Interest Rates - Switch & Save.
||Loan to value
||Interest only up to 2yrs
||Min. loan amount
Variable Rate 1-month Euribor (monthly Euribor + rate specified)
Up to 60%
Transfer costs and charges:
The following costs / charges will be met by Lloyds Bank International:
- Legal Fee
- Notary Fee
- Registration Fee
- Valuation Fee*
- Study Fee (Set up fee)**
PLUS: Lloyds Bank International will contribute to any early repayment fees charged by the current lender, up to a maximum of 0.5% of the value of your loan.
* The valuation fee will be collected and refunded on completion of the mortgage transfer.
** The Study Fee (0.25% of the loan amount) will be collected and refunded on completion of the mortgage transfer.
The costs met by the bank only apply to the transfer of the existing loan. If a release of equity is required, costs relating to the further loan i.e. the deed and the notary fee, will be payable by the client.
This product is available to those clients wishing to switch from their current Spanish mortgage provider to improve terms or interest rate. Please note we are unable to offer the Switch and Save package for existing credit line mortgage facilities.
Debt service ratio (DSR): 50% for all segments. Defined as the ratio between the debt payments that the client(s) has to afford in a certain period (in repayment), and their net income in that same period.
Maximum incomes multiples: Maximum mortgage cannot be greater than five times the applicant(s) gross income (sole or joint).
Insurance: Home buildings insurance, with the Lloyds Bank International, S.A.U. as the beneficiary, is compulsory.
Repayment Term: 5 years up to 25 years provided the mortgage is repaid by the age of 70.
Early repayment charges:
|Early repayment charges:
|First 5 years
Expenses to be paid by the client
Normally all fees will be between approximately 10% and 13% of the purchase price:
- All procedural expenses incurred prior to proper property register inscription.
- Any other expenses or procedural costs, including legal fees & duties.
- Any other taxes derived from the loan and the constitution, modification and cancellation of the mortgage.
- Any other expenses derived from services required related to the loan.
- The estimate of approximately 10-13% of the purchase price, does not included the cost of Building Insurance, which is also the clients responsibility.
All terms & rates correct as at 4th December 2012.