There are a number of reasons why you might want to buy a property in Spain. Perhaps you are going to use it as a family holiday base for those long summer holidays, a fresh new start in your life, or maybe even a retirement property for you to spend your free time in. No matter the reasons, this guide on Spanish mortgages for non-residents will help.
If you want to buy a property in Spain then you are going to need to know the basics of what will be required. One of the important factors to consider is Spanish mortgages for non-residents. These are not the same as mortgages in the UK and any kind of forward planning is going to be a huge help in the long run.
Lending Conditions In Spain
The house prices in Spain have been on the rise, as well as the economic conditions in the country too. This has meant that there are more and more lenders that are offering Spanish mortgages to non-residents. As the competition increases, the interest rates improve, which means that borrowing is becoming all the more attractive. This means, despite the changes to the EU and some of the issues within the surrounding counties, Spain is still a great option to buy property in.
The minimum deposit that you can expect to need to purchase a Spanish property is 30%. This means that in order to buy a property in Spain, you are going to need to have some savings or equity behind you, otherwise, you may not be able to secure a mortgage.
Interest only mortgages are no longer available in Spain, which means that you only have the option of a repayment mortgage to consider. It used to also be the case that the variable mortgage interest rates were the better option in Spain, however over the past year or so, there has been a dramatic surge in fixed-rate mortgages, often as long as 25 years. This is a good thing if you want to make sure that your payments are at a fixed rate.
One last important thing to remember is that home and life insurances are usually compulsory with Spanish mortgages, which means that these are also things that you will need to arrange and work into your budget.
More Information On Spanish Mortgages For Non Residents
Despite being plenty to think about, buying Spanish property is still a great idea, especially in a beautiful area such as Mijas. Whilst it may take some hard work, careful planning and lots of decisions, once you own your property and can relax by the pool, all that effort will seem like a distant memory!
So get in touch with us today to check out property for sale in Mijas and own your dream home.