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Spanish Mortgages

 RelocatetoSpain has liaised with a very good and established English operated Brokerage offering excellent rates for our members and in some cases 100% of the Property purchase price have been achieved! Simply let us know your requirements and you may be surprised at what we can legally get you, whether you have a poor credit history in the UK (which has no bearing in Spain) or not.

1) Relocatetospain Now can really help you raise that mortgage finance

2) Mortgages are offered very similar to the UK

3) Most are offered by the Spanish High street Banks

4) New Products are become readily available, including Self certificated ones.

5) Visit the new breed of mortgage Brokers, many expats

6) Roughly the same criteria and documents are required to obtain such a mortgage.

7) There are ways of getting around some of the criteria....Speak to us.

8) The mortgage will be offered as a percentage of the property Value.

9) Normal Bank lending is usually between 70 to 80% of this value.

10) Properties are NOT valued the same as in the UK (important read notes below )

11) This tends to be the reason for most refusals.

12) Most banks will look for a UK Bank, Building Society (or credit card) reference

13) Interest Rates are currently around half that of the UK.

14) Most mortgages are offered from ten to twenty years.

15)Fuss free mortgages are usually offered on new builds from the bigger developers

Full Details

Mortgages are offered on properties in much the same fashion as the UK, with the Major Spanish high street banks being the main source of such finance. However more avenues are opening up for sourcing mortgage finance and a visit to one of the new crop of Mortgage brokers (many ex Brits) will help get the best deal for you.

Rates are currently around half that offered in the UK and mortgages for residents of Spain (you will be classed as such should you be working on contract or are registered as such) will be offered in some quarters up to 95%, although most banks favor 80% of the property value. None residents can normally expect to be offered around 70% of the valuation.

Repayment terms are usually offered from ten to twenty years although new products are available for up to thirty years and new self declared earning products are beginning to be offered.

All Mortgages are offered on a percentage of the official valuation of the property (usually assessed by a Banks Valuer) This is quiet often the stumbling block in obtaining or being refused the Mortgage (Read the Important notes on Valuations ). The mortgage offer will usually be made within a few days of the valuation being assessed.

The Normal income and personal financial circumstances will be taken into account, as in the UK but if you feel unsure please drop us a line (we have helped in impossible cases!)

Valuations : The big stumbling block in obtaining a Spanish mortgage is usually the Valuation of the property not stacking up. Many Brits believe the valuation to be undertaken as in the UK showing the true value of the property however in Spain this is frequently not the case!

As we have explained in the `Black Money Section´ of the members pages Property Buying Process most property sales are paid for in `white´ legal money which is registered on the title deeds and a percentage of the purchase will be paid for in `Black´ Money and this is not shown. This practice alone alters what the official value of your chosen property and those around it will be assessed at, by the valuer. Their official valuation is probably some 30 to 50% lower than the asking price, making an expected 80% mortgage, in reality, short of what is needed to purchase the desired property. There are Brokers who do find ways around this problem but it is a problem especially on country properties, that should not be ignored.   

The One exception to the above is that of New Builds where the full Purchase price is usually entered on the deeds and many developers are able to offer a no fuss mortgage up to 80 or 90% of this amount. 

If Your Needs are for Spanish Financing of your Property, do speak to us first, rather than being disappointed further down the line...Good luck