[besj]

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.

[Anonymous]

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.

[Inez]

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

[Fuengi (Andrew)]

@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

[besj]

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

[Fuengi (Andrew)]

@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.

[Inez]

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.

[Fuengi (Andrew)]

@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)

[Inez]

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!!!

[Author]

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