Spain has a developed mortgage market like any other advanced economy, with a number of different lenders offering a wide range of Spanish mortgages. These are offered by banks and savings banks and are sold either through Mortgage brokers or directly by the lenders. When looking at homes for sale in Spain, one will find that there are now many international banks including British, offering mortgages in Spain.
Not unlike any other mortgage market, there are huge differences between the mortgages on offer, not just from one financial institution to the next, but also within the same company and even from branch to branch.
When buying property in Spain, the costs, terms and conditions can vary considerably from mortgage to mortgage and from lender to lender. The interest charged on all Spanish mortgages is calculated as a function of the base rate set by the European Central Bank; however, over and above this, lenders in Spain are relatively free to set the charges, terms and conditions as they wish.
It is almost impossible, or at least extremely difficult, for foreigners looking at homes for sale in Spain to find and review the best mortgage deals on the market, and there is a grave risk that you could end up with an inflexible - and in some cases - expensive mortgage which costs you much more than it may have needed to if you had had better access to a wider range of lending.
A specialist broker who understands and operates in the Spanish marketplace should be able to give you a greater opportunity to secure a suitable mortgage for you depending on your requirements and circumstances.
Having worked with thousands of people buying property in Spain over the last decade, Sell Property In Spain knows the best places to go to secure finance for your new property purchase. We will introduce you to a selection of the main Spanish banks and financial institutions, ensuring you have direct access to the very best and latest products in the marketplace.
Generally Spanish mortgages are available for all types of property and in all areas, are available on a repayment or interest only basis, and at the time of your initial consultation, all of the available options will be fully explained to you in plain English.
Our legal and accountancy partners will oversee the entire mortgage process for you and ensure that you get exactly what you asked for, and on time, in conjunction with which ever financial institution you secure your mortgage.