Capital & Repayment Mortgages.

When you have found the home of your dreams the next step will be to acquire a mortgage. We at Direct Mortgages Spain can give you free advice and help you obtain the best mortgage suited to your own personal needs.

We are able to get the best rates available by searching our database of over 27 Spanish & Uk lenders. With different mortgage products for each and every situation.

Buy to Let, Low Start, Interest Only, Stage Payments and Fixed Rates.

How much can I borrow?

The amount you can borrow is determined by how much you earn and the banks valuation of the property. It may be possible to borrow up to 70% of the banks valuation of your home or property that you wish to purchase. In some circumstances, where the banks are offering reposssed or distressed properties, it may be possible to obtain up to 100% of the purchase price. The capital repayment period is calculated from the minium age at entry of 18, or up to a maximum age of 75.

What Interest Rate will I pay?

The interest rate will always be calculated on the euribor plus the banks charge. This would be typically between 1% and 1.5%.

Are there any penalties and how quickly can this be done?

With most modern mortgage contracts there are no redemption penalties on either partial or total repayment, if you complete our online application form we can offer you a decision in principal within 24 hours.  Once the valuation of your property has been completed and you have received your mortgage offer we can get you into the notary within a week, making the whole process quick and simple.

What documents will I need to produce?

You will need to obtain a copy of the escritura (Deeds). This you can obtain from either the owner of the property or the estate agent.

For non-residents

• Copies of your N.I.E (National Identification Number in Spain)
• Proof of income, Current P60 & 3 pay slips
• If self employed accountants certificate or 2 years accounts
• Pension certificate (if applicable)
• 3 months bank statements showing income
• A credit report from the UK or Ireland
• Copies of Passport
• Escritura (Deeds)

• Escritura (Title Deeds)
• Copies of passports
• Residencia certificate
• Vida de Laboral
• For self employed your last four quarters Modelo (Income/IVA)
• For employed a copy of your contract of work
• The last 3 months bank statements showing income
• You may be asked to sign for a Spanish credit report

What expenses will I have?

Your expenses will be set out under 2 headings Purchase Expenses and Mortgage Expenses.

Your Purchase expenses will consist of:

Notary Fees, Land Registry Fees, IVA ( Tax @ 7%) and  solicitors costs. We estimate that these fees altogether will be 10% of the purchase price or declared price.

Your Mortgage expenses will consist of:

Valuation fee, Banks opening fee, Notary Fees, Land Registry Fees, Mortgage Tax, Banks solicitor fee and a banks cheques fee. We estimate that these fees altogether should not be any more than 5% of the mortgage obtained.

Is there any brokers fee?

There are no brokers fees on most of our mortgages.

Should I have any other questions?

Please contact us for more information on:

Tel 00 34 966 795 220 or 00 34 966 790 218

Alternatively email us here.

Dont forget you can click on our mortgage calculator for quotes, or apply online here.

Direct Mortgages Spain is an independent mortgage broker & practices advice under the guidelines of the FSA
All mortgages & quotations are subject to change, status & valuation, your home is at risk if you do not keep up with your repayments