Mortgages & Finance

Standard repayment mortgage on which capital (plus interest) is paid back from day one. Therefore, with each monthly repayment, and as of the first month, the client is reducing the capital owed.....

Similar to a repayment mortgage but with the option of fixing the interest rate for a term of 1, 2, 3, 4 or 5 years, during which the monthly repayments will not vary. You may be charged for any early repayment (or cancellation) you make during the said term.

This type of mortgage includes an initial grace period of between 1 and 15 years during which the client does not repay capital. Therefore, the monthly payments made during the said period are ONLY interest on the amount borrowed.....

The latest product to be launched is interest only for the full the term of the loan (maximum 15 years subject to age), also known in Spain as an "Elastic Mortgage" and similar to UK interest-only overdraft-type mortgages.....

Unlike in the UK where the main costs are the arrangement and valuation fees, in Spain a mortgage has to be notarised and tax paid on the amount borrowed, so setting up a loan will work out more costly in the short term. However, taking a longer term view would mean that the low interest rate in Spain would make up for the higher initial set up costs.....

Most Spanish lenders charge a redemption penalty if you wish to pay the loan off earlier. However, this does vary according to lender and the type of loan you take out. Sunshine Villas has negotiated a nil redemption penalty for interest-only loans.....

You can pre-qualify for a loan with no obligation. Please click below to see what documentation you need to provide and once you are ready we can arrange to have an application form sent to you.....