By John Smith • 06 February 2020 • 16:55
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.
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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Married to Ophelia in Gibraltar in 1978, John has spent much of his life travelling on security print and minting business and visited every continent except Antarctica.
Having retired several years ago, the couple moved to their house in Estepona and John became a regular news writer for the EWN Media Group taking particular interest in Finance, Gibraltar and Costa del Sol Social Scene.
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