Spanish Mortgages
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Spanish Mortgage
- frequently asked questions
Q: What is the
maximum loan to value in relation to the value of the
Spanish property I
am purchasing?
A: It is possible for us to arrange mortgages of up
to 100% of the cost of your Spanish property, by
combining a UK remortgage to raise the difference
between what the Spanish bank will lend and the
purchase price of your Spanish property.
Q: What is the
maximum age that I can have a Spanish mortgage ?
A: The Spanish banks will lend on a Spanish mortgage up to age
of 70. So if one of you is aged 55 and the other is aged 51, they
will lend for up to 19 years (taking the youngest
partners age into account).
Q: I am buying a
new build property in Spain that will not be
completed for 16 months. Can I arrange a Spanish mortgage now?
A: The Spanish banks will only release mortgage
funds when the property is completed. By releasing
equity in your UK property, however, you can use the
funds to pay for
your Spanish property as and when needed, and then arrange a
Spanish mortgage shortly before
completion.
Q: Do I have to
take out any form of life insurance to cover my Spanish
mortgage?
A: Life insurance to protect your Spanish mortgage
is not a requirement in Spain. However if you
require a quote,
click here
Q: How do I
arrange my buildings and contents insurance for my
Spanish property?
A: Although this could be arranged locally, Norwich
union, and others, have policies that can cover
this.
Q: Can I have an
interest only Spanish mortgage?
A: Yes, some lenders will allow you to pay interest
only on your Spanish mortgage for up to 10 years, and then convert to
repayment for the rest of the term. The situation is
changing all the time, so better and more up to date
information can be provided if you contact us.
Q: We would like
to buy a holiday home in Spain to let out. Can we
have a buy to let Spanish mortgage?
A: Yes. At the time of writing, the Spanish bank mortgages will allow you to rent out your
property to holiday makers and the interest rates
are usually normal, not uplifted.
Q: Can I get a
Spanish mortgage on a resale (second hand) Spanish property as well as a new one?
A: Yes. Spanish mortgages are available for both new
build and resale properties.
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Mortgages for property anywhere in Spain
Based in Spain dealing direct with Spanish Mortgage Lenders
Highest loan to values obtainable in Spain
Balearic Islands and Canaries covered
Interest rates from 3%
Total client care
Immediate in-principal decisions
Property search facility
Off plan Spanish properties with guaranteed mortgage.
Residential mortgages
If you are resident in Spain or intend to become resident and wish to make Spain
your permanent residence, and you require a Spanish mortgage to enable you to complete
your Spanish home purchase then a residential mortgage will fulfil your requirements.
Alternatively you may wish to obtain a Spanish mortgage to purchase a holiday
home or buy to let holiday home
We have many Banks and Centralised Lenders to choose from and will be able to
find the right Spanish mortgage for you.
From the information you give us we will be able to provide
you with:
1. An in principle decision for a Spanish mortgage
2. Information regarding the repayments on your Spanish mortgage
3. Information involved in providing your Spanish mortgage
100% Spanish Mortgage
There is only one way to achieve a 100% mortgage for a Spanish
property......combine it with a UK remortgage to make up the difference.
Due to government restrictions it is not possible for a bank in Spain to lend
more than 80% of the property value to an Extranjero (foreigner)
However if you are fortunate enough to own your property in the UK and have
equity, we can help with a UK mortgage, loan or re-mortgage.
With a top up from your UK property, we can use the proceeds to fund the deposit
and by combining this with the funds from the Spanish mortgage normally we are
able to provide 100% of the purchase price and normally cover all the purchase
expenses.
UK loans and mortgages can be provided through one of our associated companies in
the UK.
We are able to provide a full range of UK mortgages both Status and fully
non-status.
Commercial Spanish Mortgage
We can offer commercial mortgages for the purposes of project finance and
construction. Normally a commercial mortgage will require a substantial business
plan, accompanied by accurately calculated figures from an established
accountant.
Funding for commercial ventures is unlikely to exceed more than 50% of the
finished project estimate.
A commercial venture will normally be in the form of an apartment building,
housing estate/urbanisation or other large project. It is unlikely we will be
able to provide funding for retail ventures such as bars, shops etc.
We have specialists at hand who may be able to assist with your business plan,
giving it the best possible chance of success.
UK Mortgage
Through our network of agents in the U.K. we can offer you a mortgage with a
British Bank, Building Society or Centralised lender on your UK property. In the
U.K. we can offer you full status mortgages and also fully non-status mortgages.
We will need some preliminary information from you, this will of a basic nature,
from this we will give you an in principal decision.
We provide finance for all ex-pats living abroad and also non-residents wishing
to buy abroad. We have the products to fit every circumstance.
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