MORTGAGES IN SPAIN
Do your research on Spanish mortgages.
Some info on the lower rrates in Spain from euroresidentes.comMany guides about buying property in Spain assume that potential buyers actually have the money available, but if you are considering buying a house in Spain because you live and work here, or because you simply want to invest in real estate in Spain, you may want to consider taking out a mortgage with a Spanish bank.
Whether you want to buy a finca in Spain, a holiday apartment on the Costa Blanca or a new home in Spain, taking out a Spanish mortgage may be the right solution for you.Interest rates in Spain vary, but are generally much lower than in the UK, and competition between Spanish banks is fierce. If you are interested in a property still to be built, you may find that the constructers already have an agreement with a certain Spanish bank for all mortgages and you are left with little choice.
If not, you would be wise to shop around for the best deal.Don’t accept the first offer. Ask for a copy of one bank’s offer and then take it to a different bank to see if they can improve the offer - they often will. Then take the improved offer back to the original bank - you may get a pleasant surprise!! It can be worth using services such as Orange Finance, which do exactly that on your behalf.
