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Mortgage Shop Spain
Submitted by Gerry Dandridge on 30/Nov/2004
Message:
Mortgage Shop Spain - Guide to the best Spanish Home Loans for your needs from the Mortgage Shop Spain
Minimum Loans are normally £10,000 and there is usually No Maximum (we have previously provided funds of £1,450,000 to one client of ours buying in Spain), but must not normally exceed a maximum of 90% of property valuation or purchase price (whichever is the lower) for non residents and up to 100% for residents.
http://www.tms007.co.uk/enquiry.php?from=eumortsspainboard
Proof of Income is required in all cases (can be made up of Earned Income, Pension, Investment or Rental Income.
Please note however, it is not always the case that the lender will take all or part of these incomes into account when determining the maximum loan available each loan is a**sed individually). The format of proof of income differs from case to case and we are proud of our individual underwriting ability for all of our clients, which means all cases pros and cons are taken into account.
Loan Types Available: Repayment, Investment linked and in some rare occasions interest only.
Loan-to-value percentages, range from 50% to 100% dependent on the bank and whether you are a resident or non resident. The most common funding we offer for non residents is 80% of the Spanish property purchase price or valuation which is the same through out the Spanish mainland, the Balearic and Canary Islands of Spain.
Some Spanish Mortgage lenders will not let you rent out your new Spanish Property which is often essential to produce much needed additional income to help fund your new Spanish Holiday Home or future Spanish Retirement Home. We have many options to arranging Spanish buy to let properties for temporary or permanent Spanish investment arrangements up to 80% of the value of the property for residents and non residents of Spain.
All of the Spanish banks will charge an administration fee, which is basically a fee for the bank arranging the mortgage. This can be from £250 to as much as 2% of the purchase price or valuation of the property in Spain. In many cases, an early repayment charge, known in the UK as a redemption penalty will be charged, which vary between £250 to as much as 2% of the amount repaid for early redemption/repayment of the Spanish mortgage.
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