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Spanish Mortgage Summary
Mortgages in Spain work slightly differently to those in the UK, here are a few pointers as to what you can expect.
Mortgages are taken out in Euros and secured against the Spanish residential property. The lending criteria are slightly different with affordability being calculated by looking at the percentage of income that is taken up with repaying debt – typically between 35 and 40%. All mortgages are full status so proof of earnings is always required.
While the range of products is not what you may be used to in the UK the market offers, repayment and interest only products on a variable or fixed rate basis with terms of up to 40 years.
If you are thinking of taking out a mortgage in Spain you should be aware that some lenders allow you borrow against the value of the property, rather than the purchase price while others will contribute towards to the cost of remortgaging an existing property.
Loan amount - €250,000
Lower interest rates will be available at different LTVs (loan to values)
This information should only be used as a guide. All product specifications will depend on the individual’s financial circumstances. The products mentioned here are for non-resident clients, other products will be available for residents. Information correct as of 07/03/08.
Information provided courtesy of International Private Finance Ltd.
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Spanish bank repossessions some with up to 100% finance, contact the experts at Mercers www.spanishproperty.co.uk
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