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. Mortgage term: 25 years (300 monthly instalments). Variable APR: 3.62%. Monthly instalment the first 3 years: €657.92. Monthly instalment the remaining years: €722.64 and a final instalment of €722.80. Arrangement fee: €500.00. Total interest: €64,462.24. Interest rate during the first 3 years: 2.30%. (36 months). Monthly instalments. After the first three years, the interest will be variable and will be reviewed annually. Interest rate for the remaining yearly periods: 12-month Euribor (2.747% BOE 05.05.2026) + a spread of 0.50%. Total amount payable €227,054.65. Total cost: €77,054.65. 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.
The variable APR was calculated taking into account:
- Arrangement of life insurance for the value of €150,000.00 for 25 years for a 30-year-old person. Annual premium of €164.29. Renewable annual insurance.
- Arrangement of home insurance for the value of €100,000 for the structure and €30,000.00 for the contents, with an estimated annual premium of €306.44. Renewable annual insurance.
- Appraisal fee: €283.93.
The interest rate is subject to the arrangement of the following products with Bankinter:
- Salary Account, Business Account or Non-Salary Account (discount of 0.30 percentage points).
- Life insurance covering the full mortgage amount, arranged with Bankinter Seguros de Vida S.A. de Seguros y Reaseguros (discount of 0.60 percentage points).
- Comprehensive home insurance with a minimum content coverage of €30,000.00 and structure coverage at least equivalent to the appraisal value of the property for insurance purposes, pursuant to Order ECO805/2003 of 27 March, arranged with Generali Seguros y Reaseguros, S.A.U. and brokered by Bankinter, S.A., Operador de Banca-Seguros (discount of 0.30 percentage points).
- Pension plan/EPSV: Have a pension plan/EPSV in place with Bankinter Seguros de Vida, belonging to Bankinter, S.A. Group, valid for the entire mortgage term and make a minimum annual contribution of €600.00 (discount of 0.10 percentage points).
Compliance with eligibility for 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. Therefore, if none of the conditions are met: Variable APR: 4.66%. Monthly instalment the first 3 years: €759.00. Monthly instalment the remaining years: €829.60 and a final instalment of €829.82. Arrangement fee: €500.00. Total interest: €96,338.62. Interest rate during the first 3 years: 3.60%. (36 months). Monthly instalments. After the first three years, the interest will be variable and will be reviewed annually. Interest rate for the remaining yearly periods: 12-month Euribor (2.747% BOE 05.05.2026) + a spread of 1.80%. Total amount payable €252,486.78. Total cost: €102,486.78. This variable APR has been calculated on the basis of arranging damage insurance policy for the mortgaged property for the value of €100,000.00, as required by law and which may be arranged 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 instalments, the arrangement fee of €500.00 and an appraisal fee of €324.16.
The monthly instalments (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 instalments in the transaction, minus 1, all multiplied by the principal 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 repayment amount (the result of subtracting the interest from the instalment).
The following assumptions have been taken into account when calculating the Variable APR:
1. The variable APR has 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 of 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 APR that is not quantifiable when the calculation is being made, the variable APR 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, the variable APR may vary with interest rate reviews, and may also vary depending on the mortgage amount and term. These variable APRs have been calculated on the assumption that no cancellation, either partial or total, will occur throughout the duration of the mortgage. The variable APR does 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.
If the customer does not fulfil their obligations to the bank, in addition to the possibility of them losing the property, their liability and the liability of any other parties involved in the transaction will extend to all of their current and future assets.
Offer valid until - or until the total amount offered (€750 million) has been reached.
The loan amount may not exceed 80.00% of the lower of the 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.
