What is the FINE, and why should I read it carefully?
The ESIS is the standardised sheet that summarises the cost and terms of each loan offer. It is the only way to compare banks on equal terms — and the bank is required to give it to you.
In this guide
What the ESIS is
The ESIS — European Standardised Information Sheet (FINE in Portuguese) — sets out the cost and terms of a mortgage offer in a format that is the same across the European Union. Because it is standardised, it lets you compare banks without mixing apples and oranges.
When you receive it
The bank must give you the ESIS at two points: when you run a simulation, and when it tells you a proposal has been approved. Keep each bank's sheet — comparing them side by side is how you compare properly.
What to look at first
Go straight to the total amount payable and the APRC. A bank can have the lowest monthly payment yet the highest total cost, because of insurance or tied products. The ESIS is where that shows in black and white.
The risk of skipping it
Deciding on the monthly payment alone, without reading the ESIS, can mean choosing the offer that looks cheapest but costs more overall. We help you read it and compare offers on equal footing.
Worked example
You have three ESIS sheets on the table. The one with the lowest payment (Bank B) carries the highest total amount payable, because of a pricier life policy. Side by side, it is Bank C's ESIS — a slightly higher payment — that costs least overall. Without reading the ESIS, you would have picked Bank B. (Example figures.)
Sources
Susana Vasconcelos
- Intermediária de crédito autorizada pelo Banco de Portugal n.º 0008496
- Mais de 10 anos na banca