June 21, 2012
-- With Spain’s current conjuncture, real estate investment in Spain is a great bargain. Spain has fully suffered from the credit crunch and because of that, property prices have fallen. The excess housing offer makes house builders and property owners sell their properties at bargain prices. So it’s the perfect moment to invest in Spain, especially for the French who dream of owning a secondary house on the Spanish coast.
So how can you get a mortgage in Spain? The procedure to buy property is encouraged by Spanish banks and real estate agencies who want to lure foreign investors. They even put at your disposal information centers throughout France, with qualified personnel able to take care of non resident clients. It’s easier to get a very affordable mortgage rate due to the tough competition between banks. Mortgages offered are at a fixed rate, or at a floating rate according to the investor. These types of mortgage granted by Spanish banks are more flexible than in France but require more documents to complete your file. Usually they are allowed to fund up to 70% of the property value and the maximum debt-to-income ratio is 33% but can be negotiated.
For further information about getting a mortgage in Spain, visit our web site http://www.credit-international.com