·  Any Purpose Re-Mortgage

·  Consolidate Debts

·  Up to 5 years interest only

·  Extra cash without restriction of use  

·       Purchase another property anywhere in the World

Equity Release.

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

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 5% or 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.

For example: You may own a holiday home in Spain but recieve an income in the UK or Ireland. You will not require your income to be paid into your Spanish account. You simply need to transfer your mortgage payments each month.

You may live in Spain permanently (Resident) and wish to have your 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 rates are very competitive, you can choose various fixed or monthly variable rates which are calculated on the current Euribor, you can apply for up to 5 years interest only.

How much can I borrow.

This is determined by the amount of income that you can prove, if you are unable to prove your income you can choose a guarantor. Ideally this would be a close relative or someone that you can trust. The maximum you can release for any purpose is 60% of the current value of your property.

What documents will I need to produce?

You will be asked to provide the following:

For Non-residents of Spain:

• 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
• Last 3 months mortgage payment reciepts
• A credit report from the UK or Ireland
• Copies of Passport
• Escritura (Deeds)
• Copy of Suma reciept (Council Tax Payment)

• 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
• Last three months mortgage payments reciepts
• You may be asked to sign for a Spanish credit report
• Copy of Suma reciept (Council Tax Payment)

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