SpareBank 1 SMN : SpareBank 1 SMN to lower interest rates on home mortgages

SpareBank 1 SMN is to lower its interest rates on home mortgages by up to 0.35 percentage points for new and existing borrowers. The bank is at the same time making it simpler to apply for a mortgage payment holiday.

The new lowest mortgage rate will be 2.50 per cent, on Green Mortgages.

"SpareBank 1 SMN will keep its cool, and will go to great lengths to enable customers to get through the corona crisis. We are now lowering our interest rates, making mortgages cheaper. We are also making it simpler for mortgage holders to apply for a mortgage payment holiday. Many people are already affected by lay-offs, and the indications are, unfortunately, that there are far more to come. A break from mortgage repayments will make managing day-to-day finances less demanding,” says executive director Nelly Maske at SpareBank 1 SMN.

"The corona pandemic has sparked major uncertainty in the market, increasing the cost of the money that we borrow in order to lend to our customers. Norges Bank’s rate cut last Friday lowered our funding costs somewhat, and our mortgage borrowers will duly benefit,” says Ms. Maske.

The rate change will become effective on 23 March for new borrowers, for existing borrowers on 30 April. All customers affected by the interest rate change will in the course of next week receive information via the online bank or by post on what it means for their mortgage.

Trondheim, 16 March 2020

Contact persons at SpareBank 1 SMN:

Executive Director, Retail Banking, Nelly Maske on +47 901 38 380

Head of Corporate Communications, Hans Tronstad on +47 941 78 322

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This information is subject to the disclosure requirements pursuant to Section 5-12 the Norwegian Securities Trading Act