Spanish Mortgages

2007-03-08 10:33:40

( Financial )



Spanish mortgages are not only accessible to young working people but Spanish mortgages are also available to elderly people. If you are 60 or above, you may still apply for Spanish mortgages.

Mostly, you find some fixed assets of which you want an access to, you can apply for Spanish mortgages without having to worry about your income or age.

Terms for a mortgage in Spain range from 5 to 30 years. Banks or other mortgage lenders expect mortgages to be fulfilled at the age of 70. However, if you applied for Spanish mortgages at the age of 65, you may fulfill your Spanish mortgages until a maximum age of 85.

Spanish mortgages are usually tied to a variable rate and are dependent on the annual euribor. The euribor is the European inter bank offered rate. This determines your interest rate within the initial 12-month period. After which, your interest rate will be reviewed.

Spanish mortgages are subjected to bank charges like the arrangement fee. Aside from this fee, you have to include some other costs. These costs are: mortgage tax, registry fees, and purchase costs. These costs are usually subtracted from your gross mortgage advance.

With Spanish mortgages, the currency used is in euro. This is the currency used in most central Spanish banks. For other small banks, the mortgage lenders may choose to use your Spanish property as collateral and accept repayments in any currency you may choose to use.

What are the benefits of applying for Spanish mortgages? Spanish mortgages offer a low interest rate. Furthermore, your property or other possessions in the UK are protected.

One thing to remember though is to add at least 12% of the purchase price to at least sustain your mortgage costs.

More importantly, it is relevant that you study all the terms indicated in Spanish mortgages in order for you to be capable of completing your mortgage and ensure that you still have funds left.


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