Mortgages in Spain

As times goes on, its getting easier to obtain a mortgage in Spain, the rates are also better than the UK. Some banks offer 90% mortgage, but many are 70 to 80% and the mortgage can be up to your 70th birthday.

If you shop around you can find that some banks do an interest only on the first year which is quite beneficial when you are purchasing a new property as there is always something new that you want for your home, even with the furniture packs that you have the option with on a new home.

A lot Spanish property is bought off-plan, with a mortgage where you can put down a deposit on an incomplete home in a new development. Many of these provide common areas such as gardens, swimming pools, tennis courts and gyms, all for an annual fee.

There are a choice of lenders in Spain, which are, Cam Bank, Sol Bank and Banco Halifax to name a few. Most people I have met who have a mortgage are with Banco Halifax and the CAM Bank. They both speak good English and go through the progress step by step and any problems you have, they will go through all paper work, and what happens with you until you are fully away of what you are doing.

You also need a good Spanish speaking lawyer whom has a good knowledge of English, never purchase a property without a lawyer. A list of recommended lawyers will be added to this article at a later date.