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Useful Information

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The Local Ad Magazine Online and in Print

The Local Ad Magazine Online and in Print

 

SPANISH MORTGAGES

 

 

 

 

 

 

 

 

 

 

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 financial situation.

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.