Mortgage Guide - by Spanish Mortgage Services
- mortgagesinspain@inbox.com
If you are serious about buying in Spain then you should start arranging your Spanish mortgage prior to searching for your property.
There are many advantages in arranging your Spanish mortgage at the start of your property search:
- It costs you nothing
- It helps you make the best decision as to how much to borrow
- It allows you time to find a mortgage that best suits your requirements so that you avoid overpaying
- You will have a better idea of how much you can spend on your Spanish property
- You can work out the likely future financial implications of your purchase.
Remember, mortgages may run for many years so you will have to live with the consequences of your decision for years to come.
Mortgages in Spain are far easier to get now than they were just 10 years as there is a larger of range of products available.
A professional broker will work closely with lenders to tailor mortgages to your individual needs. Interest rates in Spain are still significantly
lower than in the UK and other parts of the world which means your money could go a lot further than you think. And when it comes to arranging a
mortgage, you could be in for a pleasant surprise when you find out how much you can afford.
Mortgages Available
100% MORTGAGES FOR RESIDENTS PURCHASE OR REFINANCE
RE-PAYMENT MORTGAGEs at 80% (Capital & Interest)
- Up to 80% of the value of the property.
- Up to 5 years interest only.
- Rates from 4.2%.
- Maximum term 35 years.
RE-PAYMENT MORTGAGE 70% (Capital & Interest)
- Up to 70% of the value of the property.
- First 15 years as interest only as option.
- Rates from 4.1%.
- Maximum term 40 years.
INTEREST-ONLY MORTGAGE
- 40 years interest only facility up to 70% value of the property.
- Rates from 4.1%.
Self Certificate Mortgages
- 60% value of the property.
- 30 years terms available.
- No age limit.
EQUITY RELEASE MORTGAGE
- Up to 60% of the value of the property, including interest only facility.
- Maximum term 40 years.
OFF PLAN MORTGAGES
- Up to 50% of the final purchase price of the Spanish property.
- Up to 2 years-interest only.
- Rates from 5%.
BUILDING MORTGAGE
- Up to 80% of the project price.
- Release 50% of the land price.
- Rates from 4%.
BRIDGING MORTGAGEs
- Own a Spanish property and want to purchase a new one?
- 3 years to sell your own property.
- Bridging mortgage up to 100% of the purchase price.
- Interest only available
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