Spanish Mortgages
Spanish Mortgages
To purchase your Spanish property you could apply for a Spanish mortgage
A Spanish Mortgage will usually fund up to 70% of the value of your property on a capital repayment basis over usually a maximum term of 20 years.
Another option for a Spanish Mortgages is to release equity from your UK property, this could make your Spanish property purchase much more flexible.
Spanish Mortgages
Buying property in Spain has never been easier. Securing a mortgage on a Spanish property from the UK is now far less complicated. You will usually be able to borrow 70% of the property value, however you should allow at least 12.5% for costs not the normal 10% you would expect in the UK. The Tax Law in Spain states that you must pay 1.8% of the mortgage value in stamp duty and banks will charge you an arrangement fee of 1% of the mortgage value.
The range of mortgages available is similar to that in the UK together with some additional mortgage types specific to the Spanish property market.
Buying off-plan
Before building commences many properties are sold. To avoid unnecessary interest payments, this situation requires you to be fast and responsive with your deposit and milestone payments.
Self-Build
It is possible to borrow up to 60% of the valuation when building your own property in Spain. These funds are the released at various milestones in the construction process.
It is worth mentioning that in Spain inheritance tax can rise to 50% of the value of your property. To reduce your inheritance tax liability there are schemes available which mean you can re-mortgage your home so you can live of the funds and reduce your inheritance tax liability at the same time.Try some of these lenders
http://www.spanish-mortgages.co.uk
Looking for Spanish property
Costa -Brava-Estates - UK owned company based in the Costa Brava selling property throughout the area
CostaBlanca-Estates - Property sales in Spain's Costa Blanca