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  Mortgages in Spain



  70% Mortgages available in Spain



  Availability

Hamiltons Property S.L., in collaboration with our Spanish associates, have access to their dedicated mortgage desk. We can therefore assist with all your mortgage requirements. Mortgages on Spanish properties are available for non-residence, up to 70% of the property value.

  Main lenders

Most Spanish banks (Sol Bank, Deutsche bank, BBV and Bank of Atlantico) and Building Societies (Halifax, Norwich & Peterborough, and Abbey National) will offer mortgages for properties purchased on the Costa del Sol. Properties bought off plan can also be mortgaged, on completion.

  Mortgage Enquiry Form



Please enter all fields marked with a red asterix (*)


Name*
Address (1)*
Address (2)
County
City*
Country*
Telephone No*
Email Address*
What type of property are you buying?*
What price bracket?*
How much of the % of the price are you looking for?*
When will you be ready to buy?*
What is your age?*
How long will you need the mortgage for?*
When will the deposit be available?*
Where is the deposit?*
Comments
 

  



  Mortgage in principle

Hamiltons can arrange a mortgage in principle by completing the form below we will be able to establish how much you will be able to borrow, This does not form a legal contract as we will need to see proof of the below details and the property must stand up to valuation. However by applying like this it will speed up the process of your purchase and will ensure that you are not disappointed when purchasing.

  Mortgage costs

Depending on which lender has been selected to provide your mortgage

• The arrangement fee will be between 1% and 1.5% of the loan.
• The valuation fee will be approximately €500 depending on the property value.
• There are also the notary costs, taxes, property registration and legal fees of the lender.
• For easy calculations the above costs normally total up to between 8-9% this cost must be considered when purchasing property in Spain.

The maximum amount you can borrow will also depend on your income. In general the rule of thumb is that you will be advanced up to 3 times your gross annual income.

  Currency of mortgage

Mortgages are available in most major currencies. We strongly advise however, that you set up your mortgage in EUROS. This safeguards your risk of exposure to currency fluctuations.

  Interest rates

Interest rates for mortgages in Euro are based on EURIBOR (Euro Inter Bank Offered Rate). The lenders will normally charge EURIBOR + 1.25%-1.50% but individual circumstances will determine the exact interest rate, which could be higher or lower. It is common to find that some lenders offer a lower "Start up" interest rate of 3.75% for the first year then go up to EURIBOR + 1.25% from Year 2 onwards.

  Maximum repayment term

In general, the maximum repayment term is 15years, but up to 25 years can be arranged. This will be dependent on the age of the borrower. The eldest partner must not go beyond his 70th birthday by the end of the term of the mortgage. This means that for a couple, where the eldest partner is currently 55 years old, the maximum repayment term on offer would be 15 years.

  Documents required

The documentation required will vary from one lender to the next. As a general guideline we have listed most of the paperwork you are likely to need, it is a good idea to prepare much of these as soon as possible.

If you are employed you will need to produce:

• Last 3 wage /salary slips.
• Last income tax declaration (P60 in the UK) or evidence of latest annual tax assessment (if you live in a tax-free environment then this is not applicable).
• Copies of current bank statements (last 6 months).
• Bank reference letter.

If you are self-employed you will need to produce:

• Latest income tax declaration (where applicable).
• Copies of the accounts for the last 2 / 3 years.
• Copy of your passport / residence permit (residencia) if you are a resident.
• Personal bank statements (6 months).
• Bank reference letter.
  Transferring money to Spain

Bank charges and commissions for transferring money from the account vary considerably from bank to bank. We recommend that you consider a currency company like HIFX who can obtain preferential rates.








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