BS Necesidad1

Conditions valid until 30/09/2022.

Variable Mortgage:

Representative examples:

1. Representative example for the calculation of the variable APR under the following conditions:

Mortgage amount: €150,000.
Term: 30 years (for other repayment periods, consult your branch)
Total amount payable: €239,298.38.
Instalments: 359 instalments of €612.36 and a final instalment of €613.42.
Total cost of the mortgage: €89,298.38 (€70,450.66 in interest).
Arrangement fee: €1,500. (1% fee calculated on the loan amount) With a minimum of 750 euros Compulsory monthly property damage insurance for the life of the mortgage (it does not have to be taken out with Banco Sabadell): €30.61 per month.
Opening Relation Account: €50 per quarter.
Costs of registry checks: €25.41.
Valuation costs: €302.71.

The current reference rate is 1-year Euribor for September 2021 published by the Bank of Spain on 2nd October 2021: -0.492 %.
The interest rate for the first year has been used to calculate the variable APR for the term of the loan, because the rate following review from year 2 on (Euribor for the current month plus margin) is lower than the initial interest rate.
The variable APR has been calculated assuming that the reference rates do not vary, thus the variable APR will be subject to a review of the interest rate, the repayment term and the amount financed, and shall be reviewed half-yearly from the second year onwards.

Repayment schedule and calculation formula for the repayment of principal and interest:
The instalments to be paid have been calculated using a French repayment schedule which has consistent instalments. In other words, the same amount is paid every month, provided that the interest rate applicable to the transaction does not vary during the settlement period or that no early repayments have been made. Given that the interest rate for this transaction is based on the Euribor reference rate, at each rate review the amount of the instalments will change if the Euribor changes.

Each mortgage instalment is made up of interest and a portion of the principal of the loan. Because the instalments are consistent, as the outstanding principal of the mortgage decreases, the interest that accrues on the outstanding principal will decrease. Consequently, more interest and less principal are paid over the first years of the mortgage and more principal and less interest are paid over the later years of the loan.

Calculation of the monthly instalment:

Where:

N = outstanding principal
i = nominal interest expressed as a decimal
p = repayment periods in a year
t = number of years of the remaining repayment period

In our example, to calculate the first year’s instalment we replace “N” with 150,000 (the initial mortgage capital), “i” with 0.0275 (nominal annual interest rate for the first year divided by 100), “p” with 12 (number of instalments to be paid per year) and “t” with 30 (number of years); the resulting instalment is 612.36 euros to be paid each month.

Calculation of the interest part of the instalment:

Where:

N = outstanding principal
i = nominal interest expressed as a decimal
p = repayment periods in a year
 

In the above example, the part corresponding to the payment of interest on the instalment is calculated by replacing “N” with 150,000 (the initial mortgage principal), “i” with 0.0275 (the first year’s interest rate divided by 100) and “p” with 12 (the number of repayment periods in one year), thus obtaining an amount of 343.75 euros corresponding to the interest on the first month’s instalment.
The balance of the instalment after deduction of interest is repayment of principal.

2. Representative example for the calculation of the variable APR in the event of taking out the mortgage with rate discounts:

Mortgage amount: €150,000.
Term: 30 years (for other repayment periods, consult your branch)
Total amount payable: 223,175.77 euros.
Instalments: 359 instalments of 612,36 euros/month and a final instalment of 613,42 euros.
Total cost of the mortgage: €73,175.77 (€42,911.08 in interest).
Arrangement fee: €0.
Linked constant capital life insurance with a quarterly premium for the term of the mortgage: €91.32.
Single-premium payment protection insurance with 100% coverage of the capital for a period of 5 years: €1,958.57 (example for a 30-year-old man).
Home Protection Insurance throughout the life of the mortgage with a monthly premium: €30.61.
Opening Relation Account: €50 per quarter.
Costs of registry checks: €25.41.
Valuation costs: €302.71.

The interest rate for the first year has been used to calculate the variable APR for the term of the loan, because the rate following review from year 2 on (Euribor for the current month plus margin) is lower than the initial interest rate.
The current reference rate is 1-year Euribor for September2021 published by the Bank of Spain on 2nd October 2021: -0.492%.
The variable APR has been calculated assuming that the reference rates do not vary, thus the variable APR will be subject to a review of the interest rate, the repayment term and the amount financed, and shall be reviewed half-yearly from the second year onwards.

There will be a half-yearly review of the procurement of the products to which the interest rate applicable in the event of taking out the mortgage with a discount is conditioned.

You can, if you wish, finance the linked life insurance and payment protection insurance through the mortgage itself.

Additional information:

Offer valid only for natural persons (without a business purpose) resident in Spain, with the exception of theAutonomous Community of Andalusia, who have income and assets only in euros.

The mortgage may cover up to 80% of the purchase price or the appraisal value (whichever is the lower)for the first home. The mortgage can cover up to 70% in the case of second homes

Representative examples of loans secured by mortgage guarantees on residential property intended to finance purchases of dwellings by natural persons acting as consumers.
Transaction subject to prior approval of Banco Sabadell. No advisory service is provided. Interest rate terms subject to risk analysis by Banco Sabadell. Terms may vary, depending on the result of the risk analysis.
In accordance with article 1911 of the Spanish Civil Code, that lays down the principle of universal liability, in the event of non-payment, the debtor and any joint guarantors or security parties and mortgage-secured guarantors will be liable to the extent of their present and future assets and may even lose their home(s) and/or any other assets that they may own.

Additional information on the insurance associated with your mortgage:
Home Protection, Payment Protection and Total Payment Protection are policies of BanSabadell Seguros Generales, S.A. de Seguros y Reaseguros, with Tax ID no. A-64194590 and registered offices at Calle Isabel Colbrand, 22, 28050 Madrid, registered with the Madrid Mercantile Register and the DGSyFP Insurance Companies Registry under number C-0767.

Total Life Protection and Constant Capital Life Protection are policies of BanSabadell Vida, Sociedad Anónima de Seguros y Reaseguros, with Tax ID no. A-08371908 and registered offices at Calle Isabel Colbrand, 22, 28050 Madrid, registered with the Madrid Mercantile Register and the DGSyFP Insurance Companies Registry under number C-0557.

Insurance brokered by BanSabadell Mediación , Operador de Banca-Seguros Vinculado del Grupo Banco Sabadell, S.A., Tax ID No. A-03424223, located in Avenida Óscar Esplá, 37, 03007 Alicante, registered in the Comp. Reg. of Alicante and in the Administrative Register of the Directorate-General for Insurance and Pension Funds of the DGSyFP under code no. OV-0004, and carries Civil Liability Insurance pursuant to the provisions of the regulation on the distribution of private insurance and reinsurance in effect.

You can view a list of the insurance companies with which BanSabadell Mediación has signed an insurance agency contract at www.bancosabadell.com/bsmediacion.

Fixed Mortgage:

3. Representative example for the calculation of the APR in the event of taking out the mortgage with no rate discounts:

Mortgage amount: 150,000 euros.
Period: at 30.
Subscription to the Cuenta Relación: 50 euros/quarter.
The arrangement fee will be 1.00% and a minimum of 750 euros.
2.60% NIR (3.34% APR)
Total cost of the mortgage: 85,030.95 euros.
Total amount of interest on the credit: 66,183.23 euros.
Total debt amount: 235,030.95 euros.
Instalments: 359 instalments of 600.51 euros/month and a final instalment of 600.14 euros.

What does the APR calculation include?

Arrangement fee: 1,500 euros. (1% commission calculated on the loan amount with a minimum of 750 euros)
Subscription to the Cuenta Relación: 50 euros/quarter.
Mandatory monthly damage insurance throughout the life of the mortgage (it is not necessary to take it out with Banco Sabadell): 30.61 euros.
Costs of registry verification: 25.41 euros.
Appraisal costs: 302.71 euros.
The APR may vary, depending on the repayment period and the amount financed.

Repayment system and calculation formula for the repayment of the principal and the interest.

The French repayment system, which features a system of consistent instalments, is used for the calculation of the instalments to be paid. I.e., the same amount is paid every month, provided that the interest rate applicable to the transaction does not vary during the settlement period, or that no early repayments have been made.

The mortgage instalment is made up of the interest and the repayment of the total amount of the loan. Since the amount to be paid is constant, the lower the outstanding principal of the mortgage is, the lower the interest generated on this principal will be. Therefore, more interest and less principal is paid during the first years of the mortgage and more principal and less interest is paid during the final period of the loan.

Calculation of the monthly fee:

Where:
N = outstanding loan capital
i = nominal interest expressed on a per unit basis
p = repayment periods in one year
t = number of years of the outstanding repayment period
In our example, to calculate the first year’s instalment we will replace “N” with 150,000 (the initial mortgage capital), “i” with 0.026 (nominal annual interest rate for the first year divided by 100), “p” with 12 (number of instalments to be paid per year) and “T” with 30 (number of years), thus obtaining an instalment of 600,51 euros to be paid each month.

Calculation of the part corresponding to the interest of the instalment:

Where:
N = outstanding loan capital
i = nominal interest expressed on a per unit basis
p = repayment periods in one year
In the above example, the part corresponding to the payment of interest on the instalment is calculated by replacing “N” with 150,000 (the initial mortgage capital), “i” with 0.026 (the first year’s interest rate divided by 100) and “p” with 12 (the number of repayment periods in one year), thus obtaining an amount of 325 euros corresponding to the interest on the first month’s instalment.
The remaining amount of the instalment, after deducting the interest, is what is assigned to the repayment of the capital.

4. Representative example for the calculation of the APR in the event of taking out the mortgage with rate discount:

1.60% NIR(2.79% APR)
Mortgage amount: 150,000 euros.
Period: at 30.
Subscription to the Cuenta Relación: 50 euros/quarter.
Maximum discount: direct deposit of your salary or pension and taking out of the associated insurance policies: Constant Capital Life Protection, Home Protection and Payment Protection.
Total cost of the mortgage: 69,231.69 euros.
Total amount of interest on the credit: 38,967.00 euros.
Total debt amount: 219,231.69 euros.
Instalments: 359 instalments of 524.91 euros and a final instalment of 524.31 euros.

What does the APR calculation include?

Arrangement fee: 0 euros.
Subscription to the Cuenta Relación: 50 euros/quarter.
Associated constant capital life insurance with a quarterly premium throughout the life of the mortgage: 91.32 euros.
Single-premium payment protection insurance with 100% coverage of the capital for a period of 5 years: 1,958.57 (example for a 30-year-old man).
Home Protection Insurance throughout the life of the mortgage with a monthly premium: 30.61 euros.
Costs of registry verification: 25.41 euros.
Appraisal costs: 302.71 euros.
The APR may vary, depending on the repayment period and the amount financed.
There will be a half-yearly review of the procurement of the products to which the interest rate applicable in the event of taking out the mortgage with a discount is conditioned.