Unicaja Banco Variable-Rate Mortgage*
A mortgage that evolves with the market
A mortgage suited to your needs
At Unicaja Banco we offer a broad range of mortgages depending on your characteristics to make sure you'll always find the mortgage you need, regardless of whether you are young, a civil servant, a salaried employee or a high-income earner... Choose the mortgage that best suits your needs, variable or fixed-rate mortgage.
Up to 30 years to pay back the mortgage
You have repayment term of up to 30 years to repay your Variable-Rate Mortgage in convenient monthly repayments (25 years if you are financing a second home). Under no circumstances may the sum of the holder's age and the mortgage's term exceed 70 years.
Get up to 80% of your home's value
You can finance up to 80% of the property's value if it is your main residence and up to 70% for the purchase of a second residence. The value that will be taken into account to take out your Variable-Rate Mortgage will be the lesser of the home's market price and its appraisal value.
Make partial early repayments as from €300
You can make as many partial early repayments as you wish as from €300 and decide whether you prefer to lower your repayments or the number of monthly repayments. You additionally have the possibility of benefitting from a two-year grace period, so that you do not make any principal repayments during this period.
Simulator: calculate your variable-rate mortgage's repayment
If you are thinking about buying a home, calculate your Variable-Rate Mortgage's* monthly repayment and associated costs using the Unicaja Banco simulator. Furthermore, you can request a preliminary appraisal and find out whether your mortgage has been pre-approved without moving from home.
Find out about more advantages of your Variable-Rate Mortgage
You will have more advantages with your Variable-Rate Mortgage if you subscribe Unicaja Banco products and services, like:
- Directly deposited salaries, directly debited bills or card consumption.
- Home, life or temporary incapacity/unemployment insurance**.
- Health and car insurance or any other kind of insurance you may need**.
- Contributions to pension plans or investment funds.
Frequently Asked Questions Unicaja Banco Variable-Rate Mortgage
What requirements must I meet to apply for a Variable-Rate Mortgage?
This mortgage is solely meant for the purchase of a home by natural persons residing in Spain who have income or wealth in euros. It is also necessary to subscribe a current account at Unicaja Banco, as well as an indemnity insurance policy that covers any possible contingencies the home may suffer. Furthermore, granting is subject to the institution's criteria after having conducted a risk viability study.
What documents will I need to apply for a Variable-Rate Mortgage?
- The last three payslips, an employment contract (if your seniority in the company is less than two years), a social benefits certificate and an employment record report.
- If you are a businessman, the last personal income tax return, the last income tax split payment receipts and a VAT return.
- Details of borrowing at other institutions (Bank of Spain Risk Information Centre - CIRBE).
- Statements of accounts held at other institutions (when the salary, pension or recurrent income and expenses are directly deposited or debited at another institution).
- Last rental bill paid.
- And, if you are businessman, a certificate proving payment of self-employed workers' contributions and proof that you are up to date with all tax and social security obligations.
- Up-to-date registry extracts of the most relevant assets, the property to be mortgaged and its appraisal according to regulation ECO/805/2003.
Is there an age limit for granting a Variable-Rate Mortgage?
The variable-rate mortgage holder's age and the repayment term cannot add up to more than 75 years for the first residence or 70 years for the second residence (if there is more than one holder, the age of the older holder will be taken into account).
Can early repayments of the Unicaja Banco Variable-Rate Mortgage be made?
Yes, they can. You can make as many early repayments as you wish as from €300. You can also fully redeem the Variable-Rate Mortgage. If a financial loss for Unicaja Banco comes about when the redemption is made, you will have to pay compensation with a maximum limit of 0.25% of the principal repaid early during the first three years and of 0% after that.
How do I know whether the Variable-Rate Mortgage interests me more than the Unicaja Banco Fixed-Rate Mortgage?
The Fixed-Rate Mortgage gives you the peace of mind of always paying the same repayment. It is a mortgage that does not depend on the evolution of market rates.
The interest rate is not fixed in the Variable-Rate Mortgage. Instead, it depends on the Euribor's value at each review plus a differential. The Euribor is an official index of the Euro Zone. It varies monthly, which is why the interest rate to be applied to the mortgage each year will be that value plus the differential you have agreed to.
Am I obliged to take out home insurance if I subscribe a Variable-Rate Mortgage?
It is necessary to take out at least basic indemnity insurance to make sure that the mortgaged asset, which in this case is the home, is protected against any contingency.
