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Mortgages

MORTGAGES

SONRISA PROPERTIES offer independent mortgage advice working with a number of specialised brokers and banks, to ensure that you get the best possible deal, with fixed term mortgages starting at 1.9% with up to 75% LTV, for non-residents, Spain hasnt seen availabilty of interest only mortgages and 100% mortgages

If you are serious about buying a property in Spain, and want to take advantage of financing, you should do your homework, before you visit Spain, as often mortgages in principal can be agreed in advance, based on your personal circumstance, it costs you nothing and having a mortgage in place puts you in a much stronger buying position

What agents don’t explain is the way the Spanish system works, the major difference being the mortgage loan excludes the buying fees, typically 13%-15%, on top of the purchase price, the buyer needs a deposit of around 40% of the property value, make sure you budget for this

The way that Spanish Banks access mortgage lending is different to the UK as the amount that they will loan is based on your ACTUAL INCOME & EXPENDITURE and only if this is shown on your tax returns and bank account. Typically, your monthly outgoings on loan and debt payments. including the new loan will need to be less than 35% of your net income.

Some lenders will add special clauses that require a lender to have life and buildings insurance, in fact building insurance is a legal requirement on any property with a mortgage, but they will insist that you purchase these products from the bank, at premium rates

In Spain there is no such thing as a buy to let mortgage and even though mortgage rates are very low, we would always advise, that if the amount you want to loan is low, consider financing in the UK

Documents Required For a Mortgage in Spain

  • Employed: Current Original Passport, N.I.E Number, Wage Slips for the last 6 Months Minimum, P60, Last 6 Months Bank Statements and a Full Credit Report i.e. Experian.
  • Self Employed: Current Original Passport, N.I.E Number, Tax Return, Company Audited Accounts, 6 Months Bank Statements Showing Income, Full Credit Report i.e. Experian.
  • Retired: No Borrowing to Persons age 65 or Over. Original Passport, N.I.E Number, Proof of Retirement Pension Paid, Bank Account Statements, Full Credit Report i.e. Experian.
  • Note: It may be possible to take out a mortgage in more than one name, i.e family members if they have adequate proof of income and their credit history is good. Maximum Mortgage available to Non Residents is 75%of the Escritura value (Deed) or bank valuation whichever is the lower. 

TABLE BELOW SHOWS OUR CURRENT OFFERS & RATES

 

Initial Rate

Initial Term

Type

Fee

Currency

Max LTV

1.50%

2 years

Variable

1.00%

EUR

60%

1.70%

1 year

Variable

750 EUR

EUR

75%

1.75%

1 year

Variable

1.20%

STERLING

70%

1.90%

10 years

Fixed

1.00%

EUR

60%

2.25%

1 year

Variable

750 EUR

EUR

75%

2.30%

15 years

Fixed

1.50%

EUR

60%

2.45%

20 years

Fixed

1.00%

EUR

60%

2.49%

30 years

Fixed

1.00%

EUR

60%

2.70%

1 year

Variable

750 EUR

EUR

75%

2.99%

Term

Fixed

1.50%

EUR

60%

 

INTERESTED IN BUYING OFF PLAN, INSPECTION TRIPS FROM £99 INC HOTEL AND FLIGHTS