Mortgages in Spain

What’s Covered:

• Mainland Spain, Balearic Islands and Canary Islands

Loans Available:

• For purchase (including land), re-mortgage, self-build or equity release
• Variable, fixed, and interest only mortgages available
• Non-status loans are available, including for interest only
• Up to 30 years interest only (and self-certification) available
• Interest only options also available for the first two years
• Commercial loans are also available

Loan to Value:

• Based on the valuation of the property
• Maximum loan amount of €180,000 for 95% LTV but conditions for this are strict (and include intention to move to Spain to become a resident)
• No maximum loan amount for up to 70%-80% LTV
• Interest only up to 30 years, maximum of 70% LTV
• Equity release up to maximum of 60% LTV
• Self certification up to 60% LTV

Interest Rates:

• From 3.50% as an introductory offer, then from 4.25%

Maximum Term:

• 40 years

Maximum Age at Completion:

• Generally 75
• There is no age limit for the 30 year interest only product, and also no age limit for repayment mortgage but with higher interest rates

Currencies Available:

• Euro, sterling mortgages available

Prepayment Penalties:

• From 0% to 2%, depending upon product chosen

Documentation required (minimum):

• Last six month bank statements
• P60 or equivalent
• Letter form accountant confirming tax paid (if self employed)
• Three years audited accounts (if self employed)
• Certified true copies of passports
• Two forms of address identification
• Completed application form

General Fees to Consider:

• Usually allow for 10-13% of purchase price for closing costs
• This includes: VAT, Notary fees, Land Registration, Administration, Tax, Bank Charges

For more information visit The Fidentia Group website: Click Here