Bank Millennium will suspend offering mortgage loans with variable interest rates, informs PAP. The changes will come into force on March 1, 2023. Earlier, ING Bank Śląski and Bank BNP Paribas decided to take a similar step.
Bank Millennium informed that mortgage loans with a periodically fixed interest rate for the first 5 years will remain in the bank’s offer. We are working on the implementation of a new mortgage loan offer based on the WIRON reference index.
Another bank focuses on loans at a fixed rate
Earlier, Bank BNP Paribas and ING Bank Śląski also informed about the temporary suspension of the sale of loans with a variable interest rate.
The WIRON index is to replace the WIBOR index soon. The withdrawal of products and instruments using WIBOR is to take place in 2024, according to the roadmap published at the end of September last year on the website of the Polish Financial Supervision Authority. The entire reform is to be completed in 2025.
This will be an important change for borrowers. WIBOR together with the bank’s margin are components of the loan interest rate.
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