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Spanish Mortgages, mortgages in Spain, Spanish property mortgage application.

A service from www.MortgageShop.com the online mortgage information and application processing system, operating via internet since 1997 in fact as long as Google!.

Free quote for mortgages in Spain there is no commitment on your behalf and we unlike our competitors are available 24 hours a day 7 days a week on UK FREEPHONE 0800 092 0800. Mortgage Rates in Spain

We make arranging a Spanish Mortgage for the mainland of Spain and the islands of Mallorca (Majorca), Ibiza, Menorca, Fuerteventura, Tenerife, Gran Canaria, Lanzarote and Formentura a non stressful experience, through our excellent lending partners which cover all lenders in Spain. Yes at www.EuropeanMortgages.com we deal with all Spanish banks, Caja's or societies and finance companies all of them with different rates and criteria for information is available on Spanish banks. Loan-to-value percentages, range from 50% to 100% dependent on the bank and whether you are a resident or non resident. The most everyday funding that we offer for non residents of Spain or the islands is 80% of the property purchase price or valuation apply now for your Spanish Mortgage.

Sourcing Spanish Funding
From our experience some banks we find will only deal with residents of Spain, some with only non-residents and some offer the mortgage to both groups through a different percent LTV (loan to value) and interest rate, there are we find also differences in responses from branch to branch of the same company. The APR can start as low as 3.00% rising to a staggering 7% in some extreme cases. Proof of income from occupation or pension investments is usually required however for low loan to value loans limited proof of income is available dependant on your overall circumstances. This is just one common area where our impartial advice proves invaluable.
Spanish Mortgage Rate

At www.MortgageShop.com we also offer rare to find adverse mortgages in Spain where home residency debts and poor credit ratings are not taken into account. These types of mortgage are not offered by the banks to High St customers however we are happy to assist.

Loan Introductory / Administration fees
All of the Spanish banks charge this fee, which is basically a fee for the bank arranging the mortgage. This can vary from 250 to as much as 2% of the purchase price or valuation of the property. There is also, in many cases, an early repayment charge, known in the UK as a redemption penalty, which can be as much as 2% of the amount repaid for early cessation of the mortgage. Many people are enticed by low introductory fees, and a special first year rate; they can however find that they are paying approx 4.20% every year after. Be careful, we know the estate agent has a contact that is absolutely fantastic but why don't you let an Independent company source the best deal for your circumstances rather than let a property company tie up a deal for the benefit of themselves and the bank!.
Mortgage Rate in Spain

Purpose of Loans
This is another area where the banks differ widely in their criteria. If it is a straight forward residential property purchase then most banks will make an offer, this is however often only 50% of the actual declared purchase price, we offer upto 80% for non residents and 100% for residents. Mortgages can be found for all of the following (although no one lender will offer them all).
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