Getting a Spanish mortgage is no easy feat. Sure, you can walk into a bank and obtain a mortgage. However, to enhance your chances of a positive application in the form of a Spanish mortgage approval we strongly recommend using our professional help in obtaining your Spanish mortgage.
If you do not speak Spanish then we recommend it even stronger. here are some reasons using a Spanish mortgage service might be beneficial to you in the long run.
Spanish Mortgage rates and terms
Using a professional company gives you access to the entire market for your mortgage.
- We can help you get access to the entire mortgage market. Requesting mortgage approval with many different banks to see which offers the best deal.
- The relationship with the bank’s decision-makers may be the difference between one rate and another potentially saving you thousands of euros in the long run on your Spanish mortgage repayments.
- We do all the work for you. We deal with the bank, the paperwork the application, the language, the red tape that is common in Spain, your end of the bargain is to provide the necessary paperwork for the mortgage application. You also need an NIE Number.
- All this means the mortgage application will be stress-free and that are you more likely to get a positive result.
- 2.3%, as opposed to 2.6% interest rate, can literally mean thousands of euros in the term of your Spanish mortgage. We can get approval by several banks and in turn, negotiate the best deal.
Getting a Spanish mortgage yourself?
It is not impossible to get a Spanish mortgage yourself. If you feel confident then go for it. The point we are trying to make is that we know how to negotiate with the banks, have first name terms with many of the bank’s decision-makers and as things grind very slowly in Spain we have the ability to speed up the process if need be. Leave the heavy lifting to us.
Excellent service, helped me right through the process & got me a great deal with my mortgage. Definitely recommended!
Google Review of Equitas property Spain
How long do Spanish mortgages last?
The longest term for a Spanish mortgage term is 30 years. There are several different mortgage repayment types so be careful to make sure you understand, fixed, variable, mix of both or interest only mortgages. A mortgage broker is paramount to help make the decision on obtaining a Spanish mortgage.
What are the Spanish mortgage types?
There are two main structures for your Spanish mortgage. Variable and fixed. Variable mortgages in the EU and generally cheaper and are linked to Euribor. This is the EU interest rate that goes up and down dependent on the market. Euribor linked mortgages the percentage you pay can be cheaper than a fixed rate.
Fixed rates are generally higher. A typical Spanish mortgage can be around 2/2’6% dependent on which Spanish bank and how well the mortgage is negotiated. Having a fixed rate Spanish mortgage means that you will always know the amount you will have to pay for the entire duration of your mortgage payments.
Brexit has now caused some frustration and people are now mixed up with what exactly the lending criteria will be sin spain after the 31st December 2020. At the moment Spain are happy to lend to Brits, however it’s unlikely you will get 70% at the moment and more likely it will be 60/65% LTV for a property purchase in Spain. We can often get the 70% needed by having our contacts here. For residents this is likely to be 80/90% and in certain cases we can get 100% .
Spain is open for business, Spain rely heavily on foreign investment for its economy. This does not overjoy the locals as house prices have rocketed and you can see their point. However investment into Spain’s areas creates jobs and brings in much needed tourist money through Malaga airport. Quite simply this equates to a good chunk of Spain’s annual economy and Spain remains to be the second most visited country on the planet behind France.
Can non residents of Spain get a mortgage?
Yes, Spanish mortgages are happy to borrow to non residents. However the amount of LTV (loan to value may differ than Spanish residents. Usually the maximum (to EU residents) is 70% of the value of the property. Although, sometimes you can get more. For residents the maximum is 90% but more likely to be around 80% on most resale properties. Repossessions can sometimes be higher.