2023-06-21 06:50:37
ING stands out from the rest of the banks, while the concession of new mortgages falls, the Dutch bank increases its quota until May. «The mortgage market is contracting, it is down around 30%. But at ING we have adapted the offer to the needs of customers in this environment of rising interest rates”, says the president of ING for Spain and Portugal, Ignacio Juliá. Thus, the entity has managed to reverse the trend and that its market share of new mortgages has grown by approximately 7% so far this year”, explains Juliá.
To this end, ING has modified its offer mixed mortgage so that customers can decide how many years they want a fixed rate at the beginning of the loan, and then “go to a variable to take advantage of the full economic cycle,” says Juliá. In this sense, he qualifies that the entity now gives the option of being able to choose between one, three, five, ten, fifteen or twenty years at a fixed rate and the rest at a variable rate.
«This is having a lot of acceptance among customers because it gives them the ability to decide how to manage their finance», has qualified the president of the Dutch bank in Spain and Portugal during his speech this Tuesday at the XL Seminar of the Association of Economic Information Journalists (APIE).
Currently, ING offers a TIN (nominal interest rate) of 3.85% for a mortgage to mixed type during the first 10 years and the rest of the life of the Euribor loan plus 1.19%. These conditions apply to mortgages without any bonus for contracting more products with the bank.
Deposits
On the other hand, Ignacio Juliá assures that there is beginning to be “movement” in the deposit market. In his opinion, the Spanish market still has a excess liquidity given the reduction in the level of indebtedness of individuals and companies, so that the percentage of assets and liabilities “is more balanced” and there are fewer liquidity tensions.
However, he has observed that there is beginning to be “movement”, with deposit increases. Customers are already moving their savings into these products and there is an increase in the interest rates being paid on them.
It should be noted that ING is one of the entities that has already launched offers to attract liabilities through deposits. For example, last week it launched a new product for new and current clients with a return of 2.5% APR with a maturity period of three months.
Thus, Juliá points out that the entity based in the Netherlands has already reached a market share of 7% in the current account market share business and is growing in liability market share in the private sector in Spain, where it has captured 1,300 million euros in the first five months of 2023.
The bank’s strategy involves continuing to bet on its traditional savings product, such as the ‘Orange Account’, but also offering other alternatives such as investment funds and deposits, with the aim that the client “have the capacity to decide” and to diversify.
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