santander bank - banco santander mortgages



concerns over santander bank mortgages ...

Spanish mortgage broker, Henry Slade, was recently discussing Abbey/Banco Santander with another mortgage broker in southern Spain, and felt that visitors should be made aware of the following concerns they share.

As you're no doubt aware, Abbey was bought by the Santander Group some time back, and now offers the Santander Euro Mortgage.

But, it would appear that staff at their mortgage centre in Bradford are extremely confused about the Spanish mortgage they're offering, and provide conflicting information.

This is extremely worrying because, here in Spain, when you purchase a property, you'll need to give a deposit.

This deposit is normally non-returnable if you - the buyer - decide not to go through with the purchase.

The problem with the conflicting Spanish mortgage information supplied by Abbey/Santander could mean you believe you've received approval for a mortgage of 80%, only to receive a nasty shock 12 weeks down the line that you can, in fact, only get 75% ...

For some of you, this could mean you'd be forced to drop out of the purchase ... resulting in the loss of your deposit.

These are some of our Spanish mortgage broker's comments ...



santander bank - conflicting spanish mortgage information


Let's take a look at some of the conflicting information received from Abbey/Santander.

First of all, perhaps I should say that I believe an 80% mortgage is probably possible but, after recent feedback, am now unsure.

This feedback consists of various clients who have accessed them, and been quoted differing terms.

These terms have ranged from:

  • 75% of valuation to 80% of valuation or purchase price, depending on which consultant you speak to.

  • Rates of 1.35% above 12 month Euribor, with 12 month Euribor being quoted as low as 1.11% or 1.99%, again depending on the consultant at the other end.

  • 1% redemption penalty for lifetime of loan, which was a shock as, by law in Spain, the maximum should be 0.50%.

  • Timescales for applications ranged from 6 weeks “might take longer”, to "it's 12 weeks and won't be any quicker".


  • santander bank - terms consultants agreed on


    All consultants, however, did agree on the following terms:

    • Fixed rates of 6.8% for a three-year fixed-rate mortgage.
    • 7% for a five-year fixed-rate mortgage.
    • Bank fee of 1.25%.
    • Maximum term of 25 years, up to age 75 years.
    • Minimum loan size of 40.000 euros.
    • Minimum income for single applicants of 30,000 a year.
    • Only mainland Spain covered.

    All consultants were also obliged to tell the client they could give no advice as to suitability of product, and that clients were taking a non-advice transaction.


    best spanish mortgage for you


    You'll find many different types of Spanish mortgage to choose from, the best one being the one that's most suited to your personal circumstances.

    And, remember, if you want:

    FREE ADVICE
    To Pay Less Each Month
    Plus The Best Mortgage Conditions For You


    you can read all about me, and fill in the simple form with your questions, towards the end of our main Spanish mortgage page.


    henry's spanish mortgage articles






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