Arranging a Spanish Mortgage

Spain is one of the most interesting and alluring places to visit. Crystal clear beaches, warm climatic conditions, diverse cultures, streets filled with ancient buildings, wide variety of cuisine and wine - are the specialities of Spain. In addition, Spain is filled with artistic wonders like museums, galleries, medieval castles and ancient monuments. In short, Spain has something for every traveller.

Spain is a perfect blend of art, music, tradition and modernity. A Spanish property is usually artistically very appealing. One can find luxury spa resorts as well as romantic castles and traditional cathedrals. It is a land of contrast and diversity. So naturally there is a huge demand for property for sale in Spain. Financing a Spanish property is easier with the help of Spanish Mortgage. Spanish Mortgage helps you to achieve your dream and own your Spanish property.

• Different Spanish banks operate based on different policies. They also have different risk analysis methods. They vary considerably within the same bank i.e. from branch to branch. So, it is advisable to seek the help of a broker to make the most out of Spanish property and make it a flexible and inexpensive deal.
• It is highly essential to start your bank process well in advance. As you will likely end up in a more expensive rigid Spanish mortgage scheme if you are going to make arrangements at the last minute.
• Mortgage for Spanish property is available based on the value of the property. Mortgage for Spanish property is available for both residents and non-residents of Spain. Generally, a non resident can borrow around 60% of the property value as mortgage while a resident can borrow around 80% of the property value.
• Mortgages are attached to the Spanish property that is bought and written in the title deed. So it is highly recommendable to have a Spanish lawyer during the process.
• Like any other country, Spanish banks provide both fixed rate and variable rate mortgage. Both have advantages and disadvantages over each other. Some banks even offer a mixed mortgage that involves fixed rate for certain period and then, variable rate mortgage for the rest of the period.
• Mortgage for property for sale in Spain is very easy to avail. Spanish mortgage lending period varies from 20 to 30 years on average while mortgage repayments will be less than 35% of your net income.
• A Spanish mortgage lender decides on the amount based on the applicant’s profile, his financial position, age, the type of property he wishes to buy, etc. For instance, Spanish banks consider lending money to buying primary residence property. They consider it as less risky than lending money for buying a holiday home or your property abroad.
• Land registry filing known as ‘nota simple’ is required which will confirm whether the property is clear of any other debts or not. This can be obtained from the Land Registry.
• Approx 1% value of the mortgage is charged as fee.
• Notary fee, Land Registry fee, Deed arrangement fee, Stamp duty - are the other hidden costs incurred while buying a Spanish Property.

Golf property in Spain is known all over the world. So naturally, there is a huge demand for golf property in Spain and luxury Spanish villas for sale. In general, Spanish Mortgage is available for all kinds of properties – right from luxury holiday homes to cheap studio apartment.