The Variable Mortgage Interest Rate of our mortgages is based on Euribor. This is a so-called benchmark. Euribor rates exist for different terms. On top of the Euribor rate you choose (usually 1-month), you pay a margin: the Variable Rate Margin. This margin and the conditions under which it can change are stated in your mortgage offer and its terms.
"}},{"componentType":"sectionTitle","title":"The administrator of Euribor and the bank panel"},{"componentType":"paragraph","richBody":{"value":"An administrator is responsible for determining and publishing the benchmark. The administrator of Euribor is EMMI (European Money Markets Institute), established under Belgian law. On the EMMI website, you can find all Euribor rates. You can also find the current Euribor rate on the financial pages of your newspaper. Euribor interest rates are determined based on input from a select group of banks—only those with strong credit ratings. ING is among the banks contributing to the benchmark.
"}},{"componentType":"sectionTitle","title":"Usually 1-month Euribor"},{"componentType":"paragraph","richBody":{"value":"Euribor rates exist for terms from 1 week to 12 months. Most ING mortgages with a variable interest rate are based on the 1-month Euribor. Official Euribor rates are set and published once per business day around 11:00 AM (Central European Time). Rates on public websites are updated with a 24-hour delay due to legal requirements. ING sets its variable interest rates on the 15th calendar day of each month (or the next business day if that’s not a workday). These rates then apply from the following month.
"}},{"componentType":"sectionTitle","title":"Impact of Euribor on you"},{"componentType":"paragraph","richBody":{"value":"Euribor is used as a benchmark to determine the variable interest rate for your mortgage. Changes in Euribor rates can therefore affect the mortgage interest you pay. Your monthly payments can rise or fall significantly. You must be able to continue paying even if your monthly costs increase sharply.
"},"textLinks":[{"url":"/en/personal/mortgage/current-mortgage-rates/characteristics-of-variable-mortgage-interest-rate","text":"Read more about the features and conditions of the Variable Mortgage Interest rate"}]},{"componentType":"sectionTitle","title":"What happens if Euribor stops or changes?"},{"componentType":"paragraph","richBody":{"value":"If Euribor no longer complies with applicable laws, its methodology changes fundamentally, or it is no longer published, your variable rate can no longer be based on Euribor. If no alternative benchmark is designated by law, regulators, the Central Bank, or Euribor’s administrator, ING will designate one. Your current Variable Rate Margin will then be based on this new benchmark. If no alternative benchmark is designated by any party, ING will apply the current interest rate for the shortest fixed-rate period it offers at that time. Your Variable Rate Margin will then expire. Three months before this fixed interest rate period ends, you’ll receive a new interest proposal.
If Euribor stops or changes, ING will inform you at least 3 months in advance, if possible. If you disagree, you can repay the variable-rate parts of your mortgage without redemption costs until the date stated in the notice. You must submit your objection in writing within two months of the notice date.
"}},{"componentType":"sectionTitle","title":"Euribor: what are the developments?"},{"componentType":"paragraph","richBody":{"value":"In 2019, Euribor’s administrator implemented a new governance structure and methodology, making Euribor more robust. EMMI received authorization from the Belgian regulator on July 2, 2019, confirming compliance with the European Benchmark Regulation. Euribor is listed in ESMA’s (European Securities and Markets Authorities) European register.
In March 2024, EMMI announced further adjustments to Euribor’s calculation methodology, to be implemented between May and November 2024. EMMI confirmed that Euribor’s characteristics remain unchanged and that it continues to represent the underlying market.
For more information about Euribor, visit EMMI.
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