100% finance in spain 100% mortgage in spain interest only mortgage in spain interest rates in spain lagos de santa maria golf santa maria green hills spanish mortgages a
It seems that in these cash-strapped recessionary times, banks are becoming even more reluctant to lend to Spanish property buyers. Normally, non-residents of Spain can expect to borrow up to 70% of the price of their property in Spain, and that´s only on the basis that they have an outstanding credit rating and all their paperwork stacks up. In other words, what little money the banks have to play with is only available for the pick of mortgage customers – i.e. those with a hefty deposit and those with the ability to repay their debt!
However…..we are delighted to let you know that there are one or two 100% finance deals in the Costa del Sol, meaning that buyers will only need to find their purchase fees and taxes (normally around 11%-12% of the property price).
For those buyers seeking a 100% mortgage in Spain, there are two attractive options available in Marbella.
The first option relates to Los Lagos de Santa Maria Golf, a development of apartments and penthouses overlooking the golf course at Santa Maria in Elviria, and the second option relates to Santa Maria Green Hills, a similar development of apartments and penthouses in the same area. Mortgage conditions for both projects are identical.
The maximum amount of the loan is 100% of the purchase price, with a maximum term of 35 years. The interest rate is set at Euribor + 0.30%, with a minimum rate of 2%. There is also the option of an interest only mortgage period of 2 years. There are no opening commissions or cancellation fees.
Applicants will need the following documentation – passport copy, mortgage application form, P60 or tax return, employment contract (if employed), last 3 payslips, bank statements for last 3 months, full credit report from Experian, list of assets and liabilities, proof of income from any other properties, bank reference.