If the conditions of your current Spanish mortgage are no longer suitable for you, Easy Mortgages Spain can help you change mortgage product or lender. Reasons to re-mortgage could be:-

 Change to an interest only Spanish mortgage

 Change to a more competitive interest rate

 Change lender for a better service and mortgage product

 Extend the mortgage term

 Choose a more suitable mortgage product for your needs

Spanish Interest only mortgage

Spanish re-mortgages are fairly simple to arrange.  However, the costs of changing your mortgage lender can out-weigh the potential benefits. Easy Mortgages Spain will assist you to carefully consider the potential benefits of changing your mortgage versus the costs to do so before you make any firm commitment.

Below is some general product information, for full product info check out Best Spanish Mortgage Deals

General Product information

Spanish Mortgage LTV (loan to value)

The maximum loan available to non residents is 70% of the valuation (loan to value) and for Spanish residents we can offer up to 80% of the valuation (loan to value)

Interest only mortgages

Interest only Spanish re-mortgages are available but are limited to the first 5 years of the mortgage.

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 the mortgage. Below is a typical list of what is required although some Banks do request more:-