Easy Mortgages Spain are happy to announce a new non status spanish mortgage available for non-residents.  The high street Spanish Bank offering this product has not started to market the product yet and is unlikely to but Easy Mortgages Spain have already had several applications approved, usually within 48hrs.

The non-status spanish mortgage product is not to be confused with a self-cert Spanish mortgage:-

Non-status mortgage - a mortgage where the borrowing is not dependent on the income of the applicant and the applicant states they can afford the repayments.

Self Cert mortgage -a mortgage where the lender does not seek proof of income to demonstrate affordability; but instead relies on a statement of earnings as certified by the borrower(s).

Despite the product being a non-status Spanish mortgage, approval is not guaranteed and some minor underwriting criteria must be met. · The main benefit is that the mortgage applicant does not need to meet the usual strict income requirements typically set by Spanish Banks.  The Bank manager may request the applicant to justify their ability to be able to repay the mortgage e.g proof of an investment or a property that could be sold in the event the applicant could not make the repayments.

The non-status Spanish mortgage is limited to the following conditions:-

• Max 50% of purchase price
• Max mortgage of €120,000
• Max term of 10 years (to age 75yrs old)
• Interest only for first (if required)
• Rates from 2.5% above 12 month Euribor (annual Euribor)
• Suitable for purchase only (not Finca Rustica properties)

Applicants with a bad credit history will not be considered and the product is only available for purchasing of a Spanish property (not re-mortgage or capital raising)

Although a non-status mortgage is not suitable for everyone, we have found it very useful for clients that need a fast mortgage approval or are looking for some effective bridging finance in Spain at reasonable rates.

Please contact Easy Mortgages Spain for more information on this product