Mortgages for bank repossessions & key ready bargains from troubled developers
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2011: A mortgage to meet every buyers' financial needs
- Up to 107% mortgages on bank-owned for non-residents
- Guaranteed 90% mortgage bank-owned properties
- 20% deposit zero interest, zero repayments for 3 years
- Interest-only mortgages up to two years
- Mortgages for the self-employed
- Capital raising and equity release
- Mortgages for retired people up to age 80
- Mortgages for clients with a poor UK credit history
- Competitive rates Euribor +0.5% with 2-year discount
:: Finance to Go mortgage deals in Spain
:: Guaranteed 80% to 100% Mortgage Property Showcase
:: Guaranteed 100% Mortgage briefing & form
:: AUGUST 2011 Update: How to get the best mortgage deal
:: Mortgage Calculator for Finance to Go purchase
Around 90% of all residential mortgages in Spain are provided by members of the Confederación Española de Cajas de Ahorros Benéficas (CECA), some of whom are the partner banks of the Property in Spain Mortgage Centre. Status requirements vary according to lending source and/or property source.
Spanish Mortgage Guide 2011
Now in a revised edition (January 2011), this invaluable resource provides benchmarks on the best mortgage deals in Spain. It includes important changes to mortgages for bank-owned properties and bank-forced sales from developers.
Mortgage first - then choose the bargain property...
The Spanish property market is changing in 2011 with a greater emphasis on the most cost effective way to fund a purchase. This is because the Spanish banks are offering a wide range of mortgage options, including 60% to 100% loans, 2-year and 3-year payment holidays, 3-year no interest deals and rent to buy among the incentives we now offer our registered buyers.
Different properties come with specific funding options from developers and/or the bank involved in the repossession or forced sale. There are 1,000s of properties to choose from that could meet your available cash and repayment preferences.
With interest rates starting a shade above two percent, it is now almost the case where buyers should be choosing their funding options first and then choosing their property from the portfolio of the Spanish bank or troubled developer offering the deal with most appeal.
Buying a property you like with the funding agreement that suits you, that has been pre-approved and you know is affordable, provides additional security on legality and property pricing. It can also reduce the overall cost of purchase dramatically or enable you to buy a better property than your original budget might suggest…
Property in Spain Mortgage Services
It is usually cheaper to arrange a euro mortgage with a bank in Spain. Loans are available up to 80% of the property value, although the norm is 60%-70%. However, 1,000s of bank-owned bargains come with 90% or 100% loans because of the outstanding loan to value ratios. First, find the finance deal that suits you best and then select from the bank-owned properties covered by that mortgage offer.
Interest rates in Spain have stayed consistently lower than in the UK over the last few years with early 2011 rates starting at a shade above 2%. This makes borrowing from Spanish banks very favourable for UK buyers and can reduce the aquisition costs dramatically.
Apply in UK in English
Using our "Finance to Go" service, you can apply for approval in principle on your Spanish mortgage or UK home equity release before you start to look for property in Spain. You'll know exactly how much you can afford before you start and source the property from the portfolio of the bank or developer offering the finance deal that best suits you. All documentation in English and your Spanish solicitor will check all the details as part of the legal processes.
Buying as an Investment
If you are a serial buyer/investor, planning a country refurb or your “status” is non conforming because you are self-employed etc, do not worry over much. There is a FSA-regulated Advice & Action firm in London where you can consult online or in person (A fee is payable in some circumstances).
DISCLAIMER
PropertyInSpain.Net is neither a mortgage lender nor an independent financial adviser and, as such, are unable to offer financial advice. Enquiries are processed by banks or independent financial advisers specialising in mortgages for Spanish property purchase. Think carefully before securing other debts against your home. Your home may be repossessed if you do not keep up repayments on your mortgage.