Dutch bank ING cuts mortgage rates in Spain

ING has an aggressive marketing policy Credit: Manuel Esteban Shutterstock

DESPITE being fined €5.4 million by the Bank of Spain for incorrectly calculating the APR of its mortgages, ING has decided to continue with its aggressive activities aimed at increasing mortgage market share in Spain.

Whilst the reductions are small in real terms (0.1 to 0.2 per cent), it has to be remembered that the actual mortgage rates themselves are in low single figures.

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Because it doesn’t pay commission, unlike other banks, it has not been adversely affected by the new laws removing many costs from the mortgagee.


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