D
Damian George
New Member
Mortgages in Spain are becoming more increasingly difficult to obtain as the lenders tighten their belts.
As in the UK; the Spanish lenders are constantly changing their product ranges and increasing fee’s making it a mine field for non-residents when trying to source the most suitable product(s).
AIP’s that usually take 48 hours are now taking around 4 to 5 days! And the endless list of the documents they require can be very frustrating. These however are all pitfalls that will need to be overcome when your property is due for completion.
Interest rates are also at the highest in over 5 years in Spain with the current annual EURIBOR rate at 5.5%, the banks will then add their margin of lending to this to give you your actual mortgage rate, this can be anywhere from +0.75% to +1.75% depending on the product that you take.
The key to obtaining your mortgage in Spain is to be Patient and supply the information requested by the bank or your broker, there are no shortcuts like self cert mortgages anymore (although if you are only looking for a low LTV then some banks will offer and minimum document policy).
Using a broker although may cost a little more will take away many of the headaches as they will have constant updates and be able to feed the latest & most up to date information to you the client. Key Mortgages S.L (Key Mortgages - Overseas Mortgage Consultants) is one such broker with access to all the big lenders in Spain; they do not charge any fee until they have actually had your loan approved! So you know you are not wasting any time or money.
For free help and advice please email [email protected] & quote imsfx.
As in the UK; the Spanish lenders are constantly changing their product ranges and increasing fee’s making it a mine field for non-residents when trying to source the most suitable product(s).
AIP’s that usually take 48 hours are now taking around 4 to 5 days! And the endless list of the documents they require can be very frustrating. These however are all pitfalls that will need to be overcome when your property is due for completion.
Interest rates are also at the highest in over 5 years in Spain with the current annual EURIBOR rate at 5.5%, the banks will then add their margin of lending to this to give you your actual mortgage rate, this can be anywhere from +0.75% to +1.75% depending on the product that you take.
The key to obtaining your mortgage in Spain is to be Patient and supply the information requested by the bank or your broker, there are no shortcuts like self cert mortgages anymore (although if you are only looking for a low LTV then some banks will offer and minimum document policy).
Using a broker although may cost a little more will take away many of the headaches as they will have constant updates and be able to feed the latest & most up to date information to you the client. Key Mortgages S.L (Key Mortgages - Overseas Mortgage Consultants) is one such broker with access to all the big lenders in Spain; they do not charge any fee until they have actually had your loan approved! So you know you are not wasting any time or money.
For free help and advice please email [email protected] & quote imsfx.
