|
Do I qualify for a Spanish mortgage?
To qualify for a
mortgage in Spain, including the Canary and Balearic islands, a calculation is used to establish whether you can afford to maintain the mortgage repayments. This will automatically happen when you
complete the application form, and Mortgage Helpline International won't charge you for this service.
How much can I borrow?
Calculation based on the valuation or purchase price,
whichever is the lower
Up to 70% of LTV available for house purchase only.
Up to 60% of LTV available for either Re-Mortgage or Equity Release for all purposes
Based on joint net "take home"
pay, where joint income is applicable
Existing liabilities, e.g. mortgage or rental payments, loans, credit card payments and maintenance are taken into account, together with the proposed Spanish
mortgage payments. All this must not typically exceed 40% of your monthly net income.
What evidence of income do I need?
If you are employed:
Your last three month's
payslips
Your latest P60 and/or Employers Reference
Your last six month's personal bank statements
YOU WILL NEED TO OBTAIN A FULL CREDIT REPORT FROM EQUIFAX FOR MOST SPANISH LENDERS.
If you are self-employed:
Your last two
year's audited accounts & last two years tax returns.
Your last 3 month's personal bank statements.
Example mortgage payments
If, for example, your net joint monthly income is £2,500,
40% of this equates to £1,000. If your only liability is your current UK mortgage payment, of say £300 per month, this would leave a balance of £700 for your Spanish mortgage repayment.
What
types of Spanish mortgages are available?
For our latest rates and to see the different types of Spanish mortgages on offer, please contact us.
Loans available in either Sterling or Euros
and on either a Repayment or Interest Only basis are available up to 70% of the property's value/declared price (whichever is the lower).
The maximum term of any mortgage is 40 years (to age 80
maximum), this varies on the type of loan.
The minimum amount is €30,000
For a more in depth look at the Spanish Market, consider visiting our sister company at www.mortgagehelplinespain.com
|
|
