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John van de Vrande:  (+34) 636 191 380 Email: info@tucasatenerife.com

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Spanish mortgage.

Maybe you need a mortgage if you want to buy a house in Spain.

 

More information about the conditions and procedures can be found here.

 

THERE ARE VARIOUS OPTIONS FOR A HOUSE, VILLA OR APARTMENT IN SPAIN TO FINANCE.

-You can use the property from their own resources

-You can use a second mortgage on your home close Dutch, provided that sufficient excess value is

-You can apply for a mortgage with a Spanish bank

 

FOR A MORTGAGE IN SPAIN TO GET TO DO THE FOLLOWING REQUIREMENTS TO MEET:

* You must be at least 40% of the purchase price from their own resources.

Banks usually finance 60% to 70% of the purchase price of the house. In addition, the buyer's costs (transfer tax, notary and registration) of about 10% also have to pay. So in total you need between 40% and 50% of its own resources to bring.

* You must have sufficient income.

In Spain or financing a mortgage, always get your income to demonstrate. This may be a fixed income from employment or from self-employment, rental income or income from capital. An entrepreneur must be the last two years the annual accounts to show. As a general rule you 35% of your net income spent on housing costs.

* The assessment of your personal situation.

Besides the income criteria assesses the bank a mortgage on family composition, or a rental or resale property has, number and ages of children, typing, type of income, etc.

 

MORTGAGE SPAIN: THE DURATION OF THE MORTGAGE PROCESS

 

The total mortgage from presenting your case at the bank until the passing of the notary, takes about 4 weeks.

 

MORTGAGE SPAIN: THE MORTGAGE CONDITIONS IN SPAIN

 

Spain Mortgage: The mortgage

The mortgage is always a Spanish bank annuities. Much else is not, Spain is still very behind the Netherlands. A Dutch bank in Spain, for example a fund to offer interest-only mortgage.

 

Mortgage Spain: The term

The biggest difference between a Spanish and a Dutch bank, besides the mortgage, the final age for which the term is fixed. Spanish banks have a late age of 75 years. This means that the period to 75 years of age can run. Are you 60 years, the maximum term of 15 years based annuities. A Dutch bank does not operate late age. Are you 60 years, the maximum term of 25 years based on repayment Fri

 

Spain mortgage: The interest

Mortgages in Spain are largely based on a variable rate, the 12-month Euribor * rate is the index used. The margin above Euribor varies by bank. We work together with a number of banks that can offer very competitive rates. A Dutch bank that finances do in Spain usually based on the 1-month Euribor rate plus a storage or on a fixed rate ranging from 1 year to 15 years fixed.

 

Mortgage Spain: The closing costs

The costs of a mortgage are higher in Spain than in the Netherlands. The total mortgage closing costs are around 3.5% of the mortgage amount. These costs include, handling fees, mortgage tax, notary and registration fees and valuation costs.

 

Spain Mortgage: What is Euribor?

* What is Euribor? Financing in Spain are usually based on a variable Euribor "rate. Euribor is the rate at which European banks provide loans to each other. The height of the Euribor interest rate depends in particular on the economic conditions such as economic growth and the rate of inflation.

 

SPAIN MORTGAGE: HYPOTHEEKAFTREK IN SPAIN

A resident mortgage in Spain can get for the main dwelling, but not for a holiday. The mortgage must have been contracted for the purchase of the property. Twenty percent of the interest paid and repayment may be deducted up to a maximum of € 9000,-

 

{xtypo_alert}This information is for guidance only and is not a substitute for proper legal advice!{/xtypo_alert}

 

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The prices you find on this web always include the commission of our agency. We never charge any additional or “hidden” commissions on top of that. Apart from the property price the buyer will only pay the taxes and the notary expenses that round up to 8% of the value declared in the title deed.