19th of November 2012. For many property buyers, the effects of the financial crisis have led to significant buying opportunities, not least in Spain. House prices in Spain are on average around 30% less than when at their peak in 2007, exchange rates are more attractive than in recent years as the Euro has declined in value and Euribor rates are the lowest they have ever been. It is not surprising that many foreign buyers see it as an ideal time to buy a holiday home, somewhere to retire to, or an investment property. The statistics back this up, as during the last couple of years the number of foreigners buying property in Spain has increased significantly.
Many of those taking advantage of the situation are cash buyers, but many also request mortgage finance, even if they can afford to buy the property outright in cash. Banks offering mortgages in Spain have tightened their lending criteria during the crisis and subsequent recession, but they are still lending and, more importantly, they are keen to lend.
We have been working with an independent broker, Mortgage Direct, who is one of the leading brokers offering Spanish mortgages. Mortgage Direct offers independent mortgage advice for all nationalities (they work with over 30 banks from various countries).
Some of the products they can offer are:
70% LTV non-residents, 80% LTV residents, Mortgages for high-net-worth clients, Mortgages for clients with complicated circumstances, Mortgages for Limited Companies, Part interest-only & terms to age 75, Plot & build + renovation mortgages, Equity release & low-cost re-mortgages (including properties outside of Spain).
If you require advice on a Spanish mortgage, do not hesitate to contact Mortgage Direct for a no-obligation assessment: Mortgage Direct SL, email: email@example.com, T: +34 963 156 011.