Sven, there are Spanish banks that offer mortgages with no penalty for early cancellation. However you have to shop around to find out. You will see a list of mortgage underwriters in Spain (not brokers) in the financial insight section of this website.
I work as a lawyer in Southern Spain and obviously have some experience about conveyancing, including dealing with the client’s bank when there is a mortgage financing the purchase. I have had a great experience recently with Barclays Bank financing some of my clients who are non residents in Spain, their service was just perfect as I have never seen before, very well organised, very helpful, and I find the conditions of the loan quite good.
I strongly recommend you to get in contact with them, if you need details to get in touch with them let me know and I’ll give them to you.
Jose Maria Sanchez
tel/fax 95.2479268 mobile 619.886542