What is the best mortgage available?| Spanish mortgage information

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	Up to 50 year term
	Up to 100% of the purchase price
	Up to 30 years interest only
	Up to 60% self certified
	Low interest, no early repayment fees or redemption penalties.

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What is the best mortgage available?

That really depends on your individual circumstance and what is most important to you.

Interest only Mortgages
For example it may be that the monthly repayments need to be as low as possible and therefore an interest only mortgage would be most appropriate.

Mortgages with No penalties
Maybe you are keen not to have a “redemption penalty” which is a payment/fee charged by the lender if you close the mortgage early, this is sometimes the case if you are thinking about selling the property soon after buying it.

Equity release Mortgages
You may already own a property and want to release some cash

Re-mortgage
You may want to reduce your monthly payments or restructure your finances

Spanish Mortgages Joint purchases
Maybe you want to buy a property with your children, business partners or friends

Reducing Spanish inheritance tax
Maybe the reason for the mortgage is simply to reduce inheritance tax

Spanish Investment properties
Maybe the reason for buying the property is investment and therefore different considerations apply

Retirement in Spain
Perhaps you would like the mortgage to continue to age 80

Self/certification
In the UK and Ireland we are used to getting self-certified mortgages; this is when you do not have to verify your income. However in Spain “self-cert” mortgages are, a relatively new concept and although they are now offered by some of the lenders, the percentage of loan to value is lower than in the UK and Ireland. Can be up to 60% of valuation but this is one product that changes quite often. Please speak to one of our advisors.

Spanish Bridging Loan Facilities
This is a very useful product if you already have a property in Spain and wish to buy another. The specific advantage is that it gives you time because you can effectively mortgage the two properties with the one lender with special rates to give you time to sell.

Spanish Resident Mortgages
Many lenders are prepared to lend Spanish Residents a higher amount as a mortgage, compared with the value of the property, than they will lend to non-residents. However one of the main considerations is how we define resident as opposed to a non-resident. It seems the definition will be different depending upon who you speak to. There are lots of different Spanish authorities and 40 different mortgage banks and there is no standard definition so we end up with different methods for defining a resident.

For example the Spanish Tax authorities will base their decision on the number of days per year that are spent in Spain. The immigration department will base their decision on the residency card. Many of the banks will base their decision on where you earn your living/income and your employment. So you could have a situation where someone earns their salary in the UK but spends so much time in Spain as to be effectively living here, but they do not have a Spanish employment contract to show they have a job in Spain and they do not pay Spanish socials security or income tax. These people fall in between resident and non-resident and some banks will accept them as non-resident even though they are living in Spain.

To be accepted as a resident you really need to be able to prove that you earn you living in Spain and that you are employed with a Spanish employer or that you are registered as “autonomo”, which is self-employed. It is worth having a chat with our mortgage advisor to find out what best suits your own circumstances.

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Please Note

YOUR HOME MAY BE REPOSSESSED IF YOU DO NOT KEEP UP REPAYMENTS ON YOUR MORTGAGE. CHANGES IN THE EXCHANGE RATE MAY INCREASE THE STERLING EQUIVALENT OF YOUR DEBT.

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