Spanish Mortgages | Spanish Property Mortgage Information
Spanish Property Mortgage
Numerous mortgage options are available to the Spain property investor. When choosing a Spanish mortgage provider it is easy to get caught up in the multitude of mortgage packages available. It is imperative that you shop around for the best mortgage rate to suit your investment. Spanish Invest can advise you on mortgage options based on your investment and individual requirements. Spanish Invest makes finding a customised mortgage for property in Spain simple.
Frequently asked Spanish Property Mortgage Questions:
- How long can I expect to repay my mortgage for? The mortgage repayment periods in Spain are generally 15 years or less.
- How much of a mortgage can I expect to receive? The mortgagor (institution issuing the mortgage) will generally mortgage 66% of the value of the property.
- What is the income-to-mortgage ratio? The mortgagor (institution issuing the mortgage) will generally only issue a mortgage that results in repayments of less that one third of the mortgagee (person applying for the mortgage) monthly disposable income.
- What types of mortgages are available? Spanish financial institutions don’t have quite the same array of mortgage options as the UK. Most Spanish mortgages are fixed interest mortgages over a specified mortgage period. Early repayment will result in heavy fines in most cases.
- How should I go about applying for a mortgage? It is advisable to get your mortgage through a Spanish institution. Mortgages against UK property are slightly riskier due to possible currency fluctuations.
Banks that offer Mortgages:
- BBVA – A Spanish Bank with a strong presence in the UK. (www.bbvauk.com)
- Banco Santander – A well established Spanish Bank part owned by the Royal Bank of Scotland. (www.gruposantander.es)
Try our approximate mortgage calculator for an idea of your average mortgage repayments…
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