Type of Loan: Repayment or interest-only for purchase, remortgage or capital raise.
Loan to Value: Varies from lender to lender, for non residents 70% of the lower of the price or valuation is normal. Loans based upon valuation are still possible to 60% and up to 90% of the declared price.
Term: 5 to 40 years up to age 80.
Interest rates: Please contact IMM for a personal quote
Proof of Income: This is normally required by most lenders, unless self certified. Minimum documentation schemes for Self-Employed applicants are also available. Please contact IMM for further details.
Fees: Spanish bank fees are typically1% of the mortgage amount and on average mortgage taxes amount to circa 1.4%; and notary and registration fees of around 0.5% of the amount borrowed. There will also be legal fees and valuation fees which will depend on the value of the property and amount of mortgage. The total cost, including taxes, notary, lawyers, bank fees etc of buying a property in Spain if using a 70% Spanish mortgage is normally around 12% of the purchase price.
Legal issues and Valuation
Remember: don’t sign anything or put down a deposit until you have taken legal advice. Your lawyer will be able to extensively cover the legal costs and taxes you are liable for prior to committing yourself to a purchase or remortgage. IMM will liaise with your lawyer throughout the process. We will obtain the nota simple, an abbreviated form of the escritura de compraventa – the official document recording the current ownership and registration of the property. This document will be required in order to carry out a valuation and it will tell you if the property is correctly registered.
Applying for a Mortgage Please contact us as soon as possible to arrange an approval in principle. This will enable you to find out how much you can borrow and obtain initial terms. If you haven't found a property that you want to buy we can help you to establish your affordability and issue an approval in principle based on your current financial situation. See Useful Termsfor an explanation of some legal terms.
International Mortgage Management is a registered trading name, that complies with data protection and holds a consumer credit license. Your property may be re-possessed if you do not keep up repayments on your mortgage. The exact fee for our service will depend on your circumstances and the location of the property. The Financial Services Authority (FSA) is the UK's mortgage regulator however it does not regulate international mortgages. We are not tax advisor's, and do not offer any advice or recommendation on tax or legal issues. All comments and figures are for illustrative purposes only; we strongly recommend that you see an independent tax advisor and lawyer. All mortgages are subject to status and offer and will not be binding unless stated otherwise. Flag images are provided by www.3DFlags.com.
