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Hipoteca Sin Más Variable-Rate Mortgage: Below is an example of the APR calculated for a mortgage offered by Bankinter, S.A. based on the following characteristics:
Loan amount: €150,000. Mortgage term: 25 years (300 monthly instalments). Variable APR: 2.69%. Monthly instalment: €635.05. Final instalment: €635.40. Arrangement fee: €500.00. Total interest: €40,515.35. Interest rate for the first year: 1.99%. (12 months). Monthly instalments. After the first year, the interest rate will be variable and will be reviewed annually. Interest rate for the remaining yearly periods: Mortgage EURIBOR (-0.466%, Spanish Official Gazette [BOE] 04/11/2020) + a spread of 0.99%. Total amount repayable: €204,951.91. Total cost: €54,951.91. 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 instalments.
This variable APR has been calculated taking into account:
- Arrangement of life insurance for an amount of 150.000,00 Euros for 25 years for a 30-year-old person. Annual premium of €190.86. Renewal annual insurance.
- Arrangement of home insurance for €100,000 for the structure and €30.000,00 for the content, with 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 the full 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).
- A pension plan/EPSV in place with Bankinter Seguros de Vida, belonging to Bankinter, S.A. Group, for the entire mortgage term with a minimum annual contribution of €600.00 (discount of 0.10 percentage points).
Compliance with discounts will be reviewed annually.
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 instalment: €734.15. Final instalment: €733.08. Arrangement fee: €500.00. Total interest: €70,243.93. Interest rate for the first year: 3.29%. (12 months). Monthly instalments. After the first year, the interest rate will be variable and will be reviewed annually. Interest rate for the remaining yearly periods: Mortgage EURIBOR (-0.466%, Spanish Official Gazette [BOE] 04/11/2020) + a spread of 2.29%. Total amount repayable: €226,792.99. Total cost: €76,792.99. 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 instalments, 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 instalments 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 instalment obtained includes the interest (result of dividing the interest rate by 12, multiplied by the outstanding principal) and the amount repayable (result of subtracting the interest from the instalment).
The variable APRs have been calculated taking into 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 adjustments 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 has been made on the assumption that the benchmark rate and spread will not vary and are equal to the initial debit rate, so these variable APRs may vary with the interest rate reviews and they may also vary depending on the mortgage amount and term. 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 15-12-2020 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 purchase value or the 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.