Mortgages in Spain
Plaza de la Constitucion, Fuengirola, 29640, Malaga, Spain
Obtaining a Spanish mortgage for buying a home overseas is an exciting adventure. Although exciting, it is a big commitment and, for many, a step into the unknown in dealing with local customs and laws. One of the biggest headaches for potential overseas buyers in Spain is how to finance the purchase. The process can be simplified as much as possible by dealing with experienced advisors who have extensive knowledge of the Spanish mortgage systems.
There is no problem in getting a mortgage as long as you can prove your income.
Often, a Spanish property can be financed by releasing equity from other property.
The maximum amount that will be advanced is 100 % for a resident, and 80 % for a non-resident, of the value of the property, or the purchase price whichever is lower.
The period can be from 5 to 30 years.
It is a condition mortgages in Spain that fire cover to protect your property is in effect with an approved insurance company.
Even before signing this contract proof that the seller owns the property and that it is free of charges should be required. In Spain debts are charged to the property, not the owner, and any outstanding mortgage or other debt will be passed on to the buyer.
Translations
Mortgage - Hipoteca
Bank - Banco
Savings Bank or Building Society - Caja de ahorros
Interest - Intereses
Term - Periodo
Fixed - Fijo
Variable - Variable
Contract - Contrato
Transfer - Subrogacion
Costs or expenses - Gastos
Mortgages in Spain
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