Current interest rate for mortgages in Spain (Eurobased)?

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This topic contains 8 replies, has 4 voices, and was last updated by Profile photo of Inez Inez 8 years, 4 months ago.

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  • #54205
    Profile photo of besj
    besj
    Participant

    Today I have talked with a bank in Sweden about mortgage for an apartment in Spain. Thorugh their Spanish office they offer mortgage in Euros based on market value etc…
    Would anyone care to write about current rates for mortgages in Spanish banks? I would be most grateful to read this.

  • #85450
    Profile photo of Anonymous
    Anonymous
    Participant

    I don’t know the rates as they change very often, interest rates also depends on the product that you select and your equity.

    One thing I know that irrespective where the Bank is from the rates will be according to the Spanish market rates.

  • #85466
    Profile photo of Inez
    Inez
    Participant

    Hi Besj – its anywhere from .75 to 2 % above the euribor rate at the time of the mortgage. This really depends on the bank and how high the loan is to the purcahse price or valuation.

    You can negotiate this and many do.

    Good luck

  • #85468
    Profile photo of Fuengi (Andrew)
    Fuengi (Andrew)
    Participant

    @inez wrote:

    Hi Besj – its anywhere from .75 to 2 % above the euribor rate at the time of the mortgage. This really depends on the bank and how high the loan is to the purcahse price or valuation.

    You can negotiate this and many do.

    Good luck

    Banco de Andalucia 0.45% above euribor

  • #85470
    Profile photo of besj
    besj
    Participant

    30 years, interest only, 75 % of value, 1.5 above Euribor is not that good then?

  • #85471
    Profile photo of Fuengi (Andrew)
    Fuengi (Andrew)
    Participant

    @besj wrote:

    30 years, interest only, 75 % of value, 1.5 above Euribor is not that good then?

    as a non-resident most banks would give 70%. for that extra 5% they’ll charge a premium.
    No, 1.5% over euribor is to put it nicely, taking the piss.

  • #85472
    Profile photo of Inez
    Inez
    Participant

    Sounds too good to be true Fuengi – are you sure thats for a NON residents mortgage not a residents? And what is the length of the term?

    Also check the length of the term and the conditions of the mortgage you want to take – there can be various penalities for early payment etc. Or they may insist on a life insurance policy as well.

    SHop around and get the one that suits you.

  • #85478
    Profile photo of Fuengi (Andrew)
    Fuengi (Andrew)
    Participant

    @inez wrote:

    Sounds too good to be true Fuengi – are you sure thats for a NON residents mortgage not a residents? And what is the length of the term?

    Also check the length of the term and the conditions of the mortgage you want to take – there can be various penalities for early payment etc. Or they may insist on a life insurance policy as well.

    SHop around and get the one that suits you.

    electricity + water through a BA account if not its .65%
    35 years
    70% non or 80% for residents

    (i believe)

  • #85575
    Profile photo of Inez
    Inez
    Participant

    Do they tie you into a life policy do you know? Thats a great rate – assuming you dont need to have the queens money stashed away somewhere!!!

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