Now that you have decided to buy a property, it may be interesting to research to finance part of this through a Spanish mortgage.
The choice of financing via mortgage has a number of advantages:
- You keep your liquidity.
- Take advantage of the favorable current interest rates.
- You can study a different price segment
After you have decided to finance a portion, it is advisable to have the feasibility of the financing sorted out. Through a specially developed test of The Spaanse Hypotheker, you know exactly what your financial possibilities are. Then you can look for the property and the financing that best suits your wishes and your profile.
Spanish mortgage facts
Maximum duration
The maximum term of a mortgage loan is 25 years, with a maximum age of 75 years. Sometimes it is advertised with longer maturities and higher ages. These are conditions for Spanish residents. The above conditions are for non-resident buyers.
Maximum funding rate
The maximum percentage of financing is 70% of the purchase price or valuation value, depending on which of the two has the lowest value.
Mortgage form
In Spain it is customary to provide an annuity mortgage. A fixed amount of interest and repayment is paid monthly and the entire mortgage is repaid during the term.
Fixed and variable interest rates
A variable or fixed mortgage rate can be chosen. The variable rate is calculated on the basis of the European bank rate (Euribor) + a storage rate and is re-established annually. The fixed interest rate remains the same for the term of the loan.
Both have advantages and depending on your profile we can decide in consultation which one suits you best.
Turnaround time
The provisional agreement (agreement subject to valuation) can be issued fairly soon after the application. This normally takes two weeks. Next, the total lead time of the mortgage application to the transfer is on average 6 to 8 weeks.
Mortgage advice
Since there are many financiers working in the Spanish market and the majority of Spanish bananas do not speak dutch and English, we recommend that an advisor be called in. This will assist you throughout the process and will help simplify, speed up and protect you from the pitfalls and even after the mortgage has been settled, you can always ask him your questions.
TIP
Enlisting a mortgage advisor has several advantages:
Through one contact, has direct access to other mortgage providers
Free feasibility check and service in your own language
Independent advice, time savings and a tailor-made quote
If you want more information about financing a house in Spain or want to run a free feasibility test, please let us know.
Robin Christiani
Tel & whatsapp: +34 675 072 836
info@spaansehypotheker.nl