The Spanish banks are back in the game and are now actively looking for business, just as in the UK the Spanish market needs to have learnt its lesson to ensure no repeat of the banking actions that contributed to the crisis that saw many suffer in 2007.
The information coming out from the respected institutions suggests Spain is on a road to recovery somewhat akin to the media output in the UK about its recovery, partly confirmed to a large extent by the fact that there are in excess of over 50 new developments underway in Costa Blanca alone!
So mortgages are available (subject to criteria) Your Place in Spain have teamed up with a long standing organisation named Mortgages Directa based in Spain, they can offer a variety of products for clients wishing to buy with a mortgage for their Spanish property.
With prices at the current levels it would seem a mortgage is a more than reasonable option to which any possible rentals could contribute to its repayment and should be a consideration for any buyer.
You have the peace of mind knowing also that the Spanish banks have done the necessary checks about the land and the quality to offer their money to mortgage borrowers.
You can access the mortgage calculator at www.yourplaceinspain.com scroll to the bottom of the page, click on the Md logo, once on the site you can establish a monthly payment entering the amount to borrow (usually 75%) the interest rate (currently 2.5% above Euribor which is 0) and how long you want to have the mortgage. The information should give you an estimated figure that will be close to what the actual and correct figure will be.
As with all financial actions, care needs to be taken to ensure all that is in place to support the application is sufficiently stable, therefore maximising the enjoyment of buying your Costa Blanca apartment or Villa in Murcia.
A full range of frequently asked question are listed on the site and a contact option, of course Your Place in Spain will answer any questions they can for you.
If a Spanish mortgage is something that interests you then please talk to us first. It is always wise to receive some estimated figures before taking your interests to the next level; after all you don’t really want to be rushed about having to take an option after agreeing to buy your Marbella apartment do you?
As with all mortgages your property is at risk if you don’t keep up with payments. Please be advised the figures used in this information whilst aim to be accurate, are for guidance and actual costs & figures would be supplied by the relevant experts.
