Mortgages are
available from most of the major
Spanish banks and savings banks
[Caja de Ahorros]. Also many new
properties under construction
are already mortgaged by the
developer as a means to raise
capital to fund the construction.
A purchaser, under the direction
of an abogado [Spanish lawyer]
can take over such a mortgage
when purchasing such a property.
Because of the volume of
properties we have helped to
obtain mortgages for, our
Finance Department has developed
very close relationships with
major banks, in particular BBVA,
Banco Popular, "la Caixa" and
Caja Mar. These relationships
have repeatedly helped our
clients to obtain preferential
terms.
As a general guide a non resident will
be able to borrow up to 75% of the
valuation of a property, residents can
borrow up to 80% of the valuation. On
purchases of land the maximum will
usually be around 50% of the valuation,
which also applies to rural homes
constructed on land classified as "rustic".
Interest rates for
mortgages in euros are based on the Euro
Interbank Offered Rate, or EURIBOR for
short. Of course, this rates fluctuate
with time, however they are now at
historical lows and far below interest
rates in the UK. The lenders rate will
be a margin over EURIBOR generally
EURIBOR + 1.25% but individuals
circumstances can dictate higher or
lower rates; additionally fixed rate
mortgages are available at slightly
higher rates.
The Most common repayment
periods are 10, 15 or 20 years,
but up to 35 years can be arranged.
Information the bank will require: Banks vary in the amount of
information that they will require, it
is wise to prepare as much of the below
as possible in advance.
If you are employed:
• Last 3 wage /
salary slips.
• Last Income tax
declaration [P-60 in the
UK] or evidence of
latest annual tax
assessment.
• Copies of current
bank statements.
• Bank reference
letter from your
employer confirming date
of employment and proof
of income.
• Copy of passport /
residencia.
If you are self employed:
• Latest income tax
declaration.
• Copies of the
accounts for the last 2
/ 3 years.
• Chartered
accountants company
report, confirming your
annual personal drawings
from the company.
• Copy of your
passport / residencia.
• Personal bank
statements.
• Bank reference
letter.
If you would like additional information
regarding finance, please contact us at:
info@greenyroom.com
OR CALL TO: +34 968 47 15 28 / +34 687 008 514
Save your money by giving them a much better exchange rate
than the high street bank offer.
GREENYROOM.COM
GREENYROOM, S.L. & F10K Fincas e Inversiones Costa
Mediterránea, S.L. TLFS. SP +34 968 471 528
/ UK +44 20 8144 0924 / FAX. +34 968 470 452
Contact us/Email:
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