National Bank of Canada launches a new mortgage solution: the Breathe Easy Option
Montreal, 16 March 2005 -
National Bank is proposing a new mortgage solution for people in need of a financial breather. The new Breathe Easy Option is intended to ease the financial burden associated with certain family obligations by allowing customers to defer their mortgage payments for up to six months.
With the Breathe Easy Option, customers with a 5-year mortgage at the Bank can benefit from a penalty-free payment holiday (interest and principal) for a period of up to six months. What’s more, the amount of the payment will remain unchanged throughout the current term of the mortgage and the interest on the deferred payments will instead be added to the principal balance. The Breathe Easy Option can be used, for instance, by individuals on maternity leave, between jobs or in the position of having to care for an ailing loved one.
“National Bank is the only financial institution in Quebec to offer up to six months’ reprieve. The new option will give our customers some breathing space at a time in their lives when they need more financial flexibility and latitude,” said Jean Blouin, National Bank’s Vice-President – Retail Credit and Investment Solutions.
The Breathe Easy Option is a perfect example of National Bank’s unflagging efforts to offer a wide range of financing methods and options responsive to the changing lives of its customers.
About National Bank
National Bank of Canada is an integrated group which provides comprehensive financial services to consumers, small and medium-sized enterprises and large corporations in its core market, while offering specialized services to its customers elsewhere in the world. National Bank offers a full array of banking services, including corporate and investment banking. It is an active player on international capital markets and, through its subsidiaries, is involved in securities brokerage, insurance and wealth management, as well as mutual fund and retirement plan management. National Bank has more than $90 billion in assets and, together with its subsidiaries, employs close to 17,000 people. The Bank’s securities are listed on the Toronto Stock Exchange (NA: TSX). For more information, visit the Bank’s website at www.nbc.ca.
Information (the telephone number and e-mail address provided below are for the exclusive use of journalists and other media representatives):
Director – Public Relations
National Bank of Canada
Tel.: (514) 394-8644