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If you’re serious about buying a property in Spain it’s worth considering taking a Spanish mortgage …… let us explain why.

 
1. Interest rates are very low at the moment. Many of our clients, including those who are cash buyers, are taking advantage of these historically low rates so they can make the most of their cash and use their liquidity for other investments. Our finance partner, Fluent Finance Abroad, offer our clients rates from just 1.75%
2. Buy the property you deserve. You may feel that your limited cash budget isn’t quite enough to get you the dream property you would really love. Getting a Spanish mortgage can top up your buying power giving your access to bigger or better located properties at a higher price point.

 

3. Short term Spanish mortgages are available so you don’t have to be tied into a long term mortgage here. You can obtain a flexible mortgage which will allow you to cancel the mortgage at any time without incurring heavy redemption penalties. So if, for example, you are expecting a lump sum in the near future (i.e. tax free pension lump sum or a sale of a property elsewhere), the mortgage can be cancelled in full.

4. Spanish banks will do their own legal due diligence against the property meaning that if the bank will not lend against the property, it probably isn’t worth buying and it may even have legal issues such as not being properly registered. This offers you, the buyer, an extra layer of security when you purchase.

5. Age is not an issue. Most Spanish lenders are able to grant mortgages based on pension income.

6. Think bigger. You may have the ability to purchase more than one Spanish property if you wish to create a small holiday letting portfolio here in Spain.