Alpha Bank has launched a new mortgage product named 'Alpha First Home' that features a fixed interest rate of 2% for the first three years of the loan. This initiative is part of a promotional program that reduces the standard interest rate by 0.5 percentage points and is exclusively available for new mortgage applications intended for the purchase of primary residences submitted by the end of May.

The loan is designed to cover up to 90% of the property's value, depending on the borrower's profile, and it comes with zero fees for application processing. The flexible repayment scheme allows for early partial or full repayment without penalties, making it an attractive option for potential homebuyers who may be intimidated by high interest rates in the current economic climate.

Additionally, at the end of the initial three-year period, borrowers will have the option to choose between renewing their fixed rate or switching to a variable rate, which will be set at a margin of up to 1.8 percentage points above the 3-month Euribor rate. This could offer borrowers further flexibility in managing their mortgage costs as market conditions change.