September’s Spanish mortgage example on a Spanish property worth €222,000

As the UK welcomes the cooler weather that September brings, in Spain we continue to enjoy the sunshine, beaches, and alfresco dining! A property which offers an opportunity for year-round living at a bargain price is a perfect choice for September’s Spanish mortgage example.

Costa Blanca property – Spanish mortgage example

This brand new villa with 3 double bedrooms and 2 bathrooms is located just south of Alicante in Daya Vieja. The properties are surrounded by amenities such as shops, restaurants, transport links and are just a short drive from Guardamar award winning beaches and marina!

The impressive, contemporary design is state of the art and highly popular with UK and Spanish property buyers. Each villa comes with a sun-drenched private pool and gardens that are perfect for sunbathing and BBQs.

These villas come with a 10 year architects warranty!

View more about this property >

September Spanish mortgage example

 

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 – €222,000
  • Estimated closing costs – €31,080 (including all taxes & bank mortgage set up fees approx 14%)
  • Therefore the total cost of purchase – €253,080

Spanish mortgage option 1

30% deposit value – €97,680 @ an exchange rate of 1.12 = GBP 87,214

Mortgage value (LTV) 70% (Max lending for non-Spanish tax residents from the EU) – €155,400

Cost per month over 25 years @ 2.00% interest rate – €664 @ an exchange rate of 1.12 = GBP 593

In summary, you could buy this Spanish property using a 70% mortgage with a deposit of €97,680 and monthly installments of €664 over 25 years.


Spanish mortgage option 2

40% deposit value – €119,580 @ an exchange rate of 1.12 = GBP 106,768

Mortgage value (LTV) 60% (Avg lending for non-Spanish tax residents from the EU) – €133,200

Cost per month over 25 years @ 2.00% interest rate – €569 @ an exchange rate of 1.12 = GBP 508

In summary, you could buy this Spanish property with a 60% mortgage using a deposit of €119,580 and monthly installments of €569 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.

Take a look at our other Spanish mortgage examples here: