Bankinter Portugal Announces 1-Year Fixed Mortgage Rate Cut to 2%
Bankinter has announced a significant adjustment to its mortgage product line in Portugal, reducing its one-year fixed interest rate for home loans to 2%. The bank stated that this new rate is positioned below the current Euribor values, resulting in an implicit spread of less than zero for the duration of the fixed term. This strategic pricing is part of a broader effort to enhance its competitive standing within the national mortgage lending market.
The rate reduction is accompanied by the launch of a new marketing and referral campaign. The program provides a financial incentive for both existing and new customers. Under the terms of the promotion, an existing client who recommends a new customer for a mortgage loan can receive a benefit equivalent to one mortgage payment, capped at €1,000. The new client who successfully contracts a new home loan or transfers an existing one from another institution will also receive a reimbursement of one of their payments, also up to a maximum of €1,000.
According to the financial institution, the campaign, titled 'Par Ideal' (Ideal Match), is designed to connect potential borrowers with the bank's offerings through its current client base. The mechanism for this referral system is centered on social media, specifically the bank's official Instagram page. Existing clients are encouraged to share a personal recommendation code via the hashtag #CodigoBankinter. This code can then be used by prospective applicants during their mortgage process.
Alberto Ramos, the Country Manager for Bankinter in Portugal, commented on the initiative, stating that the campaign is an innovative method to expand the reach of the bank's mortgage solutions. He noted that these products have already assisted thousands of customers with purchasing homes or improving the terms of their existing financing in Portugal. Ramos also highlighted that the campaign reflects the bank's communication strategy, which aims to engage clients and the wider community in a collaborative manner.
The bank also drew attention to its digital infrastructure, the 'Bankinter Habitação Online' platform. This system allows customers to manage the entire mortgage process digitally, from the initial simulation and application to the final contracting stage. The platform integrates both digital and required in-person procedures into a single interface, which the bank claims makes the process more agile and simplified for the consumer.
This move is seen by market observers as a competitive maneuver intended to attract a larger volume of mortgage applications, particularly in a fluctuating interest rate environment. The sub-Euribor fixed rate for the first year provides a period of certainty for new borrowers, which could be an attractive proposition for those entering the property market or considering refinancing their current loans. The financial implications of this offer will be closely watched by other lending institutions in the Portuguese market.
Stay informed on Lisbon property market developments at realestate-lisbon.com.
