The mortgage market in Spain has been struggling for a number of months, as lenders are crippled with fears of falling property prices, mortgage defaults, and their own exposure to the Global banking meltdown.
AmortgageinSpain.com are pleased to announce some new products, aimed at stimulating the mortgage and remortgage market in Spain.
At 60% LTV for house purchases, the rate of 2.3% is the lowest that has been seen in Spain for many years. It is hoped that low rates such as this will help confidence in the property market, as investors and holiday home buyers can source heavily discounted property, coupled with the availability of cheap finance.
For remortgages there is also a maximum LTV of 60%. With the option of 5 years of interest-only, and the costs to be borne by the lender, this is an opportunity for many Spanish homeowners to reduce their monthly costs considerably.
As Director Chris Norman stated, “The remortgage product, in particular, is exciting for people that are stuck with high rate repayment loans at the moment. During these turbulent economic times, we are seeing an increasing number of clients seeking to lower their monthly costs. With the level of uncertainty that exists at the moment, switching to interest-only, with costs paid, is a no-brainer for most people.”
For more information regarding these mortgage products visit http://.www.amortgageinspain.com or send an email to info@amortgageinspain.com
