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Spanish Banks do not always have set rates & criteria's & some allow their Branch Mangers to define the terms as long as these did not go below the minimum set by Head Office. This means that if you visit one Branch of a Spanish Bank, one Manager may offer a better deal on the mortgage than another branch of the same Bank.
All our Mortgages are from Directors with whom we have worked with for many years, and are always at the lowest end of the possible rates. We can gain special pricing or terms for clients of ours as our Mortgage Book is of such a good quality.
We will advise you on all your options for a loan in Spain, we will make a recommendation based on your circumstances and requirements against your meet to each Banks criteria and terms and conditions.
A mortgage in Spain is granted as a percentage of valuation or purchase price whichever is the lower of the two. Maximum loan to values are 70% for non tax residents of Spain.
Maximum terms range from between 20 to 30 years. Age restrictions do apply which can vary from Bank to Bank and range from age 60 years to age 75 years.
Standard repayment loans are the main product in Spain. Interest only has disappeared from the market. This loss of interest only facilities has happened under pressure from the Bank of Spain.
.Buy to let mortgages, using rental income as part of the affordability assessment are not available but the Banks in Spain do not prevent you from renting out the property.
Spanish Banks work off affordability ratios based on net not gross income.
Only incomes shown on personal tax returns are normally taken into account.
.Most Banks will consider 100% of after tax net income but a few limit this to 80%, and some have minimum earning levels. On average to comply with general criteria for gaining a mortgage in Spain your monthly outgoings on loan and debt payments including the new loan will need to be less than 35% of your net income.
Most loans offered in Spain are variable trackers linked to the 12 month Euribor. Each Bank then offers a margin above Euribor. It is the margin above Euribor that differs between Banks. Loans are reviewed once a year against prevailing Euribor at review date.