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Follow on Google News | Spain - Investing, Mortgages and the EuroWith the euro at a 7 year low against the pound, and banks being more than ever willing to lend, 2015 is the perfect year to invest in your dream property in Spain
For European investors who reside outside Spain, Spanish banks have the ability to lend up to 70% loan to value, with the level of loan to value being dictated by the taxation laws of the country of residency rather than nationality. Hence a non European buyer living and paying tax in the UK will be treated as a UK resident. Outside the European zone there are increased restrictions but with Spanish banks having an advanced banking system there are a variety of loans available, mostly variable trackers via the 12 month Euribor as well as fixed rate mortgages. Terms generally range from between 20 to 30 years and age restrictions apply varying from bank to bank from 60 to 75 years. Self build and land without properties are very limited, with land only loans being non existent. Borrowers need to be aware that Spanish banks are not restricted from attaching compulsory by-products to the mortgage, such as life insurance and buildings insurance and most banks, but not all, will insist upon these being purchased as a part of the loan. Other costs need to be taken into account such as the bank opening fee which ranges from 1% to 2% of the loan amount and which is taken from the loan amount upon completion. Also notary and land registry fees, mortgage deed tax and valuation fees. Most of these are taken from the gross loan amount at completion but cannot be added to the loan if the loan to value restriction has been reached. If you are looking to invest in property in Andalusia and want to know more about obtaining a mortgage we have advisors on board who can answer all your questions in detail. And with a surge in demand due to the pound hitting a seven year high against the euro, it would appear that 2015 is the time to invest. Here are links to some of the best investments we have on our portfolio at the moment. Townhouse in Alora http://propertynetworkandalusia.com/ Stunning apartment in Malaga http://propertynetworkandalusia.com/ Luxury Living in Marbella http://propertynetworkandalusia.com/ End
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