Fixed Rate Mortgage with Product-Related Discounts

Offer valid until July 15 2022.

Financing subject to approval by Banco Santander. For housing free of charges and encumbrances.
This information does not replace the pre-contractual information file, available at www.bancosantander.es and at the Bank's offices. You can visit your local branch to request the European Standardised Information Sheet (FEIN).
Minimum amount to be financed: 20.000€. Interest rate: for the first six months the nominal annual interest rate will be 2.81%. After the first six months, the interest rate will be reviewed annually. If none of the specified conditions are met, the annual nominal interest rate will be 3.36% (4.00% APR1). If the above terms conditions are met, the interest rate may be reduced in various ways, by way of a discount, up to a maximum of 1.10 percentage points, resulting in a nominal annual interest rate of 2.71% (3.30% APR2).
In the event of non-compliance with the commitments arising from the mortgage loan contract, there is a risk of loss of the property. In the event of non-payment and in all cases of mortgage acceleration, the bank may, after sending prior notification to the address you indicated for mortgage foreclosure purposes, pursue personal action against you or move to foreclose the mortgaged property. You will therefore be liable as before the bank for repaying the loan with all your present and future assets as well as the mortgaged property. According to Article 105 of Spanish Mortgage Law and Article 1911 of the Civil Code.
1. APR of 4,00%, on the assumption that the amount of the loan is €150,000 and the term is 30 years, to be repaid in 360 monthly instalments of €617.14 during the first six months, at an annual nominal interest rate of 2.81%, and € 698.60 per month each, from the seventh month and rest of the years, at which the nominal annual interest rate of 3,81% shall be applied, on the assumption that the requirements for obtaining the discount of 1.10 percentage point are not met, including compulsory insurance against fire and other damage: €150/year (approximate amount, as the cost will vary depending on the insurance provider you choose).
Total cost of the loan € 105,801.27 (including interest amounting to € 101,007.24). Total amount to be repaid (sum of the loan amount and the total cost of it): € 255,801.27.
2. APR of 3,30%, on the assumption that the amount of the loan is €150,000 and the term is 30 years, to be repaid in 360 monthly instalments of €617.14 during the first six months, at an annual nominal interest rate of 2.81%, and € 609.30 per month each, from the seventh month and rest of the years, in which the nominal annual interest rate of 2.71% will be applied, based on the assumption that the conditions indicated to access the bonus of 1 percentage point are met, taking as an example the fulfillment of the following conditions: a salary of more than €600 paid directly into the bank, use of credit cards, home insurance premium of €200 per year and life insurance premium of €300 per year (for a customer aged 35. The insurance premium will be updated annually pursuant to the special terms and conditions of the policy), and energy efficiency certificate A+, A or B, as these are the most representative of the product being arranged.
Total cost of the loan € 84,689.07 (including interest amounting to € 69,395.04). Total amount to be repaid (sum of the amount of the loan and the total cost of it): € 234,689.07.
Other elements making up the total cost of the loan, included in the calculation of the APR: opening fee: 0€, maintenance fee for the account supporting the loan: 0€, appraisal costs: €278.30 (including VAT) and Nota Simple (Property Registry Certificate): €15.73 (including VAT).
The agreed mathematical formula for determining the amount of each of the repayments is as follows: Payment = Cx ix (1 + i)ⁿ / (1 + i)ⁿ-1 (*)
(*) Where:
C= initial capital.
i= I / P x 100.
n= Number of payments.
I= Nominal interest rate.
P= Number of payments per year.
This formula is based on the so-called French amortisation system, which means that the loan capital and interest are repaid in constant periodic payments, i.e. of the same amount, as long as there is no change in the applicable interest rate. Since interest accrues on the amount of principal outstanding, as time goes by the amount of the payment destined to repay the capital becomes greater, while the amount corresponding to the payment of interest will decrease, because the outstanding capital will be less.
If, when the interest rate is revised, there is an increase in the interest rate applicable to the loan, the payment amount will increase. If, on the other hand, the applicable interest rate is lowered, the payment amount will decrease.
3. The financial loss suffered by the Bank shall be calculated, in proportion to the capital repaid, as the negative difference between the capital outstanding at the time of early repayment and the present market value of the loan. The present market value of the loan shall be calculated as the sum of the present value of the payments pending until expiry. The update interest rate will be the result of adding: (i) the Interest Rate Swap (IRS) rate for a 2, 3, 4, 5, 7, 10, 15, 20 or 30 year term, published by the Banco de España, which is closest to the remaining term from the early repayment date to the loan end date, and (ii) a margin that results from subtracting from the interest rate of the operation the value of the Interest Rate Swap (IRS) referred to in the previous section, considering the latest data published by the Bank of Spain on the date that most closely approximates the contracting of the loan.
4. In the event that the mortgage falls on real estate for residential use, in accordance with Law 5/2019, of March 15, regulating real estate credit agreements, the costs of constitution of mortgage will be assumed by Banco Santander when contracting with individuals, except for the costs of appraisal and Simple Note, which will be assumed by the client.
5. Insurance policies brokered by Santander Mediación Operador de Banca-Seguros Vinculado S.A., N.I.F. A28360311, through its distribution network Banco Santander S.A. Operator registered in the Registry of the Directorate General of Insurance and Pension Funds under number OV-0042. Civil liability and financial capacity covered according to current legislation. Check the Insurance Companies with which the Operator has an Agency Agreement for the distribution of insurance products at www.santandermediacionobsv.com.
Mortgage loan on the home. Lender: Banco Santander, S.A. with registered office in Santander, Paseo de Pereda, 9- 12 (39004) - M.R. Cantabria, Sheet 286, Page 64, Book 5 of Companies, Insc. 1, C.I.F. A-39000013.
If the mortgage loan on the home to be acquired is formalised in the territory of the Community of Andalusia click here (PDF 148 KB).