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Property Search

Region:

No PreferenceCosta Blanca (N)Costa Calida-MurciaValencia region

Property Type:

No PreferenceApartmentDetached villaFincaLinked villaRuinVillage house

Minimum Price:

No Minimum 25,000 50,000 75,000 100,000 125,000 150,000 175,000 200,000 250,000 300,000 350,000 400,000 450,000 500,000 550,000 600,000 650,000 700,000 750,000 800,000 850,000 900,000 950,000 1,000,000 1,500,000 2,000,000 2,500,000 3,000,000 3,500,000 4,000,000 4,500,000

Town:

No Preference

Min Bedrooms:

No Preference 1 2 3 4 5 6 7 8 9 or more

Maximum Price:

No Maximum 25,000 50,000 75,000 100,000 125,000 150,000 175,000 200,000 250,000 300,000 350,000 400,000 450,000 500,000 550,000 600,000 650,000 700,000 750,000 800,000 850,000 900,000 950,000 1,000,000 1,500,000 2,000,000 2,500,000 3,000,000 3,500,000 4,000,000 4,500,000

Select Currency:

Euros UK Pounds US Dollars Swiss Francs Norway Krone Denmark Krone Swedish Krona Iceland Krona

New Build or Resale:

All Resales New Builds

Max Money Down:

No Maximum 5,000 10,000 15,000 20,000 25,000 30,000 50,000 75,000 100,000 125,000 150,000 175,000 200,000

Search by Ref:

Interest-only overdraft-type mortgage

The Elastic Mortgage is in effect an overdraft facility, which will permit you to obtain funds up to a certain maximum credit limit as and when you require them. Depending on your age, this facility may include a interest only term of up to 15 years.

 

The interest rate is calculated on the Spanish base rate plus a certain percentage, depending on the loan to value ratio.

 

The difference with this mortgage is that you are responsible for paying off the loan as there are no compulsory "capital" repayments at all. In addition you pay interest only on the outstanding amount of the loan. Therefore say Mr Brown borrows 100,000 Euros on an Elastic Mortgage scheme, he would be paying the same amount of interest for the period if he were never to pay off any capital.

 

However, should Mr Brown wish to pay off capital in lump sums for example, eg after a good rental period or if he were to recieve dividends, bonuses, golden handshake etc then naturally the amount of money borrowed would be reduced and the monthly interest payments would also be reduced as a result of less money being borrowed.

 

Date	Amount of loan	Capital paid off	Amount of loan remaining	Monthly Interest payment
January	150,000	-	150,000	421.25
Feburary	150,000	-	150,000	421.25
March	150,000	-	150,000	421.25
April	150,000	-	150,000	421.25
May	150,000	-	150,000	421.25
June	150,000	3,000	147,000	412.83
July	147,000	3,000	144,000	404.40
August	144,000	5,000	139,000	390.36
September	139,000	3,000	136,000	381.93
October	136,000	1,000	135,000	379.13
November	135,000	-	135,000	379.13
Decemeber	135,000	-	135,000	379.13

 

Please take into account that these calculations are ficticious and for the purposes of demonstrating how an "Elastic Mortgage" works.