Mortgages

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Permanently

We offer free mortgage advice, and like to keep our clients well-informed about the best way to finance your Spanish property purchase, whether you´re buying a bank repossession, a bank-distressed or a private purchase.

Because we´ve dealt with (and processed) so many Spanish mortgage applications previously, we know very well what the important factors are (eg your age, income, deposit, existing loan commitments etc) and can help you decide which bank is best to approach, and how much they are likely to lend you.

Below we have summarised what our banks are offering at the moment (as of November 2010).  Please note that most banks will only offer you a resident mortgage if your income or pension is earned in Spain and you have been living here for several years, although some banks will offer you resident conditions if you merely live here and the property is to be your primary residence.

Over the next few weeks we will be adding more information and tools to this page, in order to make financing your Spanish property purchase even easier.

As always, if you have any questions about Spanish mortgages and the best way to finance your Spanish property purchase (whether a private sale through another agency, or a bank sale through us), just send us an email (info@spanishbankproperty.com) or call us.

Bank	Res/Non-res	Bank Property?	Max % loan	Max Endeudamiento/DTI*	Max Term (yrs)	Max Age at Term	Starting Rate*	Differential*	Opening fee	Special Conditions	Notes
A	Residents	Yes	90% of valuation	40%	50	80	0%	E+1.20%	0%	Pay nothing 3 years
A	Non-residents	Yes	80% of purchase price	40%	50	80	0%	E+1.20%	0%	Pay nothing 3 years
A	Residents without guarantors	No	80% of purchase price	35%	40	75	3.5%	Depends	0.75%	Up to 5 yrs interest-only
A	Residents with guarantors	No	100% of purchase price	35%	40	75	3.5%	Depends	0.75%	Up to 5 yrs interest-only
A	Non-residents	No	60% of purchase price	35%	40	75	3.5%	E+1.25%	0.75%	Min loan 90k
B	Residents	Yes	100% of purchase price plus expenses!	40%	40	80	2.45% fixed for 3 yrs	E+0.50% - E+1.0%	1.0%
B	Non-residents	Yes	90-100% of purchase price	40%	40	80	2.45% fixed for 3 yrs	E+0.50% - E+1.0%	1.0%		max loan 300k
C	Residents	Yes	100% of purchase price	50%	40	75	E+0.90%	E+0.40%	0.35%
C	Non-residents	Yes	90% of purchase price	50%	40	75	E+0.90%	E+0.90%	0.35%
D	Non-residents	Yes	80% of purchase price	TBA	TBA	TBA	TBA	TBA	TBA
D	Residents	Yes	100% of purchase price	TBA	TBA	TBA	TBA	TBA	TBA
E	Non-residents	No	80% of purchase price	35%	35	65	3.5% fixed 3 yrs	E+(0.70%-2.0%) min 3.5% max 15%	2.0%
E	Non-residents	Yes	110% of purchase price	35%	35	65	3.5%	E+(1.2%-1.5%)	1.5%		Mortgage broker fee 5,000 euros.  All other costs and taxes can be included in the mortgage!
Polaris (Terrazas de la Torre)	Both	No	100% of purchase price	35%	25	70	TBA	TBA	TBA

*Endeudamiento/DTI - this is the debt-to-income ratio, and is the percentage of your net income which your total mortgage and loan payments will represent.
For example, if your net income is 3000 euros per month, you already pay 750 euros per month for your existing mortgage, and the mortgage applied for will have
repayments of 250 euros per month, your endeudamiento/DTI will be (250+750)/3000 = 33%.  NB - if you are renting your main property, some banks may also include your rental payments in this calculation.

*Starting rate - this is the interest rate offered during the initial period (usually 12 mths unless stated otherwise)

*Differential - this is the interest rate offered after the initial period and is usually calculated using the 12 mth Euribor rate plus x%. At the time of writing (Nov 2010)
the 12 mth Euribor rate is 1.54%


We will be happy to provide you with a personalised mortgage quotation - just click here