Spain has a number of mortgage lenders offering a range of Spanish mortgages. Interest
rates in Spain tend to be lower than in the UK, making your monthly repayment lower.
However Spanish mortgages have higher set up costs.
If you need a mortgage in Spain its best to look around at a variety of mortgage
lenders to see what offers they all have and which best suits your needs, for example
the most flexible and the lowest costs for the entire length of the mortgage period,
not just the lowest set up costs .And its particularly important that it suits your
If your re mortgaging in Spain because you need to change your original mortgage
conditions either to change the loan period, amount of the loan or the interest rate
it can be quite costly.
There are costs involved including a cancellation penalty, registry cancellation
fee and Notary fees. All these fees are in order to inscribe the mortgage and stamp
duty on the loan.
Before a mortgage is granted there are a few things a mortgage lender will require
such as a property valuation.The mortgage lender will want this carried out by one
of its appointed companies. The person applying for the mortgage is responsible for
the cost of the valuation.
The mortgage lender will also want to see the Nota Simple,this confirms there are
no hidden debts against the property.
Most Spanish mortgage lenders charge a set fee for a mortgage. Its approximately
1% of the value of the mortgage requested.