current mortgage market in spain ...

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mortgage market in spain - how do you get the best spanish mortgage deals going?...

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Best Mortgage Conditions For You

Are you after the best Spanish mortgage deals going?

Because each individual's circumstances differ, and because Spanish mortgage products constantly change, it requires the specialist knowledge of a sound Spanish mortgage broker to adequately match personal circumstances with the best Spanish mortgage deals going for that particular person.

In his following article, Spanish mortgage broker Henry Slade considers just a few, simple changes to the current mortgage market in Spain which could - depending on your situation - benefit you.

Are you seeking information about Spanish mortgages?

Or perhaps you feel you're not getting the best deal going, and would appreciate expert help on re-assessing your current mortgage?

If either case applies to you, you can read more about Henry on this page - where you'll also find a simple contact form for him.

And now for Henry's article about the current mortgage market in Spain ...

mortgage market in spain - save money on your spanish mortgage

The time has come for you to re-assess your financial situation - and your mortgage in particular.

Why do I say this?...

Basically, you should make time to assess your financial situation every two years - especially if you have a mortgage.

In today's climate, rates go up and down so tremendously fast, and the mortgage market in Spain changes so quickly that, before you know what's happened, you're paying far too much for your mortgage.

The good news is that currently, in Spain, you can re-mortgage at very little cost.

"How much?" I hear you ask ...

Well, it normally works out at around 5% of the mortgage amount.

Does that sound a lot to you?...

At first glance, it may well do but, the fact of the matter is that, if you take good advice from a sound Spanish mortgage broker, you should end up well in pocket from the change.

Let's take a look at a few examples ...

Monthly Euribor Versus 12-Month Euribor

The majority of you who took out mortgages with Spanish banks will be linked to the 12 month Euribor, which is currently at a low of 1.254%.

This is good when the Euribor is rising, as it takes a year for your rate to change - although you're certainly in for a nasty shock at the end of the year.

But, what about on a falling interest-rate market?...

Well, by re-mortgaging to a monthly Euribor (0.248%) you'll benefit as and when the rate comes down - plus you'll receive no sudden shocks at the year's end.

Interest-Only Mortgages

Some Spanish mortgage lenders have now started offering an interest-only period.

At the time of writing, you can obtain 5 years interest only.

With these, you only pay interest on the loan in your mortgage repayments.

You return the capital either at the end of the mortgage, or at some point in the future, during the lifetime of the mortgage.

So, who would this type of mortgage be suitable for?...

  • Well, it's ideal if you're a foreign investor who's thinking of renting out your Spanish property to cover the mortgage costs, yet not planning to keep the property more than 10 years.

  • This type of mortgage is also an excellent idea if you're planning to sell when the property market recovers - it's one way of benefiting from buying at present low property prices without forking out too much money each month in mortgage repayments.

Lifetime of Spanish Mortgages Increased

Recently, Spanish mortgage lenders have increased the lifetime of the mortgages that they're prepared to lend, though this obviously also depends on the age of the borrower.

In the past, most mortgages in Spain tended to be for between 10 and 20 years.

Now, many mortgage lenders in Spain offer mortgages of 30 years - or even longer.

It goes without saying that the longer the term of your Spanish mortgage, the lower will be your monthly mortgage repayments.

This, in turn, stimulates demand for Spanish property, for the lower monthly repayments mean buying a property in Spain is accessible to a wider market.

Low interest rates and longer lending periods, coupled with the present rock-bottom prices of property in Spain mean that there's never been a better opportunity for buying that Spanish home of your dreams.

So, if you're seeking mortgages for buying Spanish property, or feel the time has come to have your present mortgage re-assessed, just fill in the simple form you'll find at the end of this page - you'll get the best Spanish mortgage help going.

spanish mortgages - henry's articles

Check out informative articles by Henry about mortgages in Spain ...

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