Mortgages
The advantages of arranging your mortgage at the start of your property search are as follows:
- It costs you nothing to start early. Forward planning helps you clarify the advantages and disadvantages of taking out a mortgage in Spain or Portugal and make the best decision as to how much, if at all, to borrow.
- Arranging your Spanish or Portuguese mortgage in good time allows you to find the mortgage in Spain or Portugal that best suits your requirements and avoid overpaying.
- By taking steps to arrange your mortgage at the start you will have a better idea of how much you can spend on your Spanish or Portuguese property and can work out the likely future financial implications of your purchase.
- Having your Spanish or Portuguese mortgage in place reduces the risks of you losing a property that it has cost you so much to find, and means one less source of anxiety and pressure when you are trying to close on a Spanish or Portuguese property.
Mortgage Conditions
Euro Non-Resident
Loans 70% LTV* over €250.000:
Rate 20 Year fixed 2.75% or variable Euribor + 0.9%.
Term 20 yrs up to 75 years old (45yrs old max. for 30 yr term)
Loan 70% LTV: from €50.000:
Rate 1st yr 0.99% fixed then EURIBOR plus 0.99% .
Term 30 yrs up to 75 years old.
Early redemption 0.5% in 1st 5 years & 0.25% thereafter.
*LTV refers to the lower of the two figures between the purchase price and the valuation.
Scandinavian
Loan 70% LTV
Rate 1.75-2.7% (rate payable and is based on 3-month EURIBOR).
Term 30 years, age unlimited.
Early redemption €270.
Swiss, Benelux & Scandinavian
Loan 70% LTV.
Rate for the 1st yr 2.5% then EURIBOR + 1.25%
Term 25 years up to 75 years old.
Early redemption 0.5% in 1st 5 years & 0.25% thereafter.
Non EU
Loan LTV is up to 70%:
Rate 1st yr 2.5% then EURIBOR + 1.25%
Term 30 yrs up to 75 yrs old.
Resident
Loan 80% LTV.
Rate for the 1st yr 0.99% then 0.99% + EURIBOR.
Term 30 years up to 75 years old.
Early redemption 0.5% in 1st 5 years & 0.25% thereafter.
The above information was kindly provided by EMAC.
