As the UK heads towards the winter months, in Spain they will continue to enjoy the sunshine with temperatures hardly dropping below 20°C! A property which offers an opportunity for year-round living at a bargain price is a perfect choice for October’s Spanish mortgage example.
Costa Blanca property – Spanish mortgage example
This brand new 2 bedroom apartment is located in a quiet area next to Torrevieja and close to all amenities such as a supermarket, restaurants and bus stop.
This unique Mediterranean style complex consists of ground and penthouse apartments with spacious living room with dining area and an open plan kitchen with breakfast bar. The residential is in a gated complex with communal swimming-pool with Jacuzzi where you can spend leisure time and enjoy the excellent Mediterranean climate in a well located area.
A Spanish mortgage offers benefits you may not be aware of…
Offset the impact of the low £ Sterling, afford a bigger and better property, secure a better location and purchase your property sooner… just a few reasons why a Spanish mortgage might be a good choice for you! Read more about the benefits of choosing a Spanish mortgage or talk to our recommended advisors.
Spanish mortgage example
In our example, we have allocated for the additional fees such as taxes, community fees and legal fees that occur when you buy a property.
- Property price – €157,000
- Estimated closing costs including all taxes & bank mortgage set up fees approx 15% – €23,550
- Therefore the total cost of purchase – €180,550
Spanish mortgage option
35% deposit value – €78,050 @ an exchange rate of 1.11 = GBP 70,315
Mortgage value (LTV) 65% (Max lending for non Spanish tax residents from the EU) – €102,500
Cost per month over 25 years @ 2.10% interest rate – €433 @ an exchange rate of 1.11 = GBP 399
In summary, you could buy this Spanish property using a 65% mortgage with a deposit of €78,050 and monthly installments of €433 over 25 years.
*Please check with an officially registered currency exchange company, such as our partners at Global Currency, for up to date exchange rates, the figures shown are for guidance purposes only.
Obtaining a Spanish mortgage on a property
If you want to know more about Spanish mortgages, our recommended advisors are available to help you. The bilingual, friendly advisors at Fluent finance Abroad (FFA), liaise with the best high street banks in Spain to get you the best rates.
Financing your Spanish property in the UK
If you want to keep your finances closer to home, our UK advisors at Alderhouse Financial Solutions can offer unbiased guidance and assistance. From remortgages, equity release and loans, they can help release funds from the UK to assist towards your property purchase.
For more information, please download our latest brochure here or contact us directly on 01202 971614.