 Interest-Only Mortgages
No Fees - Your Best Value in Spain
Europa Mortgages are able to arrange interest only mortgages for your property purchase in Spain. Interest-Only mortgages in Spain are becoming more common, as the Spanish mortgage market has matured and combined with increases in property prices and interest rates. There are now a wide range of lenders offering interest only mortgages in Spain . Below we have some brief information about the best and most flexible interest only mortgages that are available in Spain . Please use the contact form to receive more detailed information and a consulatation.
1. Long Term Interest Only
A traditional interest only arrangement whereby your monthly payment is equal to the interest charged on the mortgage amount. This product is available for a term of up to forty years or until the age of 80. This mortgage product may be switched between interest-only, or repayment, at any time, for a small fee. In addition to this, there are no redemption penalties at any time. The maximum Loan to Value is 70% for this particular interest-only mortgage. This product is also available as a remortgage, for those clients that have an existing mortgage in Spain, and whom wish to change lenders and mortgage product. Unlike with most Spanish lenders, you can remortgage quickly and easily with this mortgage product.
This interest only mortgage in Spain is available for the following scenarios:-
To help finance your new property purchase in Spain - available for up to 70% of the valuation
To release equity from an unencumbered property that you already own
To remortgage when you already have an existing mortgage in Spain with another bank
Documents that are required to apply for this interest only mortgage product:-
. A completed Europa Mortgages application form
. A copy of your passport
. If you are employed then 3 months payslips and your last P60
. If self-employed, your most recent tax return and accounts.
. 3 months bank statements
2. "Offset" Interest Only
This type of mortgage is similar to some of the "current account" products that are available in the UK . The mortgage is interest-only, and the interest charge is calculated on the balance of the capital amount outstanding. You can make additional payments at any time to reduce the balance outstanding, and you can also withdraw funds up to your credit limit, at any time and for any purpose. This type of arrangement has proved very popular with clients that have good rental income that they can use to offset against the mortgage. Also, if you receive any bonuses or lump sums from work, or simply want to make occasional extra payments, then the flexibility of this product may be suitable. There are no charges for making overpayments or for withdrawing funds. This interest only mortgage is available for up to 70% of the value of your property and for up to 15 years.
This interest only mortgage in Spain is available for the following scenarios:-
To help finance your new property purchase in Spain - available for up to 70% of the valuation
To release equity from an unencumbered property that you already own
To remortgage when you already have an existing mortgage in Spain with another bank
Documents that are required to apply for this interest only mortgage product:-
. A completed Europa Mortgages application form
. A copy of your passport
. If you are employed then 3 months payslips and your last P60
. If self-employed, your most recent tax return and accounts.
. 3 months bank statements
3. Five Years Interest Only Mortgage in Spain at 70% LTV
This interest only mortgage in Spain is available through one of our more flexible Spanish mortgage lenders. Up to 70% of the value of your property, with interest only for five years, and a maximum term of 35 years. This lender requires only your P60 and payslips, or tax return, in order for you to qualify for the loan. As more and more lenders require Experian credit reports and bank statements, this is a lender and mortgage where you don't have to worry about your mortgages and loans elsewhere.
This interest only mortgage in Spain is available for the following scenarios:-
To help finance your new property purchase in Spain - available for up to 70% of the valuation
To remortgage when you already have an existing mortgage in Spain with another bank
To remortgage and release equity for home improvements
Documents that are required to apply for this interest only mortgage product:-
. A completed Europa Mortgages application form
. A copy of your passport
. If you are employed then 3 months payslips and your last P60
. If self-employed, your most recent tax return and accounts.
4 . Ten Years Interest only mortgage in Spain at 75% LTV
This interest only mortgage in Spain is available through one of the big five savings banks in Spain. They are also one of the more innovative Spanish mortgage lenders. Up to 75% of the value of your property, with interest only for ten years, and a maximum term of 30 years.
It is also possible to fix the mortgage rate for the first five years, combined with only paying interest-only.
This interest only mortgage in Spain is available for the following scenarios:-
To help finance your new property purchase in Spain - available for up to 75% of the valuation
To remortgage when you already have an existing mortgage in Spain with another bank
To remortgage and release equity for home improvements
Documents that are required to apply for this interest only mortgage product:-
. A completed Europa Mortgages application form
. A copy of your passport
. If you are employed then 3 months payslips and your last P60
. If self-employed, your most recent tax return and accounts.
. 3 months bank statements
. Your experian or equifax report
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