What's the best deal?

Hi Smiley

Thanks once again for your pm - a mine of information! As I thought, very different in Spain to the UK. Have pm'd you - have a good weekend!

Hi Cab

We remortgaged our place in April.  We are with Bankinter and have done the mortgage interest only for 2 years.  2 years was the maximum they could do.

Jennie

Hi smiley

re private message advice

I tried patrick@marbellamortgages.com  and it bounced back

do you have an update address please

thanks for your help

Atlas have sent me a mortgage quotation (but I am wating on a different one to be sent as I need it to be approx 6500 euros more than what they offerred).

The charges on it are nearly £2600 (yes pounds).  Is this a 'normal' charge?

The breakdown is Valuation survey £207, Setup fee 2 percent £991 and mortgage notary £1386

totalling £2584

Is the set up fee of 2% to Atlas or to the bank. All lenders and brokers charge set up fees in Spain. If the 2% is to Atlas I would say it seems unusually high. In fact if the 2% is to the bank it seems it is unusually high. Mortgages are not a regulated financial product in Spain. Make sure they tell you all of the small print such as early repayment penalties, compulsory life assurance etc - INSIST THEY PUT IT IN WRITING.

Smiley

If M Briggs reads this message can you send me a PM with your direct e mail address if you want an answer to the question. I have tried responding via the secure response and it will not go through.

Regards Smiley

Any mortgage in Spain is subject to the specific requirements of any client but the majority of people favour interest only, but valuations are also important.  We work off a panel of 16 lenders, but to give some examples, see below

5 years interest only, 80 % LTV with MIG, no cap on purchase price

30 years interest only, 70 % LTV, (Leeds product mentioned in previous messages)

Up to 15  years interest only, 70% LTV, up to a maximum of 90% purchase price

5 years interest only, 80% of purchase price including IVA,

10 Years interest only, 80% LTV, up to a maximum of 100 % purchase price

10 years interest only, or part and part 50% capital, 50% interest only, no repayment vehicle.

All these products are subject to qualification and valuation.  We know which ones work and which ones don't work.

HI Kero depends on whether you want UK Ltd Company or Spanish SL or even offshore although it is becoming significantly harder to do the latter. The former two options can be done although it is debatable as to whether there are any benefits any more unless your UK situation means that it is beneficial to structure things that way from a tax perspective. There still needs to be a guarantor for the company that has supporting occupational income and meets the necessary income criteria. Those lenders that do it will not advertise that they do it as it is significantly more work for them (very much in the Spanish ethos). Most of them reluctant as they are not sure what they need to be looking for.

RGds

• THANKS FOR YOUR REPLY. AS IT IS A SPANISH COMPANY AND HAS ALL THE NECESSARY GUARANTEE OF INCOME AND MEETS ALL THE CRITERIA,I STILL CANNOT FIND A MORTGAGE PROVIDER.

                                                                                 REGARDS KERO

                                                                 HAPPY NEW YEAR.                      

Can anyone tell me what the best deal for a fifteen year mortgage is at the moment. Looking to borrow about  60% LTV. What are the set up fees in total.

Cheers

HI Westport a lot depends on whether you want interest only or not but for rate the best is Euribor plus 0.75%. FOr costs you need to allow an overall 12 to 13% of purchase contract price to cover all costs including IVA, lawyers, bank charges, taxes etc

Rgds

Hi Smiley, if you check this board first, I have sent you a PM

Sharon

Hi

Can anyone point us in the direction of a normal repayment mortgage of Euribor + 0.75%? We are hoping to complete around March time.

Barclays in Spain offer it but with a maximum 20 year term and we wanted a bit longer (about 30 years)

I think we may go with Banco Halifax (at Euribor + 1%) who allow you up to 40 years term.

But we are still looking!

Thanks

Hi Jogary,

Barclays actually offer up to 80% LTV over 30 years (with 5 years interest only if required).

Hope this helps!

Rgds,

Sharon

sharon@tmasspain.com

Hi Sharon

Thanks for your reply.

I tried barclays but they said their max term was 20 years. Has it changed recently?

Their Spanish website says 20 years but I might give them a call to make sure.