I need a mortgage to purchase and renovate a home
Make that renovation without the need to save much more.The mortgage that suits your house and you too.
A house feels like a home when you make it your own.
The extra pounds, the workouts, we can always improve, don’t you think? Well, the same applies to your home. Carry out the necessary renovation work and include the cost in your mortgage at a lower interest rate than if you took out a separate loan. And do it now because, if you put it off, you know you’ll never get around to it.
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Maximum mortgage term of 30 years -
Refurbishment company at your choice. If you have a trusted one… Go for it! -
Enjoy a mortgage holiday while the renovation lasts. WIth a maximun of 12 months -
Receive the amount for the purchase and up to 30% of the renovation Budget -
Receive the money as the renovation moves along. An appraisal company shall verify the progress of the works -
Check with our comercial team, how to turn Suma into Green
If you want more info
We have all the rates for Suma, here is the Fixed one ;) Consult other examples with our financial consultants.
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Fixed Rate
"Let the good times continue"Your 10- to 30-year fixed rate mortgage-
Fixed 10
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Type4.550%
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APR T14.960%
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T1 Fixed 10
Conditions:
4,550% NIR.
4,960% APR.
Representative example for a loan amount of 150.000,00€ and a term of 10 years.
The basic characteristics and conditions of the operation would be:
- Fixed nominal interest rate of 4,550% for 10 years.
- The APR of the loan is 4,960%, which represents the total cost of the loan to you, expressed as an annual percentage of the total amount of the loan granted, plus the associated costs, if any, and which equates, on an annual basis, to the present value of all commitments, such as drawdowns, repayments and charges, agreed by the Financial Institution and you, as set out in Circular 5/2012 of the Bank of Spain.
The APR was calculated on the assumption that the loan runs to term and that you will perform your obligations in accordance with the terms of the agreement.
The APR may also vary depending on the term.
The following costs were taken into account when calculating the APR:
1) Arrangement fee of 2.250,00€, as a result of applying 1,5% to a loan amount of 150.000,00€.
2) Estimated appraisal cost of 484,00€ on the main guarantee.
Installments:
- Interest from months 1 to 6 paying 475,85 € on a total amount disbursed of 125.500,00 €(*)
- Interest from months 7 to 11 paying 528,94 € on a total amount disbursed of 139.500,00 €(*)
- Interest during month 12 paying 568,75 € on a total amount disbursed of 150.000,00 €(*)
Early repayment will be charged at 0% if the sum of any partial repayments over the preceding 12 months is less than 25% of the principle pending at the start of said period.
- Monthly repayment of 1.695,21 €€ from instalment 1 to 119. In addition, there will be a final instalment of 1.695,69€ in month 120 to adjust the amount repaid so that the final outstanding balance is 0€. The 1.695,69€ instalment is calculated by adding the outstanding capital of instalment 119, which is 1.695,69€, and the interest payable on instalment 120, which is 6,41€.
- The repayment system used will be the French system, according to which throughout the life of the loan, the installment to be paid will remain constant, with the exception of the last installment as explained in the previous section.
The total amount due on the operation is 192.127,71€, of which 150.000,00€ corresponds to the principal and 42.127,71€ is the total cost of the loan to the consumer, which includes 39.151,71€ in interest, 2.250,00€ for the arrangement fee and an estimated appraisal cost of 484,00€ on the main guarantee.
This is a mortgage-secured loan; therefore, the borrower is liable for the repayment of the loan with the mortgaged property and all of their assets. In the event of default by the borrower, the Financial Institution may initiate legal proceedings that could result in the auction of the mortgaged property/properties and the seizure of other assets or income until the loan has been repaid in full.
This Financial Institution adheres to the Code of Good Practices for the viable restructuring of debts secured by mortgages on main residences.
The early repayment fee will be 0% if and when the sum of said payments over the preceding 12 months is less than 25% of the principal pending at the start of said period. If the early repayment is equal to or greater than 25% of the principal pending at the start of the 12 month period, the commission payable will be: 2,00% in the first 10 years of the loan. This commission may not, under any circumstance, exceed the amount of the financial loss for the institution, as per las 5/2019 of March 15th which regulates real estate credit agreements.
This document contains a representative example of a loan based on the financial terms set out in the document (fixed interest rate and arrangement fee). It is for illustrative purposes only and intended to show in numerical form the evolution of instalments over a given period of time. It does not constitute a contract offer by Unión de Créditos Inmobiliarios S.A., Establecimiento Financiero de Crédito.
The mathematical formula used to determine the monthly repayment instalment is shown below. This formula is used to calculate the repayment instalment, including interest and principal, in accordance with the French repayment system.
Calculation of the monthly instalment: Instalment=(CxNIR/12)/(1-(1+NIR)/12)-term)
Where: C: outstanding loan capital; NIR: nominal annual interest rate expressed as a percentage; Term: number of monthly instalments.
Calculation of the interest portion: Interest=CxNIR/12.
Where: C: outstanding loan capital; NIR: nominal annual interest rate expressed as a percentage.
Calculation of the principal portion: the instalment less interest.
Check out our Frequently Asked Questions
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What does a single loan mean?
It means the mortgage includes the money for the renovation and also the money for the purchase of the house you want to renovate.
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Do you choose the refurbishment company?
No, you do, because you establish the trust with whoever is going to renovate your house. One of the most important aspects in a renovation is to maintain a fluid relationship with the refurbishment company in order to be always aware of the state of the renovation.
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Do you pay the refurbishment company?
The money will be available for you in order to pay the refurbishment company.From the moment you sign at the notary's office, the money of the purchase will be available for you and the 30% in order to advance money to the refurbishment company. From this moment the money will be available to guarantee the progress of the work and to ensure its completion.
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What is a disbursements loan?
We call disbursements to the money that you make available as the work progresses, it is the money that allows you to have control of the renovation and that we are putting at your disposal.
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How do we know that the works are progressing?
To monitor each progress of the works, an appraisal company will certify the status of the reform. During its visit, they will assess you about how are progressing to give you control over the project, over the budget and over the refurbishment company.
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What is the cost of the appraisal company?
We have agreed with the appraiser a standard price of € 100+VAT (121 VAT included) each time you request a review of the work in order to move forward. It will give you a visión of how the work is revalued and you will be able to speak with the refurbishment company with an appraisal report in hand.
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Who decides how many times the appraisal company must go?
This is estimated at the beginning of the works but they are usually 3. The appraisal company will review the condition and they will help you to assess how renovation has advanced.
Long live the people who add up
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With ease
Simple processes, where and when you want. -
With security
We anticipate your doubts. -
With freedom
Keep working with your bank or whomever you want. -
Personal Manager
A guide to accompany you throughout the process. -
Products designed for you
Tell us what you’re looking for. We’ll work to make it happen. -
Transparent
Let’s leave the surprises for parties and birthdays. -
Digital. Personal.
The mortgage you design yourself, to your own specifications.
Ensure your future with us
The things that really matter should be taken care of, don't you think?
Find an insurance designed for your mortgage and for your life.
This is what our clients think about SUMA
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Beatriz
SUMA was an opportunity to face a renovation before we’ve moved in. And when we did ...We had a brand new home!
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María
I think SUMA is a very innovative product that allows young people to have more options when it comes to access a house.
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Xavier
With SUMA I was able to allow myself to make the renovation that I had in mind as I was able to unify mortgage and reform in a single loan. With the interest of a personal, would not have been possible.
Forget about our story. What matters is yours!
Introducing the SUMA product: Buy a house and make it your home
In our quest to continue working to provide bespoke financial solutions to all our customers, at Hipotecas.com we are pleased to present the new SUMA product: the first mortgage that combines the purchase and renovation of a home under the same loan.
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Why a mortgage loan to renovate a home?
We want your home to be the house of your dreams, be the lover of kitchen islands, bedrooms of dinosaurs or Louis XIV-style decor!
Therefore, we have created a loan for you to enjoy the advantages of a second-hand home without give up the possibility of adapting it to your needs, give that personal touch with your tastes or improve your efficiency.
S1 Home insurance brokered through Unión de Créditos Inmobiliarios, S.A. E.F.C. Operador Banca
Seguros Vinculado, A39025515, marketed with the insurance company Liberty Seguros, compañía de Seguros y
Reaseguros, S.A.
S2 Payment protection insurance brokered through Unión de Créditos Inmobiliarios, S.A. E.F.C. Operador Banca Seguros Vinculado, A39025515, marketed with
the insurance companies Cardif Assurance Vie, Sucursal España and CNP Partners de Seguros y Reaseguros,
S.A.
S3 Life insurance brokered through Unión de Créditos Inmobiliarios, S.A. E.F.C. Operador Banca Seguros Vinculado, A39025515, marketed with
the insurance companies Cardif Assurance Vie, Sucursal España and CNP Partners de Seguros y Reaseguros,
S.A.
S Insurance brokered through Unión de Créditos Inmobiliarios, S.A.
E.F.C. Operador Banca Seguros Vinculado, A39025515, registered with the Directorate-General for
Insurance and Pension Funds (DGSFP) under no. OV-0076. Civil liability and financial capacity covered according
to current legislation. Insurance companies: Cardif Assurances Risques Divers Suc. España, Santander Seguros y
Reaseguros, Compañía Aseguradora, S.A., Caja de Seguros Reunidos, Compañía de Seguros y Reaseguros, S.A.
(Caser), Liberty Seguros, Compañía de Seguros y Reaseguros, S.A., CNP Partners de Seguros y Reaseguros, S.A.,
Cardif Assurance Vie, Sucursal España. For more information, visit the DGSFP’s Single Point of Information at:
http://www.dgsfp.mineco.es/
