06/11/2008
12.00 p.m
Press Release - Banca Mediolanum
Banca Mediolanum mortgages: € 65 mn to customers
Banca Mediolanum, considering the particular situation Italian households who have subscribed to a variable-rate mortgage find themselves in, in its pursuit of increasing transparency and increasing quality of service, has resolved to contribute to the solution of this problem, by unilaterally reducing the interest rate of existing mortgages for all its customers (with an average reduction of 0.64%), resulting in lower monthly payments.
This initiative will entail a total benefit in the range of € 65 million for all mortgage customers throughout the whole life of the contracts.
The new conditions will be applied independently and in addition to all conditions established in favour of mortgage subscribers by the “Decreto Tremonti” decree.
With reference to mortgage portability (“surroga”), note that Banca Mediolanum does not apply any penalty to mortgages subject to outbound portability. For all customers who decide to transfer their mortgage to Banca Mediolanum via portability, the move is guaranteed at zero cost from now on, including total reimbursement of notary expenses. Administrative assistance is also provided to customers thanks to a team of technical experts who specialise in dealing with the portability process.
All these benefits are also available to all new customers as part of the new product “Mutuo Mediolanum Freedom”, an evolution of the existing “Mutuo Riflex”, which guarantees for all mortgages (new or moved to Banca Mediolanum via the portability process) pricing among the lowest in the market, top customisation and flexibility, with the option to change the terms at any time without any added cost, allowing customers to manage their mortgage contract according to the events in their financial and professional life.
Milan, June 11th 2008
