Interest Rate Types
Spanish variable rate products are generally linked to the yearly Euribor interest rate index and your rate will be reviewed yearly. Some offshore banks can provide variable rate mortgages in sterling secured against your Spanish property purchase linked to the Bank of England base rate.
Fixed rate mortgages are now generally available with terms up to 5 years. Fixed rates are suitable for those who to budget their expenditure for a known period and not experience any surprises should bank rates alter.
Types of lending products available:
- 80% loan to value with up to 5 years interest only for a 30 year term. Rate from Euribor + 0.75%
- 70% loan to value full term Interest Only with Fixed rates available in Euros or Sterling.
- 65% loan to value Stated Income mortgages.
- 60% loan to value for equity release or re-mortgage with cash release facility and no age restrictions.
- Flexible mortgage plan including offset and credit line facility up to 70% loan to value includes up to 10 years interest only facility
- Self certification mortgage in Spain up to 60% loan to value for purchase & equity release
- Offshore company held asset mortgages up to 70% loan to value for loans above ? 500.000 including capital repayment holiday by negotiation
- Equity release or re-mortgage in Spain up to 75% loan to value on a repayment basis up to 70% including an interest only facility
- Commercial lending up to 70% loan to value
- Construction mortgages up to 60% of value of completed project
- Land mortgages for plots in Spain up to 50% of value
Many of these products are not available direct from the banks in Spain and will be subject to the lenders criteria and your status. Rates and costs are available in writing on request.