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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:
Mortgage amount: 150.000€. Term of loan: 25 years (300 monthly repayments). Variable APR: 2,63%. Monthly instalment: €635.05 and a final instalment of €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: 12-month Euribor (-0,492% B.O.E 02-10-2021) + a spread of 0.99%. Total repayment amount €204,465.91. Total cost: 54.465,91€. 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 (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 €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 €328.44. 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 0.50 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 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 €600.00 (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: 3,63%. Monthly instalment: €734.15 and a final instalment of €733.08. Arrangement Fee: 500,00€. Total interest payable: €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: 12-month Euribor (-0,492% B.O.E 02-10-2021) + a spread of 2.29%. Total repayment amount €226,886.49. Total cost: 76.886,49€. 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 €190.72, 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 instalments.
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 amount of interest (result of dividing the interest rate by 12, multiplied by the outstanding principal) and 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.
If the customer does not fulfil their obligations to the Bank, in addition to the possibility of them losing the property, their liability and that of any other parties involved in the transaction will extend to all of their present and future assets.
Offer valid until 15-11-2021 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. In the case of second homes, the maximum amount is 60.00%. The maximum mortgage term is 30 years, provided that none of the holders is over 75 years old at the end of the term.