If you need a Spanish mortgage we work closely with Easy Mortgages Spain, a firm of independent mortgage advisers that specialise in providing impartial advice to non residents and ex pats.
Their goal is to deliver a professional and efficient Spanish mortgage service and constantly research the whole market to ensure that the most competitive and best Spanish mortgage products are available.
Easy Mortgages Spain offers a full range of Spanish mortgages for home purchase or building a Spanish property including:-
Interest only mortgages- Fixed rate mortgages
- Currency mortgages
- Mortgages over 1 million Euro
- Tracker mortgages
- Self-build mortgages
- Corporate mortgages
- Country properties
General Product information
Spanish Mortgage LTV
The maximum loan available to non residents is
70% LTV (loan to value) based on the purchase price or valuation of the property, whichever is the lower. Spanish residents can lend up to
80% LTV (loan to value) based on of the valuation of the property (mortgage must not exceed 100% of price declared on the title deeds).
Interest Only Spanish Mortgages
Interest only Spanish mortgages are available but are limited to the first 5 years of the mortgage term. The mortgage reverts to capital and interest for the remaining mortgage term.
Interest Rates
Spanish mortgages track one of the Spanish Euribor base rates with a fixed margin above that base rate for the term of the mortgage.
Mortgage Term
Spanish mortgages are available over terms of 10 to 40 years but the loan has to finish by age 75.
Arrangement fees
Spanish Banks usually charge an arrangement fee of between 1% and 1.5% of the mortgage loan and this is deducted from the mortgage amount they are granting.
Early repayment penalties
The maximum early repayment penalty allowed by the Bank of Spain is 0.50% of the outstanding balance and must reduce to 0.25% after 5 years.
Life Assurance
Most Spanish banks insist that a life assurance policy is taken with a mortgage. This will usually be a policy they arrange for you and will normally cover the mortgage loan in full or in part.
Proof of Income
Spanish banks need to fully assess your circumstances and ability to repay a mortgage. Below is a typical list of what is required although some banks can request more:-
- Copy of current passport
- Last 3 months pay slips (For self employed 2 years tax returns)
- Last annual Tax certificate (P60)(For self employed last annual tax calculation)
- Last 3 months bank statements
- Credit history report
