Mortgages in Spain

Many non-resident clients buying property in Spain have been pleasantly surprised to discover that obtaining a Spanish mortgage is actually quite easy. Unlike the UK, there is no need to seek the services of a mortgage broker and there are very few private mortgage lenders. The banks are very easy to deal with and VIP has a good relationship with the most important banks in Spain. Even if you have enough capital to purchase a new Spanish home outright, you may want to consider the option of a mortgage for several reasons.
 

Firstly: It allows you to raise your spending power. The good news is that traditionally the mortgage rates are lower in Europe than they are in the UK and they are controlled by the EEC and not governed by one country with consumer protection laws being the same. Mortgages are available when the building is completed so if you decide to invest you can make the stage payments and put the rest, up to 70%, to a Spanish mortgage. A re-sale property can be considered for a mortgage immediately.
 

Secondly. ..you can preserve your capital and use some of it to furnish your new home with the furnishings and décor of your choice, or order a new car or even a boat to match your new life style in Sun.
 

You'll recognize the types of mortgage on offer, variable interest, fixed interest or a mixture of both. Most banks supply all mortgage documentation in English and offer a tailor-made service for overseas borrowers. Most institutions lend up to 70% of the property value for non-residents and up to 80% for residents, with a choice of repayment periods from 5-20 years.
Many of our new properties have a competitive 'ready made' mortgage service as part of their offer which simplifies the service even more, or we can help you in arranging your own mortgage lender and independent advice in the UK.
 

Don't Forget:

If you're buying a holiday home for your own use, renting it out when you're not there could generate sufficient rental income to partially or totally cover all your mortgage payments and even return you a profit.