The Spanish Mortgage Market And How To Obtain The Best Mortgage For You
spanish Mortgages from the tenerifemortgagebroker.com
It can take anything from 2 to 6 weeks to arrange your Spanish mortgage so the sooner you start the better. Utilising the services of an experienced broker is essential now that the Spanish mortgage market has expanded. The array of products is far larger than even two years ago and includes:
Interest only mortgages up-to the full term of the mortgage
* 100% mortgages * Upto 40 year term mortgages for both purchase and remortgage * Multi currency and currency switching mortgages * High net worth specialised mortgage products * Equity release mortgages up to 75% loan to value
One question we are constantly asked is: Can I obtain a 100% mortgage?
The short answer is yes - you can. You are able to obtain 100% of the sale price of a property in Spain. You must remember though to factor in the purchase costs which can be upto 12% of the purchase price.
Lifetime mortgages are a relatively new product in the Spanish market and are an excellent way for owners of property in Spain to equity release without the monthly repayments or the dangers of negative equity.
Multi currency mortgages are more sophisticated than the average Spanish mortgage and allow the mortgage interest rate to reflect that of the currency in which the mortgage is denominated. You can choose from many currencies including Euro, Sterling, Yen and Swiss Franc. This is very appealing to those who may be paid in these currencies or where the interest rate on, for example, the Swiss Franc, is far lower than the Euribor - which is used to set Spanish mortgage rates.
Equity release mortgage have changed dramatically since they were first brought on to the Spanish mortgage market. the maximum loan to value or "cash out" for an equity release in Spain is now 75%. The term of equity release mortgage can be as high as 40 years and the interest only option can be for the entire term making for some very flexible mortgage options.
Re-mortgages in Spain are at their highest rate ever as many borrowers hope to improve on their original mortgage deal. most buyers in Spain take mortgage advice from their estate agent. We at tenerifemortgagebroker.com would liken this to allowing your car mechanic to cut your hair! Our advice is to let estate agents sell property and we will take care of the mortgage element. Unfortunately when this doesn´t happen clients are often left with wholly unsuitable products and end up having to remortgage to improve their terms. This costs them time and money but thankfully we are here to ensure your remortgage will be to the most suitable product on the market.
For further information on any aspect of Spanish mortgage products visit http://tenerifemortgagebroker.com where you will find much more information about equity release mortgages, remortgages, lifetime mortgages and multi-currency mortgages in Spain.
