Financial Outlook
Re-mortgage and save money
If the interest rate on your current Spanish mortgage is going up alarmingly, along with your monthly repayments, now could be the ideal time to re-mortgage your property to take advantage of more competitive interest rates and lower monthly repayments that some lenders are currently offering.
Although the latest official figures from Spain’s National Institute of Statistics (INE) reveal that the number of new mortgages this May fell by 36% compared to last year, and banks are certainly exerting stricter conditions for qualifying for a mortgage, there are still some re-mortgage products available which not only offer the opportunity to reduce monthly costs but can also save you thousands on the amount you repay.
A popular choice for those who qualify is the conversion of an existing mortgage to an interest-only mortgage – the loan only being repaid in full at the end of the mortgage term either via the sale of a property, or by the payment of a lump sum from savings or a windfall, etc.
Some lenders are even offering ‘no documentation, free switches’ which basically means you can transfer your current mortgage to a new lender offering more favourable terms, absolutely free of charge if you fit the following criteria:
- You owe less than €300,000 on your current mortgage
- Your new mortgage equates to maximum 80% of the value of your property
- You’ve been paying mortgage for at least 2 years
- You have no history of bad credit
Of course, there are many other re-mortgage products available which could also significantly reduce your monthly repayments.
With this in mind, we’ve recently partnered with a company of UK-qualified mortgage brokers and experts in the Spanish property market to help those who would like to find a better mortgage option to suit their needs.
For more information, contact our HomeSalesontheWeb office on + 34 952 83 95 95 for free, no obligation advice, or email us at info@HomeSalesontheWeb.com.
Buy now and benefit in more ways than one
If you’re thinking about getting a foot on the property ladder, now’s the time to do it
The current general economic slowdown in Spain and more specifically, the oversupply of new-build properties here on the Costa del Sol means that more and more properties are now coming on the market at more attractive prices.
So if the idea of buying your own Spanish property seriously appeals to you, now could be one of the best times to do it.
Through our own portfolio and in partnership with other estate agents on the Coast, our specialist sales division HomeSalesontheWeb can help you find your ideal home, in the right place and at the right price, as well as guide you from beginning to end through the whole purchasing process.
What’s more, we’ve recently partnered with UK-qualified mortgage brokers and experts in the Spanish property market, to offer you a special FREE mortgage broking service (normally worth 850€) to ensure you find the mortgage that best suits you.
If you own a property in the UK, they can even help you use it to raise equity and help fund your property purchase in Spain.
In addition, once you’ve bought your property, you’ll receive one year of FREE property management from our market-leading property management division, HomeCareontheWeb, worth a minimum of 1,500€.
Our mortgage company also brokers a number of highly competitive mortgage products to Spanish residents seeking to purchase all types of property across all price ranges.
Depending on your circumstances, you could qualify for
- A loan equalling 80% of the property purchase price or valuation, whichever is lower
- Maximum 35 year repayment term
- Fixed & variable interest rates available
- Interest-only mortgage
- An introductory interest rate of 5.75% for first year
If you’d like more information about how our HomeSalesontheWeb division can help you take advantage of market conditions and purchase a property on the Coast at a great price with the best mortgage available, or if you’d simply like free mortgage advice, just call our HomeSalesontheWeb Division today on +34 952 83 95 95, or email us at info@HomeSalesontheWeb.com.
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