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Spanish Mortages
In the current financial climate it can be hard to secure a mortgage for your Spanish home. The rules and criteria for loans are changing daily in Spain as they are in the rest of the world.
Finco Finance can help you secure a mortgage in these uncertain conditions. We deal with the largest banks in Spain and the Uk, From Lloyds and Barclays to Banco Santander and we will personally visit each bank manager with your file to obtain the best deal for you.
Will I qualify for a Spanish mortgage?
Realistically at the moment no bank will give out more than 70% loan to purchase price. They also require credit Reports from your home country. ( this must show clean credit history)
Also, no more than 40% of your incomes must be spent on a monthly basis on debt payments ( mortgages, credit cards etc)
Fixed Rate
Fix your monthly Spanish mortgage payments so that you can budget more effectively.
Rates can be fixed for between 2 and 30 years.
The fixed rate is a mixture of interest and capital repayment.
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Variable Rate
Monthly payments will vary when interest rates go up or down.
Up to 80% of the property value is available to non-residents.
A mixture of capital repayment and interest.
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Fixed Repayment
Suitable for long-term mortgages.
The monthly payment is fixed for the full term.
Each year, should the interest rate rise or fall, the length of your mortgage is altered.
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Switching Mortgages/ Remortgages
This is an ideal option if you already have a Spanish mortgage but would like to pay less each month.
Up to 70% of the value of your property can be borrowed.
The bank that the mortgage is switched to will pay for the notary, arrangement and redemption fees.
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Interest Only
If you are planning to sell your property in the future and wish to keep your monthly repayments low, an Interest Only mortgage could be for you.
At the end of the mortgage (or when you sell), you will still owe the original amount borrowed.
This is an ideal option for investors.
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Sterling Mortgages
Are you being affected by the Euro/Sterling exchange rate when paying your Spanish mortgage?
A Sterling Mortgage could be arranged so all the monthly repayments will be paid in Sterling, avoiding the currency exchange fluctuations.
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Equity Release
When you have capital in your property that is not covered by a mortgage you can release this money for any purpose.
Up to 60% of the value of the property can be released by choosing this option.
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Buy to Let
If you are planning to rent out your Spanish property you can borrow up to 50% of the value of the property against the rental you will earn.
Should you wish to borrow more than 50%, you can use this mortgage in conjunction with another.
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Find out more about our Spanish mortgages using the form below now.
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