Home owners criticise banks over mortgage interest rates

The home owners lobby group Vereniging Eigen Huis suspects the big banks of making agreements between themselves about mortgage interest rates, spokesman Bob Maas told BNR radio on Friday.


According to the national statistics office CBS, the big four Dutch banks saw their earnings go up 50% to a combined €24bn last year, of which the bulk was earned on mortgages.
But although international interest rates have come down, the banks have not passed this on to customers, even those with variable mortgage, the CBS said.
Housing market

Maas said the profits banks earn on mortgages are ‘scandalous’. Lower interest rates are need now because of the malaise on the housing market, he said.
The VEH estimates the margin banks earn on mortgages has gone up from one percentage point to 1.7, the Financieele Dagblad reported.
ABN Amro, ING, Rabobank and SNS control 80% of the mortgage market between them.

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