Mortgages and Property

Spain

Spanish Mortgages for purchasing a property in Spain - rates from approx 4.05% in Euros

Includes Spanish Residential Property in Mainland Spain, Canaries & Balearics

If you are considering purchasing a property in Spain, Spanish Mortgages are available for the majority of Nationalities for either House Purchase or re-financing for Home Improvements and other purposes on a case-by-case basis.

Types of Spanish Mortgage: Repayment & Interest only Mortgages

Minimum: €30,000 loan amount and/or Purchase Price/Valuation of €100,000. No Maximum, but must not exceed 80% of valuation or purchase price (whichever is the lower) Please note, even more competitive schemes now available for 70% loans with a minimum of €30,000

Proof of Income: required in the majority of cases (can be made up of Earned Income, Pension, Investment or Rental Income. Please note however, it is not always the case that the Lender will take all or part of these Incomes into account when determining the maximum loan available). Non-Status mortgages are currently not available, but minimum documentation lending schemes for Self-Employed applicants, may now be considered on a case-by-case basis. .

Term: up to 40 years on a Repayment basis or 15 years on an Interest only basis, up to a maximum age of 80 for either type of scheme

Currency: Euros and other Major Currencies

Current Variable Interest Rates: from approx 0.75% above EURIBOR in Euros, OR 1.75% above LIBOR in Sterling. PLEASE CHECK BOTH THE LENDERS SETTING-UP COSTS AND EARLY REDEMPTION PENALTIES, AS THESE CAN VARY - DETAILS ON REQUEST.

Example Spanish Mortgage for a loan in Euros: Repayment mortgage of approx €70,000 over a period of 25 years at an interest rate of approx. 4.05% = approx €376.00 capital and interest per month = a total approximate amount payable over the term of €115,680 including capital, interest, arrangement and survey fees

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