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They may be commonplace in the UK, but interest-only mortgages in Spain are surprisingly hard to find.

You have to remember that the mortgage market here in Spain is years behind the markets in the UK and US (maybe not a bad thing!). Up until recently, there were no interest-only mortgages in Spain, and even now, if you mention a fixed rate option to banks in Spain, the advisers look at you like you have landed from Mars.

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