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Toll-free number

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From abroad: +39 06 45560210

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Glossary

Repayment

By mortgage repayment we mean the repayment schedule that splits the debt into instalments. After the last instalment is settled, the debt is considered paid off in full.

Residual debt

This is the part of capital that the debtor still has to pay the creditor. This part of capital does not include accrued interest.

Power of attorney

This is the action by which a person gives another person the power to act in his stead. The term "power of attorney" also refers to the document that officially certifies this power, which usually includes the signature and a photocopy of an identity document of the delegating party.

Mortgage duration

This is the period between issuing the mortgage and paying it off (i.e. making the last repayment, after which the debt is repaid in full).

EURIBOR

The acronym stands for EURo Inter Bank Offered Rate. This is the average interest rate, calculated daily, of the financial transactions in Euro conducted between the major European banks, and is taken as a benchmark rate.

Digital signature

With Banca Widiba, you do not need to print and sign documents manually: you can do everything online.

Administrative procedures

In Banca Widiba, there are no additional costs for handling the mortgage's administrative procedures.

Mortgage registration

This is a security interest primarily concerned with property; in the case of insolvency, it ensures the fulfilment of an obligation through the forced sale of the asset involved.

Substitute tax

This is a tax that is paid in place of one or more taxes. When taking out a mortgage to buy a property, this tax replaces the registration tax, stamp duty and the mortgage registration and land register fees; it is equal to 0.25% of the amount paid out, if the lender is a bank and if the property is bought for residential purposes with special tax breaks for first time home buyers. Substitute tax on the purchase of a second home equals 2% instead of 0.25%.

IRS

This is an instrument used by banks when stipulating fixed-rate contracts. To protect its credit against an increase in interest rates, the bank resorts to special agreements negotiated with parties that are willing to take on risk. These agreements are called swaps, and from the relating interest rate stems what is known as an Interest Rate Swap, or IRS.

Investigation

This is the bank's examination of a mortgage application.

Technical evaluation

This is a survey carried out by an expert to determine the value of a property.

Loan sustainability

Generally, a loan is considered sustainable when the total repayments for any outstanding loans do not exceed one third of the debtor's monthly income.

Mortgage specialist

This is a professional who follows all the mortgage application and disbursement phases.

Spread

This is the difference between the rate of return of a bond and that of another benchmark security. The spread is determined daily on the basis of free trading on the securities markets and on secondary market quotes.

Mortgage portability (remortgage)

This is a service though which you can switch a mortgage with another bank over to Widiba. You don't have to pay anything, either to pay off the old loan or to take out a new mortgage.

APR

The Annual Percentage Rate is the actual cost of the mortgage, and includes both the interest rate and other expenses, such as the bank investigation costs.

Fixed rate

The interest rate is fixed at the start and remains the same, and therefore the mortgage repayments remain the same until the mortgage is paid off.

Floating rate

In floating rate mortgages, the interest rate applied every month follows variations in the Euribor. Consequently, repayments can rise or fall compared to the initial instalment.