Easy Mortgages Spain offers a full range of Spanish mortgages for home purchase or building a Spanish property including:-

The Spanish mortgage process may be different to what you are used but Easy Mortgages Spain can help you through every step.  It is very important to ensure you have enough deposit available for your intened property purchase so, with a few simple details, we can quickly provide you with an illustration of all costs and taxes and help establish your maximum lending capacity and property budget.

Below is some general product information, for full product info on the best Spanish Mortgage deals available, check out Best Spanish Mortgage Deals

General Product information

Spanish Mortgage LTV

The maximum loan available to non residents is 70% LTV (loan to value) based on the purchase price or valuation of the property, whichever is the lower.  Spanish residents can lend up to 80% LTV (loan to value) based on of the valuation of the property (mortgage must not exceed 100% of price declared on the title deeds)

Interest Only Spanish Mortgages

Interest only Spanish mortgages are available but are limited to the first 5 years of the mortgage term.  The mortgage reverts to capital and interest for the remaining mortgage term.

Interest only spanish mortgages

Interest Rates

Spanish mortgages track one of the Spanish Euribor base rates with a fixed margin above that base rate for the term of the mortgage.

Mortgage Term

Spanish mortgages are available over terms of 10 to 40 years but the loan has to finish by age 75.

Arrangement fees

Spanish Banks usually charge an arrangement fee of between 1% and 1.5% of the mortgage loan and this is deducted from the mortgage amount they are granting.

Early repayment penalties

The maximum early repayment penalty allowed by the Bank of Spain is 0.50% of the outstanding balance and must reduce to 0.25% after 5 years.

Life Assurance

Most Spanish banks insist that a life assurance policy is taken with a mortgage. This will usually be a policy they arrange for you and will normally cover the mortgage loan in full or in part.

Proof of Income

Spanish banks need to fully assess your circumstances and ability to repay a mortgage. Below is a typical list of what is required although some banks can request more:-