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      ADVERTISING
      MM/DD/YYYY

      BBVA Variable-Rate Mortgage

      Your mortgage made easier

      First year from $${tin1V}% NIR

      All other years from Euribor + $${tinVaPrimer}%

      $${taeVa}% variable APR

       

      No commitment fee and no notary, management or registration fees.

      • If you direct deposit your paycheck and take out home and payment protection insurance from BBVA, the conditions will be:
      • First year from $${tin1V}% NIR.
      • All other years from Euribor + $${tin1V}%.
      • Variable APR $${taeVarContraTodo}%.
      Perform your customized study

      Finance up to 80% of your home's value

      • With the BBVA Variable Mortgage, you can request up to 80% for your main residence and up to 70% for a second home.

        If the market price and the appraised value don't match, the lower of the two will be used as a reference.

      And you can pay it off over 30 years

      • You can request a maximum term of 30 years to repay your mortgage. Please note that the age of the youngest account holder with an income and the term of the mortgage may not exceed 70 years. For example, if the youngest account holder is 50 years old, they can request a maximum term of 20 years.

        If the payment date is not on the same monthly date as the signature date, the maximum term of 30 years will be divided into 359 monthly payments, including principal and interest, plus an initial interest-only payment

      Applying for a mortgage is that simple

      • Follow these steps to apply for your variable-rate mortgage:

        1. Calculate your monthly payment in the simulator.
        2. Fill in your details and send us the documentation.
        3. The next step will be to appraise the property.
        4. When the mortgage is approved, all that's left is to sign before the notary public.

        See the process step by step

      Improve your interest rate

      • Some BBVA products offer a discount on the interest rate of a Variable Mortgage. You are not required to take out these products. However, by doing so, you may pay less on your mortgage.

        • BBVA Allianz Seguros Comprehensive Home Insurance in force and up to date with payments.
        • BBVA Seguros loan repayment insurance in force, up to date with payment and covering at least half of the amount of your mortgage. If the 50% exceeds €150,000, this amount is enough.
        • Setting up and receiving your income by direct billing at BBVA: salary of over €600 or pension of over €300; if you are self-employed, you just have to direct debit your social security payment.

        Remember that the insurance policies are subject to approval by BBVA Allianz Seguros and BBVA Seguros, respectively.

      What makes your mortgage variable?

      • The interest rate of the BBVA Variable Mortgage is made up of a fixed percentage (the differential) and a variable rate (the Euribor), which is reviewed every 12 months. 

        Taking out additional products or fulfilling certain conditions (such as those mentioned above) can help you reduce the differential of your mortgage.

      AMOUNT LESS THAN OR EQUAL TO 80%
      OF THE PROPERTY'S APPRAISAL
      VALUE AND UP TO A 30-YEAR TERM
      AMOUNT LESS THAN OR EQUAL TO 80% OF THE PROPERTY'S APPRAISAL VALUE AND UP TO A 30-YEAR TERM

      First year from $${tin1V}% NIR

      All other years from Euribor + $${tinVaPrimer}% 

      Variable APR:$${taeVa} %

      See example

      Do you belong to a professional collective? Discover the mortgages with custom conditions we offer you

      • Get your personalized mortgage study and enter the name of the company or mutual company you belong to.
      • Enjoy special terms for belonging to your professional collective.
      Simulation for non-customers
      Go to BBVA and simulate it
      Illustration of several professional groups

      Take out your mortgage with BBVA and get:

      • Illustration of a stable chart

        Digital application and process

      • Illustration of a mortgage study

        Personalized price and assessment

      • Illustration of two people together

        An adviser to accompany you at all times

      Apply for the BBVA variable-rate mortgage

      Perform your customized study

      Would you like more information?

      The terms and conditions are valid until 02/28/2023.

      Yes, you can pay part of it early (minimum €300) or pay it in full. In addition to the amount you want to repay, you will have to pay interest and an amount as compensation for the early full or partial repayment that is equivalent to the financial loss that the Bank may sustain, and which may be:

      • In the first 5 years: with a limit of 0.15% of the principal repaid in advance.
      • From the 6th year (inclusive): 0% of the principal repaid in advance.

      Remember that before doing so, you have to read the information we will provide you, which details the consequences of each of the payments so that you can evaluate each of the options. You have to request the information 30 days in advance at your BBVA branch.

      If you have repayment insurance and you pay off the entire loan, your insurance will be interrupted. If you have paid your insurance for longer than your variable mortgage lasted, you will be refunded the difference.

      Alternatively, you can transfer the insurance to a new beneficiary within seven business days.

      No, the BBVA Variable Mortgage doesn't have a minimum interest clause.

      It is a benchmark rate that indicates the average interest rate at which European banks lend one another money. It's published monthly and it's used to calculate the interest rate offered on mortgage loans.

      The BBVA Variable Mortgage loan is for residents of Spain whose income and assets are exclusively in euros.

      To apply for a mortgage, you must have a damage insurance policy for the mortgaged property for the duration of the mortgage. The insured amount must match the appraisal value (not including the land value). The insurance policy (which you do not have to take out with BBVA) must cover any damages to the property caused by fire, explosions, or natural causes. The bank must appear on the policy as the beneficiary of the outstanding amount.

      You also need to have a checking account with BBVA. This account will be used for any transaction associated with your variable mortgage, such as deposits and direct debits. Please see the pre-contractual information for all the information on account administration and maintenance fees.

      Please note that the granting of a mortgage is subject to authorization by the bank.

      NIR (Nominal Interest Rate) is what is paid to a bank in exchange lending us money. The NIR is usually less than the APR and is not useful for comparing the prices of different mortgages, since it only includes the interest rate and not all the transaction fees.

      The APR (Annual Percentage Rate) provides the cost of a financial product, such as loans, and includes both the interest and the various costs and fees associated with it. This figure lets you compare different mortgages, because the lower the APR, the cheaper the mortgage.

      Buying a property involves two types of expenses: those associated with the mortgage loan and others with purchase and sale transactions.

      Mortgage loan expenses are paid by the bank: registration, notarial fees, processing and stamp duty. The process is a bit different in the Basque Country where regional regulations require the buyer to pay the stamp duty.

      Purchase and sale expenses have nothing to do with the mortgage. Therefore, the bank is not responsible for paying them. These include the following expenses: Taxes (e.g., property transfer tax, VAT, and inheritance tax) and management, notary public, and registration costs.

      The appraisal is usually paid by the buyer.

      Please consult the following documents for all the basic information on our mortgages:

      • Pre-contractual Information Sheet (FIPRE)
      • Supplementary pre-contractual information (DIPREC)
      • Informative poster 
      • Information Document: CBP RDL 6/2012 for the viable restructuring of mortgage-backed debts, and CBP RDL 19/2022 and ACM to alleviate the rise in interest rates on mortgage loans on primary residences

      Your BBVA adviser will also answer all your questions and accompany you throughout the process. Once you have submitted the documents needed to perform the economic study and we have completed the feasibility study, your adviser will give you the European Standardized Information Sheet (ESIS).

      To request a variable mortgage, you must provide certain documents, including your updated employment history and your personal income tax return or proof of income (e.g., your last 3 paychecks). As you go through the process, we will tell you which documents you need to submit.

      They are calculated using the French repayment system. This calculation system makes the monthly payment as constant as possible. It can only vary if the interest rate changes or if you make early repayments.

      To calculate the payments with this system, we use the following formula: (C*i/m)/(1-(1+i/m)^(-m *n), where C is the principal, i is the annual nominal interest rate, m the number of annual payments and n the years over which you're going to repay the loan. 

      Let's look at an example using the formula. If you have a €150,000 loan at an annual interest rate of 2.50% and you repay it monthly (12 installments a year) for 25 years, each monthly payment will be €672.93. 

      Here is the formula, with the sample figures: (150,000x0.025/12)/(1-(1+0.025/12)^(-12x25) = €672.93

      With each installment, you pay off part of the interest and the principal on the loan. If you want to know how much each amount represents, you can calculate it as follows:

      • To calculate the interest of each installment, divide the interest rate by the number of annual payments and multiply it by the amount borrowed.
      • To calculate how much principal you're paying back (amortization), subtract the interest from the monthly amount.

      We remind you that in the type of system we use (French repayment system), more interest is paid in the first installments and less in the last.

      If you don't make your mortgage payments, you could lose your home. Remember that the mortgage holders must respond to BBVA with all their assets and rights, current or future. If another person provides a guarantee (e.g., a guarantor), they will have the same responsibility as the mortgage holders, unless otherwise indicated in the contract. 

      Remember that when you take out a mortgage, you establish a relationship with the bank. This relationship comprises two elements: The main loan agreement and the mortgage. Let's take a closer look at these terms:

      • Main loan agreement: this document is produced when a financial institution (the creditor) lends an amount of money to someone (the debtor). 
      • Mortgage: The debtor (or another person) offers property as a guarantee that the loan will be repaid. Therefore, if the agreed payment commitments are not fulfilled, the bank can sell the property in a public auction to collect the amount owed. If the sale results in excess money, this amount is used to pay other creditors or, failing this, the debtor.

      You might also be interested in

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        BBVA Efficient Home Mortgage

        The fixed-rate mortgage for homes with a certified type A or B energy rating.
        Sustainable product
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        A free and simple way to transfer your income and your bills, or your entire account from another bank, because BBVA takes care of everything
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      Be a BBVA customer.

      • At BBVA, we want to help you manage your day-to-day activities.
      • We are working to make your life a little easier with our digital solutions.
      • Our approach is based on transparency, clarity and responsibility.

      Discover BBVA Valora

      The tool that helps you to make better decisions when buying your home.
      If you are searching for a house, or if you have chosen it, BBVA Valora also gathers together information about the property to enable you to make better decisions.
      More information
      Variable-Rate Mortgage
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