Looking to Buy a Property Overseas - Perhaps Spain? - Here are some tips to help you in the right direction!
First off, if you’re serious about buying a property in Spain, you should begin arranging your Spanish Mortgage before you do anything else, as you will want to take full advantage of financing.
Leaving the financial side of your spanish property purchase until the end will not favour you at all! – because if you leave it too late to arrange your Spanish mortgage, it leaves you under pressure, and it will be very likely that you will end up with an expensive and inflexible loan, and lets be honest – no one wants that!
What are the Advantages of Arranging your Spanish Mortgage at the start of your property Search?
A Starting Point – This will give you a great starting point on how much you want to spend on your Spanish Property, and you can then work out the likely future financial implications on your purchase
Give yourself time! – Allow yourself a period of time to find a mortgage in Spain that best suits your necessary requirements, reducing the chance or avoid overpaying.
Reduced Risk – Having a Spanish Mortgage in place reduces the risk of losing your dream Spanish Property, as property in Spain is being snapped up very quickly!
Financial Advantage – Planning helps clarify the advantages and disadvantages of taking out a mortgage in Spain, and helps you make the best decision as to how much, if at all, to borrow.
Mortgages in Spain
Just like any other economy, Spain has a developed mortgage market with a number of lenders offering bewildering variety of great offers regarding your mortgage for your new or existing Spanish Property
What is Euribor?
Euribor (12 month) is the interest rate most commonly used to calculate the mortgage payments in Spain. It is widely used for both variable and fixed rate mortgages in Spain.