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and Mortgages, Re-Mortgages and Equity Release, Foreign Exchange.
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Tailored services to meet the individuals needs
Spanish Mortgage Guide:
Spanish banks have varied lending criteria and numerous product availability.
We tailor our services to meet the individual needs of our clients and match
them to the best lender and lender product service for their needs.
If you will need a mortgage to purchase your property in Spain you can either
release equity from your UK property or get a Spanish mortgage, or use a
combination of both.
In general, Spanish banks will lend to non-residents up to 70% of the
property purchase price or valuation, whichever is the lower. In certain cases
they do provide some flexibility, but for budgeting purposes it is safe to work
with a 70% maximum in mind.
When placing your offer against a property, you will require a 10-30% deposit.
You will also need available funds to cover all costs and legal fees (approx
10% of asking price) - Click HERE for further details and worked examples of
the relative 'costs' when purchasing in Spain.
Spain has over thirty banks with a national presence and numerous other
regional banks. Spanish mortgage rates usually use what is known as the
EURIBOR as their base rate. The rate you will pay will be quoted as Euribor
+1% or Euribor +1.5%, for example. Euribor is currently approximately 2.3%.
UK base rate is currently 4.5% (June 2004).
It is now common to be able to borrow for up to a 30 year term or until you
reach age 70. Generally Spanish mortgages are on a repayment basis
although it is possible to arrange mortgages with interest only periods.
For further information and to discuss your finance / mortgage requirements,
please use the below contact form - our Spanish mortgage advisor will
contact you within 24 hours.
Mortgage / Finance / Contact Form:
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