Mortgages for Buying Property in Spain
There are over 275,000 people from the UK already overseas property owners and this
figure is set to climb a lot higher in the coming years according to the Office
of National Statistics. Therefore, it is imperative to make the right choice when
considering how to finance your overseas property purchase.
In addition to absorbing the information set out in our
Spain Buyers Guide it is most important to study the mortgage facilities
available to you as an overseas buyer.
Mortgages for Spanish Property
Typical Rate : From 3.05%
Loan purpose : Residential purchase, Buy-to-Let, and Re-Mortgages
Min Loan : Euro 50,000
Max Loan : Up to 95% loan to value
Max Age : 75
Term: 5 - 30 Years available
Repay method : Repayment mortgages (Capital and Interest) or Interest only
(restricted availability)
Currency : Euro.
Additonal Info : Your Loan is based on your joint net 'take home' pay. All
your existing liabilities including any mortgage/rent payments, personal bank loans,
credit card payments etc together with your proposed Spanish mortgage payments must
not exceed 35% of your net monthly income. PROOF OF INCOME IS NORMALLY REQUIRED
Our Niches
We are able to assist you with mortgages from over 30 Countries. We are particularly
proud to be among the first to offer mortgages in Eastern Europe including Hungary,
Czech Republic, Slovakia and Bulgaria with others being added regularly.
Where do you start?
Pleasecomplete your details at the bottom of this page and one of our specialist
advisers will contact you to discuss your requirements.
Approval in Principle
For all countries we are able to offer an approval in principle service. We will
ask you to complete our confidential information form. This provides us with sufficient
information about your finances to advise you of the likely hood of obtaining finance.
In some cases we can obtain a formal approval in principle directly from the lender
which is particularly comforting for new build purchases where you need to commit
to a purchase way in advance of applying for the mortgage.
Decision in Principal Application
What happens next?
If you wish to proceed, we will send you a full application pack. Any required application
forms will be pre-populated with the information you have already supplied. We will
supply you with a specific document requirements checklist and additional information
and tips about your purchase.
During the purchase
Once you have returned you application to us, as well as processing the application,
we will provide you with guidance on the whole process. We will monitor your application
with the lender closely and provide you with regular updates and explanation of
any terms when the offer is produced. We will liaise with your other chosen professionals
to help with your understanding of the complexities of your purchase such as buying
through a company, residency permits, taxation issues, life cover assignment etc.
Additional Services
As with the UK, you will be required to insure the property. Many Overseas lenders
also insist on Life Cover. In some cases an existing plan may be used if it meets
the minimum requirements. It is important this issue is not left too late, as you
may be unable to complete on your purchase until cover is in place, which can sometimes
be delayed by requirements for medical information. Our recommended independent
advisers can provide specific advice.
Our Fees
£395 on mortgage application and 0.5% of the mortgage (minimum £500) on sucessful
completion.
Overseas Mortgage Providers
We feature a select few when it comes to reccommending mortgage facilitaors from
the UK. This can be an easier way to arrange your finance or mortgage requirements
before you begin your search. Listed below are some of the advantages to using some
of the companies we reccommend.
- More than 200 residential overseas/foreign mortgage products available in over 30
countries worldwide including Bulgaria and Turkey
- Over 10 years of trading and 20+ staff experienced in conducting business with overseas
and foreign lenders
- Fully independent with more overseas/foreign lenders and more choice
- Competitive and exclusive overseas/foreign mortgage terms
- In some countries, no final arrangement fee charged by us for organising the overseas/foreign
mortgage
- At no cost, can internally pre-qualify your application financially, thereby saving
any wasted inspection flights
- Can save you time and costs (ie: phone, fax and postage) in both exploring and finding
a possible lender
- In-house processing and dedicated underwriting team for each country ? who are fully
aware of what documentation the lender requires, their lending criteria and how
to present the application, which ensures a faster mortgage offer
- The use of our extensive database of other relevant professionals such as lawyers,
surveyors, currency exchange and offshore company formation experts
Mortgage Quotes
Click the below link to receive a quotation on mortgage facilities from over 8,500
UK providers or a select number of overseas banks and mortgage facilitators.
Decision in Principal Application
Contact us for specific details