Home Finances Spanish Mortgage Information

Spanish Mortgage Information

WowFactorSpain  can offer a full range of  impartial financial  advice  including: organising finances before coming to Spain opening a Spanish bank account applying for a Spanish mortgage organising stage payments whilst you wait for property to sell in the UK Mortgage Amount and Term As a non-resident you are able to borrow up to 80% of the value of the Spanish property.  Mortgages are available for periods between 5 to 40 years or to the maximum age of 75 - whichever is sooner. Interest Rates Historically, Spanish interest rates have been considerably lower than those in other European countries (at least 1% lower than the UK Standard Variable Rate) Mortgage Types Generally Spanish Mortgages are arranged on a 'capital and interest' repayment basis (Repayment Mortgage) however, you may be able to apply for an interest only option or even a combination of both.  Mortgage Expenses You should budget for approximately a 3% cost if you utilise a mortgage to purchase a property. This includes Mortgage Deed Expenses, Tax, Registration, Valuation Reports and Bank Arrangement Fee. These costs can usually be added to the amount borrowed. Mortgage and Payment Schedule If you require a mortgage and you are buying a new property, your financing will need to fit the builders payment schedule. The BBVA bank currently offers a Stage Payment Loan, whereby you can raise the initial amount(s) against equity in a UK property through the UK arm of this Spanish bank. You then take a mortgage through the Spanish arm of the bank against the new Spanish property itself (once it is completed and can be valued) to cover the final payment (up to 80% in which case you can reduce the UK side of the loan, which may have been anything up to 50%). The beauty of this option is that if your equity is sufficient in your UK property, you can borrow the entire amount - and because it's through a Spanish bank, the interest rates are lower than those generally offered by the UK banks.   Contact us if you want to discuss how  you can finance a property in Spain.

[ Back ]

spanish property | cheap spanish property | costa blanca property | costa blanca villas | torrevieja property | spanish houses | houses in spain | spanish real estate | spanish estate agents | costa blanca agents | wow factor property | property tours | inspection trips | inspection tours | costa blanca tours | resale property | featured resales | cheap resale property | costa blanca resales | spanish resales | spanish properties | bargain spanish resales | costa blanca | north costa blanca | south costa blanca | costa almeria | costa calida | mar menor property | spanish property investment | spanish golf property | costa blanca golf investment | costa blanca investment | costa properties | costa blanca properties | healthcare in spain | spanish healthcare | spanish maps | property search | cumbre del sol | cumbre villas | moraira property | moraira villas | hondon de las nieves | las nieves property | hondon villas | hondon property | hondon de los frailes | la finca | la finca golf property | villamartin property | villamartin golf property | las ramblas property | las ramblas golf property | spanish finance | spanish mortgages | spanish bank account | benitachell property | denia property | finestrat property | muchamiel property | polop property | algorfa property | almoradi property | gran alacant property | guardamar property | los montesinos property | orihuela costa property | rojales property | fortuna property | los alcazares property | murcia property | pulpi property | vera property | Property Management| Los Dolses Property Management| Villamartin Property Management| Costa Blanca Property Management| Spain Property Management| Las Ramblas Property Management| Orihuela Costa Property Management

©2000-2008 WowFactorSpain.com | Contact Us | Privacy Policy | Sitemap | Useful Links