Mortgages in Spain - How to get a mortgage in
Spain
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How to finance
your dream
home?
At present
there are many
Banks and
Financial
Institutions
throughout
Europe,
including the
normal Spanish
Banks, lending
money for
Residential
and Commercial
property
purchase in
Spain. All
lenders will
secure the
loan on a
property,
either in your
own country or
on the Spanish
property
itself.
Spanish banks
and U.K.
lenders
arranging
mortgages on
Spanish
property will
lend a maximum
of 80% of the
purchase price
to
non-residents.
Interest rates
starting as
low as 2.95%
and Interest
Only Mortgages
and Capital
and Interest
Mortgages are
available.
Full
quotations on
request
through your
mortgage
broker.
There are both
advantages and
disadvantages
to arranging a
mortgage in
Spain instead
of the U.K.
With a Spanish
mortgage you
will incur
higher set up
charges
compared to
the U.K. and
many of the
current
mortgage
schemes that
U.K. lenders
enjoy are not
yet available.
Some of the
advantages
Spanish
lenders have
over their
U.K.
counterparts
are lower
interest rates
and flexible
lending
criteria that
are designed
for quicker
application
and completion
times. You
will also find
only a handful
of U.K.
lenders
arranging
mortgages
directly on
Spanish
property in
comparison to
the Spanish
Banking
industry as a
whole.
Exchanging
your U.K.
monthly income
into euros to
repay your
mortgage can
be a very
daunting and
time consuming
task,
therefore we
advise you to
seek qualified
advise on this
matter. The
bank of your
choice can
arrange money
transfers in
Sterling or
Euros at a
relatively low
cost. As a result of
extensive
research Ideal
Spain are
pleased to
offer
preferential
currency
transfer rates
for all their
clients and
visitors, click
here for more
information. It is also
advisable to
speak to your
new bank with
regards to
High Interest
Sterling
Accounts where
your mortgage
payments can
be taken
directly and
converted on
your behalf.
We highly
recommended
that you start
the mortgage
process prior
to searching
for your
property. This
can be
arranged
through a
professional
Mortgage
Broker in the
comfort of
your home
where you will
receive a
detailed
quotation of
the costs and
expenses
associated
with
purchasing a
Spanish
property. You
will also be
advised on all
U.K. and
Spanish
lending
options
available to
you, where
your
individual
requirements
will be met.
Using a
professional
Mortgage
Broker you
will benefit
from receiving
a “mortgage
offer in
principle” so
you do not
waste any time
looking for a
property you cannot afford.
Another
important
thing to
consider prior
to purchasing
a property in
Spain is
Spanish Tax
Laws. These
vary from U.K.
tax laws and
inheritance
tax is a
subject that
should be
taken
seriously when
deciding whose
name the
property
should be
registered in!
In all
circumstances
we highly
recommend
qualified
legal advice
before you
sign anything.
Idealspain works with several reputable mortgage
brokers who specialise in mortgages for Spanish properties.
Complete the enquiry form and we will pass your information to
them.
You are under no obligations and this does not form part of any
offer or agreement
Your information is not passed to anyone else or stored
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