Catalonia

 

Spanish Mortgages

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Farming report from Tortosa, southern Catalunya.
November 7th 2008. The olive harvest has begun, locals and newcomers alike are working to get in the ripening fruit. The weather helps, sunshine and light breezes. Unfortunately after some October rain, the fruit is swelled with water, so the oil content is relatively low, and of course the price follows the quality.

Why delay your move?

Many purchasers are able to fund the purchase of property in Spain after selling their home in their own country, and others arrange finance by remortgaging or using funds released from other investments. 

An increasing number however seek at least in part to borrow against the Spanish property they are buying, and we can help with introductions to Banks which are keen to undertake such lending.

For renovated or new town or village properties with mains services, loans may be arranged of up to 80% of value.

In the case of 'rustic' properties, fincas and the like, up to 50% of the valuation or the agreed total price (whichever is the lower) may be arranged.

All that is required is evidence of income in the home country, or a pension to be paid in retirement, and the usual documents of identity.

Interest rates on rural property at the moment are around 4.4% variable, and the normal term is fifteen years.

At these rates, the monthly repayment (on a normal repayment mortgage is 76€ for each 10,000€ borrowed. Thus for a loan of say 50,000€ the monthly repayment would be 380€ per month, at current rates about £260 sterling.

As in the UK, the prospective buyer is charged a valuation fee, and on completion, the Bank makes a charge of around 1% for arranging the loan.

If you would like more information, do get in touch.

 
 

 

To see some information about water and electricity in the rural areas, click the link to 'The Area' below
Remember, you can get in touch by email to keith@catalunya-homes-made-easy.net

Or telephone 0034 629 010233, and ask for Keith, Lizzie or Annie (each day, 8.00 till 8.00 GMT)

Home Properties For Sale Properties to Let The Area Buying in Catalunya Buying with a mortgage Visit the area Building Work Other Services