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Mortgages

Costa del Sol Services aims to provide the customer with independent mortgage advice for Spanish mortgages and to manage the processing of the mortgage through all the stages so that we can achieve a speedy and cost effective completion in the timescales set. We will always strive to deliver the best results for all our customers.

Our comprehensive service is provided by an experienced professional with many years experience in the local market to give you, the customer, what you need. We understand issues relating to poor service, unreliability and an unprofessional approach to the mortgage process and we aim to offer an efficient and dependable service that is great value and offers the best solution to all of your Spanish mortgage requirements.

The information below is a more detailed look at how mortgages work in Spain and an overview of the amount of money that banks tend to lend people.

Non Resident Mortgages

• Non-residents can borrow up to 80% of the valuation of the property. Some banks will however restrict the borrowing to a percentage of the purchase price.
   
• The length of the mortgage can be up to 40 years although the usual term is up to 30 years.
   
• The standard rate of interest is variable but we can also offer fixed rates which are generally higher and a mixture of both fixed and variable is also available.
   
• Mortgages can be either Repayment mortgages (both capital and interest) or Interest only or a mixture of the two. The Interest Only can either be a mixture where the interest is paid over a fixed period of the mortgage with the capital being repaid over the remaining term or for the whole term of the mortgage where the capital is repaid at the end of the term.
   
• Loans are available for borrowers up to the age of 75 but can be to an unlimited age.
   
• Remortgages are available.
   
• Mortgages on Rustic property up to 70%.
   
• Loans can be taken out in both an individual or Company name.
   
• Self Certification mortgages up to 60% of valuation.

Resident Mortgages

• Residents are able to borrow a higher percentage than non residents, in some cases up to 100% of the valuation or 120% of purchase price.
   
• However, the percentage available is based on a number of factors and the normal loan to value ratio is 80%.
   
• Rates from as low as 4.75%.
   
• Term can be up to 50 years.
   
• There are tax benefits available for younger, first time buyers.
   
• Change of house product which gives you more time to sell your previous property.
   
• Interest only period available for whole of term.
   
• If buying in joint names, both parties have to be resident to benefit from these offers.

Please contact us for a free no obligatory quote to see if we can save you money.