Sin Más Variable-Rate Mortgage
Less is more. Use what we take off our mortgages to add to the value of your home.
A mortgage designed for you to buy your primary residence and for new mortgages, and where the only guarantee is your home.
Without fulfilling conditions1
Improve your interest rate when you fulfil certain conditions
Ask us for an agreement in principle with no obligation to apply for a mortgage
This is how our Sin Más Variable-Rate Mortgage works
Who can apply?Exclusive conditions for individuals residing in Spain looking to buy their primary residence or second home. Applicants must have a monthly income of at least €2,500.
Maximum amountYou can borrow up to 80%, using either the acquisition price or the appraisal value as a reference, whichever is lower.
Maximum termThirty years provided that none of the holders will be over 75 years old at the end of the term.
Don't add more to your mortgage:
- €0 management fees.
- €0 notary fees.
- €0 registration fee.
- €0 stamp duty.
The application process consists of three easy steps.
1. Calculate your mortgageJust enter the amount and term to find out your monthly instalments and taxes, etc. for the different types of mortgages.
2. Personalised offerWe'll ask you for some additional information to put together a detailed offer that fits your situation.
3. Signature of your mortgage agreementWhen we send you your personalised offer, we'll tell you the documents to provide for that long-awaited moment: signing on the dotted line.
See Sin Más Variable-Rate Mortgage conditions Sin Más Variable-Rate Mortgage conditions
The Sin Más Variable-Rate Mortgage is a variable mortgage loan to buy a primary residence in which the home itself is the only collateral. It is a loan referenced to Euribor plus a spread, and it is reviewed annually.
Terms and conditions
For new mortgages.
To buy your primary residence.
For individuals resident in Spain whose total income exceeds €2,500/month.
Up to 80% of the value of the primary residence in the mortgage, using as a reference one of these two values, whichever is lower: appraisal value or the purchase value as the benchmark.
Euribor + 0.75%
NIR first year: 1.50%
Variable APR: 4.64%
Without fulfilling conditions1:
NIR first year: 2.80%
Variable APR: 5.71%
This spread is maintained throughout the life of the mortgage, providing that these terms and conditions are met:
Salary Account, Business Account or non-salary account (discount of 0.30 percentage points).
Life insurance for 100% of the amount of the mortgage loan, contracted with Bankinter Seguros de Vida, S.A. de Seguros y Reaseguros (discount of 0.60 percentage points).
Comprehensive home insurance with a minimum home contents coverage of €30,000 and structure coverage equivalent to the appraisal value of the property for insurance purposes, taken out with Liberty Seguros and brokered by Bankinter, S.A., Operador de Banca-Seguro (discount of 0.30 percentage points).
Pension plan/EPSV: to have arranged and to keep in effect, over the entire term of the loan, a pension plan/EPSV with Bankinter Seguros de Vida (a Bankinter, S.A. Group company), and to make an annual contribution to that plan of at least €600 (bonus of 0.10 percentage points).
These products are optional for the customer, but if they are not acquired the rate applied when terms and conditions are fulfilled will be increased by the percentage points corresponding to the sum of each of the products not acquired.
Contract amount and term
Minimum amount of €60,000.
Maximum term of 30 years.
The arrangement fee is €500.
The customer will pay the appraisal costs. The Bank will pay the expenses of the Notary, registry, management agency and stamp duty (the amount of which varies depending on the autonomous community where the mortgage is arranged), except in the Autonomous Community of the Basque Country (where the customer pays such costs, except for the acquisition of a primary residence which is exempt from this tax).
The mortgage is provided subject to the application being approved by Bankinter, S.A.
See FAQs FAQs
What is a mortgage loan?
A mortgage loan is a contract, usually between a financial institution and a customer (an individual or legal person), under which the financial institution delivers funds to the customer, who repays these in the period and under the terms and conditions agreed; this includes repayment of the nominal value of the loan and the payment of interest.
Why are mortgage loans the most suitable way of buying a home?
When someone buys a home but does not have the funds to pay for it, they apply to a financial institution for a loan. This loan is usually arranged as a mortgage loan, as this guarantees to the entity that the loan instalments will be met through the property that is going to be acquired. In most cases - but not our Sin Más Variable-Rate Mortgage - the borrowers must also give personal guarantees.
Mortgage loans have the lowest interest rates of the loans offered by banks.
What do personal guarantee and mortgage collateral mean in a mortgage?
In any mortgage loan, except for our Sin Más Variable-Rate Mortgage, there is a personal guarantee from the borrowers and the property is used as collateral. In other words, if the customer does not meet their obligations, in addition to the possibility of losing the property, their liability and that of the other parties involved in the transaction will extend to all of their present and future assets.
How do they differ from personal loans?
Mortgage loans mean that the loan repayment are guaranteed through a mortgage. This mortgage allows the financial institution to foreclose the home on a preferential basis compared to any other creditor.
Personal loans are usually for purposes other than buying a home, such as general expenses, vehicles, furniture or appliances; in such cases the interest payments are exclusively a personal responsibility.
How do you compare one loan to another to decide which is best?
The best indicator for comparing one loan with another is usually the interest rate, which can be variable, fixed or mixed. However, the customer also has to meet other expenses, such as arrangement, cancellation and appraisal fees, in addition to the interest rate.
Therefore, the best way to find the cheapest loan is to look at the APR (annual percentage rate), which includes all of the expenses of the loan.
The customer should use this information to assess the terms and conditions of the loan and decide which best meets their needs and the needs of their family.
What is the Euribor?
The Euro Interbank Offered Rate.
European banks lend money to each other for which they pay interest. These loans can have different terms. The average of the interest rates offered by European banks is calculated and this gives us the Euribor. However, only 44 of Europe's biggest banks - the main ones - are involved in the process.
The Euribor for each term is published daily at about 11 o'clock in the morning. Previously banks had to report their interest rates over the previous 24 hours, and the arithmetic mean of these rates was taken, eliminating the highest 15% and the lowest 15% to give the Euribor for each term.
What other types of insurance can be contracted in addition to the loan?
Mandatory insurance: Damage insurance (called home insurance). This covers the damage a house might suffer, so as to keep the property in good condition.
The law requires mortgaged properties to be insured against damage for the appraisal value, as determined by regulation (Art. 8. Law 2/1981, of 25 March, on the Regulation of the Mortgage Market).
Optional insurance: it is good idea to contract life insurance to cover the contingency of death or permanent or absolute disability of the borrower, so that the compensation can be used to repay the loan.
What amortisation method do you use for your mortgage loans?
There are several different mortgage repayment methods. The method applicable to the mortgage loans offered by Bankinter is the French repayment system, under which the loan is repaid in fixed monthly instalments, comprising capital and interest.
Interest is calculated based on the outstanding capital to be repaid, and therefore the proportion of the instalment that represents the payment of interest is larger during the early years of the mortgage repayment period.
What is mortgage subrogation?
Subrogation is the changing of one of the parties to a loan contract, whether the creditor (the financial institution) or the debtor (the customer).
Subrogation of the creditor happens when the borrower decides to change to another financial institution. There is a procedure for this, which gives the original bank the possibility to voluntarily improve the existing terms and conditions. When using this option, the debtor must also consider all of the terms and conditions offered by the new institution, particularly the arrangement fees.
Subrogation of the debtor occurs when ownership of a mortgaged property is transferred, and the buyer accepts the original terms and conditions, or the new conditions agreed, for repayment of the outstanding loan. This is not mandatory, as the buyer can ask to buy the house free of encumbrances, with the debtor repaying the mortgage.
What documentation do I need to submit for Bankinter to consider my mortgage?
The bank will now detail the documentation required to allow Bankinter to assess the solvency of the transaction, for both the applicants and any guarantors.
- An ID card/tax ID card or foreign-national residency card for the parties.
- The number of children for whom you are responsible.
- Marital status: single, married, widowed, divorced, legally separated, etc. Should the marital status be married under a financial system that requires marriage agreements, a copy of this must be provided. In the case of separation or divorce, a copy of the regulatory agreement and/or judicial ruling must be provided.
Financial details for employed workers:
- Photocopy of the last three salaries or proof of receipt of a pension.
- Photocopy of your employment contract or history, when you have been at the company for less than four years and/or this is not stated on your salaries.
- Photocopy of your personal income tax declaration (IRPF) for the last financial year. If a Property Asset Declaration has been made, a copy of this is required.
Financial details for self-employed workers:
- Photocopy of your registration for economic activity tax (IAE).
- Photocopy of quarterly VAT and personal income tax (IRPF) declarations, as well as the annual summary.
- Photocopy of your personal income tax declaration (IRPF) for the last financial year. If a Property Asset Declaration has been made, a copy of this is required.
Financial data in both cases:
- Photocopy of property tax (IBI) receipts should there be other properties in your name.
- Photocopy of property lease contract (if applicable).
- Photocopy of the last 3 payment receipts should there be other debts in your name (loans, leasing, etc.). In the event of subrogation, as well as the last three loan payment receipts, a copy of the deed for the mortgage loan that will be subrogated must be provided.
- Photocopy of proof of other income: pensions from other countries, etc.
Information on the property to be mortgaged:
- Photocopy of the private purchase contract.
- Photocopy of the deed of ownership, should there be no purchase transaction.
- Up-to-date land registry report (nota simple).
What documents are required on the day of signing the deed before the notary?
You will need
- a fully valid ID card/Tax ID number card or foreign-national residence card.
- In the case of second-hand properties, the last property tax bill and a certificate issued by the Association of Property Owners stating that the owner is up to date with all payments obligations.
What are the requirements for a Sin Más Variable-Rate Mortgage?
The holders must be individuals who are resident in Spain, and the funds must be for the purchase of their primary residence.
Remember that there is no personal guarantee in this mortgage; in the event of default, the home itself will be used to pay off the debt.
The owners must demonstrate a monthly income of at least €2,000.
What is the maximum amount that will be available when I apply for a mortgage?
The maximum amount available will be related to the value of the property, with the value of the mortgaged property being understood to be the lower of the appraisal value or the purchase price.
Thus, the maximum loan you can apply for is:
- Up to 80% of the value of the mortgaged property if this constitutes the customer/borrower's primary residence (the lower amount of either the purchase value or appraisal value). For example, for a property that is the primary residence of the applicant with a value of €187,500, the maximum amount that may be applied for to finance this is €150,000.
What are the combined sales you offer in your mortgages?
The bank offers a range of optional products and services in combination with the mortgage loan for the property. These increase the interest rate or spread, depending on whether it is a fixed- or variable-rate mortgage, if they are not contracted.
What are the costs of applying for a mortgage?When you take out a mortgage there are some expenses you need to take into account: the ones related to the purchase and the ones related to the mortgage.
Looking to buy your first home?Excited about buying a house but don't know where to start? Relax! We've prepared a guide with all the steps to follow when buying and selling a home.
Apply for your personalised offer in just one minuteIt only takes a minute to apply for a personalised mortgage offer.
Offer valid until the total amount offered (750 million euros) has been reached.
- VIEW Sin Más Variable-Rate Mortgage PRE-CONTRACT FACTSHEET
Show/Hide legal text1 Hipoteca Sin Más Variable-Rate Mortgage: Below is an example of a variable APR calculated for a mortgage offered by Bankinter, S.A. based on the following characteristics:
Loan amount: 150.000€. Term of loan: 25 years (300 monthly repayments). Variable APR: 4,64%. Monthly repayment during the first year: 599,90€. Monthly repayment during the remaining years: €806.81 and a last instalment of €804.39. Arrangement Fee: 500,00€. Total interest: 89.557,66€. Interest rate for the first year: 1,50%. (12 months). Monthly payments. Once the first year has elapsed, the interest rate will be variable and will be reviewed annually. Interest rate for the remaining yearly periods: 12-month Mortgage EURIBOR (3.534% Official State Gazette (BOE) 02/03/2023) + a spread of 0.75%. Total repayment amount €252,075.47. Total cost: 102.075,47€. 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.
This variable APR was calculated taking into account:
- Arrangement of life insurance for an amount of €150,000.00 for 25 years for a 30-year-old person. Annual premium of €164.29. 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 €306.44. Renewal annual insurance.
-Appraisal costs: 249,56€.
The interest rate is subject to the condition that the following products be arranged with Bankinter:
- Salary Account, Business Account or Non-Salary Account (discount of 0.30 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).
- Seguro Multirriesgo Hogar with minimum content coverage of €30,000.00 and structure coverage equivalent to the appraisal value of the property for insurance purposes, arranged with Liberty Seguros and brokered by Bankinter, S.A., Operador de Banca-Seguros (discount of 0.30 percentage points).
- A pension plan/EPSV have a pension plan/EPSV pension scheme in place with the company Bankinter Seguros de Vida, belonging to Bankinter, S.A. Group, for the entire term of the loan and make a minimum annual contribution of €600.00 (discount of 0.10 percentage points).
Compliance with discounts will be reviewed annually.
These products are optional for the customer, but if they are not arranged the rate for the fixed period and the spread for the variable period will be increased by the percentage points corresponding to the sum of each of the products not arranged. Accordingly, if none of the conditions are met: Variable APR: 5,71%. Monthly repayment during the first year: 695,81€. Monthly repayment during the remaining years: €920.07 and a final instalment of €918.45. Arrangement Fee: 500,00€. Total interest payable: €123,328.26. Interest rate for the first year: 2,80%. (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: 12-month Mortgage EURIBOR (3.534% Official State Gazette (BOE) 02/03/2023) + a spread of 2.05%. Total repayment amount €279,401.82. Total cost: 129.401,82€. This variable APR has been calculated on the basis of taking out a €100.000,00 damage insurance policy for the mortgaged property, as required by law and which may be taken out with Bankinter or a different provider, with an estimated annual premium of €167.96, 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.
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 resulting instalment includes the amount corresponding to the interest (the result of dividing the interest rate by 12, multiplied by the outstanding principal) and the amount repayable (the 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. Therefore, these variable APRs may vary as and when interest rates are reviewed and based also 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 €2,500 a month.
The Hipoteca Sin Más mortgage may only be used to buy the primary residence, and this residence will be the only collateral involved in the transaction. Liability will not extend to the borrower's other assets.
Offer valid until 15-04-2023 or until the amount offered (750 million euros) has been reached.
The loan amount may not exceed 80,00% of the lower of these two values: the property 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.
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