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Hipoteca Sin Más Variable-Rate Mortgage: Here is an example of an APR variable-rate mortgage offered by Bankinter, S.A., based on the following characteristics:
Mortgage amount: €150,000. Mortgage term: 25 years (300 monthly repayments). Variable APR: 2.69%. Monthly repayment: €635.05. Final repayment: €635.40. Arrangement fee: €500.00. Total interest: €40,515.35. Interest rate for the first year: 1.99%. (12 months). Monthly repayments. After the first year, the interest rate will be variable and will be reviewed annually. Interest rate for the remaining yearly periods: EURIBOR Mortgage (-0,359% B.O.E. 02/09/2020) + a spread of 0.99%. Total repayment amount €204,951.91. This example has been calculated on the assumption that the interest rates applicable after the first review will never be lower than the initial rate, so the first year rate has been applied (NIR: 1.99%) to all mortgage repayments.
This variable APR was calculated taking in to account:
- A 25-year life insurance policy with coverage of €150,000 for a 30-year-old person. Annual premium of €190.86. Renewable annual insurance.
- Home insurance policy with coverage of €100,000 plus home contents insurance for €30.000,00, and an estimated annual premium of €356.62. Renewable annual insurance.
- Appraisal costs: €249.56.
The interest rate is subject to the borrower holding the following Bankinter products:
- Salary Account, Business Account or Non-Salary Account (discount of 0.50 percentage points).
- Life insurance covering 100% of the mortgage amount, taken out with Bankinter Seguros de Vida S.A. de Seguros y Reaseguros (discount of 0.60 percentage points).
- Comprehensive Home Insurance with minimum home content coverage of €30.000,00 and structure coverage equivalent to the appraisal value of the property for insurance purposes, to be arranged with Línea Directa Aseguradora, S.A and brokered by Bankinter, S.A., Operador de Banca-Seguro (discount of 0.10 percentage points).
- Pension plan/EPSV: Have a pension plan/EPSV in place with Bankinter Seguros de Vida, belonging to Bankinter, S.A. Group, for the entire mortgage term and make a minimum annual contribution to it of €600 (discount of 0.10 percentage points).
It is entirely optional for the customer to arrange the products described. The interest rate for the fixed term and the spread for the variable term will rise by the percentage points for the sum of each product not arranged. Therefore, where none of the conditions are met, the fixed interest rate will be: Variable APR: 3.64%. Monthly repayment: €734.15. Final repayment: €733.08. Arrangement fee: €500.00. Total interest: €70,243.93. Interest rate for the first year: 3.29%. (12 months). Monthly repayments. After the first year, the interest rate will be variable and will be reviewed annually. Interest rate for the remaining yearly periods: EURIBOR Mortgage (-0,359% B.O.E. 02/09/2020) + a spread of 2.29%. Total repayment amount €226,792.99. This variable APR has been calculated on the basis of taking out with Bankinter or a different provider the legally required home insurance policy for €100.000,00, with an estimated annual premium of €186.98, in addition to an annual maintenance fee of €45.00 for the current account required for collection of the repayments, the arrangement fee of €500,00 and appraisal costs of €249.56. This example has been calculated on the assumption that the interest rates applicable after the first review will never be lower than the initial rate, so the first-year rate (NIR: 3.29%) has been applied to all mortgage payments.
The monthly payments (French repayment system) are the result of raising the coefficient (1 + interest) to the power of the number of outstanding repayments in the transaction multiplied by the interest, divided by (1 + interest) raised to the power of the outstanding payments in the transaction, minus 1, all multiplied by the capital pending repayment ('interest' is understood to be the offered NIR divided by 12). The repayment obtained includes the amount of interest (result of dividing the interest rate by 12, multiplied by the pending capital) and amount repayable (result of subtracting the interest from the repayment).
The variable APRs have been calculated taking in to account the following:
1. The variable APRs have been calculated based on the credit facility remaining in place for the agreed term and the borrower and the lender fulfilling their obligations under the terms and conditions agreed in the mortgage agreement.
2. For mortgage agreements with clauses that allow for amendments to be made to the debit rate and, where applicable, to the costs included in the variable APRs that are not quantifiable when the calculation is being made, the variable APRs will be calculated based on the premise that the debit rate and other costs will remain unchanged with regard to the level set at the time the agreement was signed.
3. The calculation was made under the premise that the benchmarks would not vary, so this APR will vary when the interest rate is revised and may also vary depending on the amount and duration of the facility. These variable APRs have been calculated under the premise that there will be no partial or total cancellation during the time the credit facility is in place. The variable APRs do not include the costs that the customer/borrower would have to pay for any breach of their obligations pursuant to the agreement.
The mortgage is provided subject to the application being approved by Bankinter, S.A. This mortgage offer is subject to the condition that the borrowers have a total income of over €2,000 a month.
The Sin Más Mortgage will only be used to acquire a primary residence, which will be the only collateral for the transaction, and the holders' other assets will not be used as collateral.
Offer valid until 15/10/2020 or until the amount offered (750 million euros) has been reached.
The loan amount may not exceed 80% of the lower of these two values: the property's purchase value or appraisal value. The maximum mortgage term is 30 years, provided that none of the holders is over 75 years old at the end of the term.