinter started a new wave of decreasing spreads (profit margin) on mortgage loans. The Spanish bank began to offer a differential of 0.95%.
The measure was received with surprise by the sector that sees this measure as “suicide” for the banking sector. Deco was also taken aback by this Bankinter announcement. “Considering the current economic scenario, as well as the outlook for the next few months, with the expected increase in consumer credit risk, it is some surprise that we will register this decrease in spreads announced today, which may fit into a strategy of increasing competition. and trying to gain market share, “said Nuno Rico, Deco’s economist. In this sense, and considering that a psychological barrier has been broken, as far as spreads are concerned, it is foreseeable that there will be a response from other credit institutions , in the sense of not losing customers in this banking product “, he added.
When contacted, several banks declined to indicate whether or not they will accompany this movement initiated by Bankinter.
Until August 5, in addition to Bankinter, there were three banks in Portugal that practiced spreads of 1%: Santander, Millennium bcp and ActivoBank. With spreads of 1.1% there were three other banks: Banco CTT, Crédito Agrícola and EuroBic.
The sector has been under pressure due to the crisis caused by the measures taken by the Government in the context of the novel coronavirus epidemic. Portugal followed the measures adopted by several countries and decreed the closure of schools, commerce and various services, creating one of the greatest crises in history.
1,000 million euros of suspended loans
Banks in Portugal have granted a moratorium on more than 741,000 loans. The suspension of credit agreements allows debtors to postpone their default.
The fee drops this month
Deco has used 1% as a differential in its simulations and has already said that the share of mortgage loans will fall this month in contracts with Euribor at three and six months, compared to the latest reviews.
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