·       Purchase another property

·       New car

·       Extra cash  

·       Starting a new business

Equity Release.

If you have been thinking about re-mortgaging your property for the purchase of another property, extending your current property, purchasing a new car or just for extra cash! Then you will need to know the rates we can offer you, and be aware of the expenses of re-mortgaging.

As you have already purchased a property abroad and have a mortgage you will be already acquainted with the legal system in Spain. The cost of re-mortgaging can be around 5or 6% of the total amount you are borrowing. These expenses are made up of the following:

 Notary fees, land registry fees, Mortgage taxes, banks arrangement fee, banks solicitors fee and possibly a redemption fee from the current lender if it’s necessary to switch lenders. Redemption fees can be as much as 1% of your current  mortgage.

Direct Mortgages Spain  will search over 27 mortgage providers in Spain to find you the best rate of the day.

For example: You may own a holiday home in Spain but work in the UK, therefore you will not require a pension or salary paid into your Spanish account, or a credit card. We will find a lender that does not penalize you for not taking these options.

You may live in Spain permanently (Resident) and wish to have your private pension, government pension or income paid straight into your Spanish bank account, you may require a credit card, life insurance or want to leave a lump sum in a high interest account. We will find a lender who can give you the best rates with no bank charges.

Our Capital & Repayment rates start from 4.6% fixed for 6 months (April 2008) then will revert to the euribor + 0.17%. (Euribor 4.332% April 2008) depending on Criteria Over a term up to the age of 75.

We can also re-mortgage your property for an interest only mortgage, the rates start at 5% (April 2008) over a term of maximum 40 years or up to the age  of 85, and in some cases with 3.50% cash back option, a useful bonus which can go towards those notary expenses.

Should you require more details on any of our products please do call  us for free financial advice on Tel: 966 790 218 or alternatively click on the contact us tab to email us with your enquiry’s.

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