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Mortgages, spring discounts are coming. Challenge between banks with spreads

Mortgages are a seasonal product. And the most important season for winning new customers, the banks know it well, it's spring. And this is why at this moment several lenders are marketing the proposal of new discounted mortgage loans. The offers range from cutting the first installment (Cariparma Crédit Agricole) to reducing the spread, one of the two levers that make up the final rate, or a downsizing of the finished rate.

The major traditional banks are moving in particular, those that in terms of disbursed explain the widest slice of the market. More in detail, Unicredit reduced its finished rates on fixed-rate mortgages up to 20 basis points and the spreads on variable-rate mortgages up to 20 basis points. Bnl also reduced the fixed rate to 20 basis points, and the spread on the variable by 20 basis points, including the Hello Bank web offer. Intesa Sanpaolo reduced its interest rates on fixed-rate mortgages up to 10 basis points and spreads on variable-rate mortgages up to 20 basis points. Cariparma has reduced spreads on fixed-rate mortgages by up to 24 basis points.

Not all cuts, however, can be classified in the "discounts" category. «The banks that on fixed rate mortgages are on the market with a finite rate offer - that is, they do not distinguish which is the component relating to the spread and that relating to the reference Eurirs index (from whose sum is obtained precisely the finite rate, ed) - have reduced the finite rate because in the meantime the Eurirs indexes have dropped significantly - explains Stefano Rossini, CEO of MutuiSupermarket.it -. Suffice it to say that at the beginning of the year the 20-year Eurirs was traveling at 1.3% while now it has fallen to 1%. So the banks that are in the market with the policy of the finite rate, including UniCredit, Intesa Sanpaolo and Bnl, when they have reduced it have evidently adjusted the new rate to the descent of the Eurirs index. This reduction is automatic instead for the banks that reason, also in terms of offer, on the spread indicating the cost of the loan as "spread + Eurirs". Among these is Cariparma Crédit Agricole which recently cut the spread up to 24 basis points ".

In any case, beyond the technicalities with which the banks choose to present themselves on the market and to modify the rates offered, what counts on the customer side is the Taeg, or the annual percentage rate. This rate includes both the cost relating to the interest (expressed by the TAN, the nominal annual rate) as well as those relating to any accessory charges. So in comparison to the best offers the evolved borrower must observe the Taeg.

As for the variable, the recent reduction in the spread of 20 basis points has led UniCredit to the top of the ranking with a Taeg of 0.88%. But even in this case the "duel" is with decimals (Iwbank 0.89%, Credem 0.9%) up to Intesa Sanpaolo and Webank which are on the market with a total offer at a cost below 1% (0.97%).

The comparison between fixed and variable confirms that the second part has an advantage of around 80 basis points compared to the fixed one. The latest actions and statements by ECB Governor Mario Draghi suggest that rates will remain low for a long time to come. And this on the one hand has favored the fall of the Eurirs, the interbanks with which the fixed rate is obtained on the day of the stipulation, but the Euribor indexes, those that decide the rate fluctuations, are being crushed (for more than 1,100 days). variables.

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