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: €300.000. Term of loan: 25 years (300 monthly repayments). Variable APR: 3.25%. Monthly repayment during the first year: €1.308,39. Monthly repayment during the remaining years: €1.393,19 and a last instalment of €1.392,45. Arrangement Fee: 500,00€. Total interest: €116.938,66. Interest rate for the first year: 2.25%. (12 months). Monthly payments. 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 (2.081% B.O.E 02.07.2025) + a spread of 0.75%. Total repayment amount €436.246,11. Total cost: €136.246,11. 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 €300.000,00 for 25 years for a 30-year-old person. Annual premium of €279.91. Renewal annual insurance.
- Arrangement of a home insurance policy with cover of €200,000 for structure and €30,000.00 for content and an estimated annual premium of €461.74. Renewal annual insurance.
-Appraisal costs: €266.20.
The interest rate is conditional on the following products being arranged with Bankinter:
- Payroll Account, Business Account or Non-Payroll Account (discount of 0.30 percentage points).
- Life insurance policy 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).
- Seguro Multirriesgo Hogar with minimum contents cover of €30,000.00 and structure cover at least equivalent to the appraisal value of the property for insurance purposes, pursuant to Order ECO805/2003 of 27 March, as taken out with Liberty Seguros, Compañía de Seguros y Reaseguros, S.A. and brokered by Bankinter, S.A., Operador de Banca-Seguros (discount of 0.30 percentage points).
- 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, over the entire term of the loan and make a minimum annual contribution of €600.00 (discount of 0.10 percentage points).
Checks will be made each year to ensure that the requirements for receiving the discount have been fulfilled.
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: 4.29%. Monthly repayment during the first year: €1.509,93. Monthly repayment during the remaining years: €1.602,06 and a final instalment of €1.601,58. Arrangement Fee: €500,00. Total interest payable: €179.511,96. Interest rate for the first year: 3.55%. (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 (2.081% B.O.E 02.07.2025) + a spread of 2.05%. Total repayment amount €485.602,16. Total cost: €185.602,16. 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 €266,20.
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 under the assumption that the loan agreement will remain in force for the agreed term and that the borrower and the lender will fulfil their obligations under the terms and conditions agreed in the loan 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 on the assumption 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 borrower has a total income of at least €30,000 per year.
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 - or until the amount offered (€750 million) has been reached.
