Nordea Bank announces that action «Summer! Stripping off the Mortgage» will be extended till the end of the year

24.08.2011

Nordea Bank announces that action «Summer! Stripping off the Mortgage» will be extended till the end of the year

Nordea Bank is extending the special offer «Summer! Stripping off the Mortgage» for mortgage loan products in all regions of presence till the end of 2011.

Thus, special terms of the action will cover all customers of Nordea Bank who received Nordea Bank’s mortgage loans till 31 December, 2011 inclusive.

Key terms and conditions of the special offer are as follows:

  • Down payment - at least 10% of the price of the residential real estate pledged in favour of the Bank;
  • interest rates – from 8.5% up to 14.5% per annum under rouble denominated mortgage loans or from 6% up to 12% per annum for US dollar and euro denominated mortgage loans depending on the lending programme and a period over which a fixed rate is applicable under the loan agreement;
  • a one-percentage point margin is no longer applicable to a borrower who submits an income statement issued by her/his employer;
  • during the period prior to formal registration of the mortgage certificate a one-percentage point margin is no longer applicable to a borrower who applies for a loan under the Construction Share Participation Lending Programme offered by the Bank. From now on the interest rates under this programme are the same as under Classic Mortgage Lending Programme (thus, a borrower is able to purchase residential real estate at the secondary market): from 6% up to 10% per annum under non-rouble mortgage loans and from 8.5% up to 12.5% per annum under rouble denominated mortgage loans;
  • the interest rate may be fixed in 1, 2, 3, 4, 5, 6, 7 and 10 years from the drawdown date or may be fixed for the whole life of the mortgage loan agreement (which may be up to 30 years);
  • the margin to the market indices LIBOR 12 months, EURIBOR 12 months for FX loans is reduced down to the MosPrime Rate 6 months for loans denominated in roubles. Hence the loan margin upon expiry of the fixed rate period, irrespective of the loan currency and income statement form, will amount to 5 percentage points.
Nordea Bank offers Classic, Special-Purpose, Any-Purpose and Construction Share Participation mortgage loans as part of a joint project with its partners. Among other key benefits of the Bank’s mortgage lending programmes – a 30-year lending period, no prepayment penalties are charged, differentiated (tapering) or annuity (equal) installments option, commercial real estate and land plots accepted as mortgage, no fees for advancing of loan, acceptance of covered irrevocable letters of credit for settlements under mortgage deals and a lot more.

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