Spain
At a glance:
|
Mortgage
|
Refinance
|
Equity Release
|
Buy to Let
|
| Maximum Loan to value |
85%
|
70%
|
70%
|
50%*
|
| Maximum Interest only period |
10 years
|
10 years
|
10 years
|
0
|
| Maximum Term |
40 years
|
30 years
|
30 years
|
30 years
|
| Maximum Age on completion |
80
|
70
|
70
|
70
|
| Average interest rates |
3.5%
|
3.5%
|
3.5%
|
4.1%
|
| Average monthly price per thousand |
3.77
|
3.77
|
3.77
|
4.55
|
Process:
Spanish banks are very experienced in handling non resident mortgage applications and can have mortgage offers in place within two to three weeks due to the large variety of products available, there is generally a mortgage available for all applicants.
Approximate timelines (weekends not included):
| 1. |
Approval in principle |
Instant |
| 2. |
Final licences |
Day 1 |
| 3. |
Property registration details |
Day 1 |
| 4. |
Application (receipt of documents) |
Day 1 |
| 5. |
Power of attorney |
Day 1 |
| 6. |
Confirmation of approval in principle |
Day 3 |
| 7. |
Valuation |
Day 6 |
| 8. |
Formal offer |
Day 10 |
| 9. |
Arrange signing |
Day 15 |
| 10. |
Signing |
Day 20 |
| 11. |
Transfer of deeds |
Day 20 |
| 12. |
Payment to developer |
Day 20 |
| 13. |
Agency of service |
Day 20
|
| 14. |
First mortgage payment |
Day 21 |
| 15. |
Commission received |
Day 41 |
Costs:
For guidance purposes, as costs vary from lender to lender:
|
Cost
|
Amount
|
Payable
|
| Broker fees |
500
|
Up front (refundable) |
| Application / bank fees |
0 |
Up front |
| Valuation fee |
200 |
Up front (refundable) |
| Opening commissions |
1.5% of loan amount |
On signing |
| Registry / Notary fees |
0.8% of purchase price |
On signing |
| Agency of Service |
120 |
Annually on signing date |
Currencies:
Spanish Mortgages are available currently in Euros, GBP, US Dollars, Swiss Francs, Canadian, Hong Kong, Singapore, Australian and New Zealand Dollars.
If you are looking to furnish your Spanish property then make sure you visit our preferred partner for Furniture Spain
|
+353 901 4604
