MORTGAGES
 
Spanish Property Mortgages
 
Obtaining a mortgage in Spain is a painless process which many of our clients have pleasantly discovered. Even if you have enough capital to purchase a new Spanish home outright, you may want to consider the option of a mortgage.
 
Firstly
...it allows you to raise your spending power avoiding the hassle of altering the property or having to move again if your family requirements change at a later date.
 
Secondly
...you could preserve your capital and use some of it to furnish your new home with the furnishings and decor of your choice, or order a new car or even a boat to match your new lifestyle in Sun.
 
The mortgages available in Spain are similar as in the UK, but the great news is that interest rates in Spain are amongst the lowest in Europe and consumer protection is second to none. Banks supply all mortgage documentation in English and offer a tailor-made service for overseas borrowers and most institutions lend up to 70% of the property value for non-residents and up to 95% for residents, with a choice of repayment periods from 15-30 years.
 
Many new properties already have a competitive 'ready made' mortgage service as part of their offer which simplifies the service even more.
 
Equity Release
With house prices soaring in the U.K over recent years many of our clients have been releasing the equity in their homes to buy a second home in the sun.
 
This is a great way to buy your property outright in Spain and many rent their properties out in Spain for a few months of the year to cover the cost of their increased mortgage in the UK - so in many cases their home in the sun has in fact cost them nothing.
 
What Is Required To Obtain A Mortgage In Spain?
 
If Employed
 
Last three payslips
Last Tax Returns (P60)
Bank Reference or details of your Bank for reference purposes.
Last three bank statements.
Letter from employer stating length of employment & salary.
An Experian Credit Report.
 
If Self Employed
 
Last 3 years accounts from your Chartered Accountant.
Copy of your last return.
Bank Reference or details of your Bank for reference purposes.
Last three bank statements.
An Experian Credit Report.
 
Don't Forget
If you're buying a holiday home, renting it out when you're not there could generate sufficient rental income to partially or totally cover all your mortgage payments and even return you a profit.