Credito Valtellinese launches MutuoLibero, the first and only mortgage in Italy featuring a "free" repayment scheme
Sondrio, October 10 2006. Credito Valtellinese launches MUTUOLIBERO, a completely innovative product in the sector of mortgages for private individuals insofar as it is the first and only mortgage in Italy featuring a free capital repayment scheme.
It main characteristic is the duration of the repayment scheme, which is set at 20 years upon signing of the mortgage agreement and which can be extended every 20 years, at the customer's request, regardless of the capital repaid, with the correct conduct of the borrower being a requirement.
The mortgage has a variable interest rate. The customer pays the share of interest only at regular intervals while he/she may freely decide how and when to repay the capital, with the possibility of leaving the faculty of redeeming the mortgage to his/her heirs or, in agreement with the bank, to renew the mortgage or negotiate a new one.
Having total freedom as regards repayment of the capital means that with MutuoLibero, customers can choose to buy a bigger house or pay a smaller instalment compared to traditional mortgages.
Therefore, MutuoLibero is the ideal solution for people wishing to manage repayment schemes in a completely independent manner, on the basis of their income and available funds. Customers can repay the capital freely, including via Internet, in a simple and fast manner.
With this mortgage, the Group completes its range of home finance products, offering customers innovative, customised solutions.
"We are proud to represent the first banking group in Italy to offer a mortgage featuring a free repayment scheme, a type of financing that allows clients complete management, offering them the possibility of achieving their wish of a real home", states the General Manager of Credito Valtellinese Miro Fiordi.
The "free" mortgage is available from today at all the branches of the Credito Valtellinese Group.
Main characteristics of MutuoLibero
Use: all uses (e.g. purchase, construction, restoration and renovation of properties, etc.); the mortgage is reserved to private individuals with non-constant incomes.
Borrowable amount: up to 80% of the property's value. Minimum amount: 50,000.
Guarantee: 1st level security on mortgage
Length: 20 years, renewable at the customer's request.
Amortisation: interest only instalments, variable in relation to the current interest rate; amortisation of capital through free repayments.
Instalment: monthly with alignment at month end;
- quarterly with alignment at 31/3 - 30/6 - 30/9 - 31/12
Rate: variable, EURIBOR quarterly + spread to be agreed.
Instalment collection fee: 2.
Administration fees: 0.40% of the disbursed amount with a minimum of 250 and a maximum of 1,000.
Arrears interest: 2 points
All-inclusive fee for reduction of remaining capital/early redemption:
- 5 at branches;
- 2 on Internet.
Cost of mortgage renewal: at the customer's expense.
Combined insurance cover: Global Tutela (life), Global Attiva (accident), Global Casa (multi-risk property and TPL).
Notes: Credito Valtellinese has made available the new MutuoLibero product, establishing a ceiling for its disbursement.0020
For further information, contact:
Renθ Paniga
Credito Valtellinese banking Group
Communications and Public Relations
Telephone +39 02 80637357
fax +39 02 80637308
paniga.rene@creval.it
