What are the best offerings available for non resident mortgage applications

For non residents buying in Spain, Spanish Banks offer different terms and pricing for Spanish loans to that offered to fiscal residents of Spain. In the past the differences in Spanish Bank rates was quite significant but in the current market what a non resident can gain as a mortgage interest rate in Spain is similar to that offered to a resident. Previously Banks had set mortgage products and terms but whilst now they have some standard guidelines most lenders will base the terms they finally offer each client by taking into account the total relationship they will have with the mortgage applicant and other factors like loan to value and debt to income ratios. Spanish Banks are now required to offer you two rate options, one with linked products and one without. All loans in Spain are repayment, no interest only is not currently available. Ages for completion of loan are between 60 years to 75 years dependent on Bank and maximum terms range from 15 years to 30 years. Fixed rates for full term available.

Generic overview of mortgage product types

12 month Euribor for revisions in August 2020 is minus 0.279% decreasing from July 2020 which was – 0.147%. New regulation of June 16th 2019 reduced costs, penalty for early repayment and has had some affect on mortgage offerings going forward. Fixed rates are now more difficult for those earning in currencies outside the Euro to achieve.

All rates shown are a general and generic guide many lenders in Spain will tailor the final terms and conditions to the specific client, based on risk profile and fiscal strength.

Due to regulation changes in June 2019 fixed rates with many lenders are only available to applicants who earn their income in Euros. A few lenders remain that will still consider fixed rates for certain currencies. To find out whether this would affect you contact us today.

Fixed rates available from 1.95% . contact us today

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Product 1

Applicants should earn in excess of € 3.500 equivalent per month net.

no restriction on nationalities- Temporarily UK residents maximum 60%

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Up to 70% loan to value

 

  •  Variable rate after first year from 2% above 12 month Euribor to maximum 2.5%
  • Standard Fixed rates 15 years from 2.5%, 20 years from 2.85%,
  •  0.25% early repayment full and partial first 3 years/ 0.15% for 5 years/  fixed rates higher redemptions may apply.
  •  Life cover, Buildings insurance and Bank account contracted with Bank for lowest possible rate.

 Product 2

Nationality restrictions may apply

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  •  Up to 70% loan to value by exception
  •  Variable rate from 1.35%
  • Rate reviewed 6 monthly
  • Fixed rates not available unless earning in euros
  •  Variable 0.25% early repayment full and partial first 3 years/ 0.15% for 5 years, fixed rates higher redemptions may apply
  • Linked products required for lowest possible rate

Product 3

Nationality restrictions may apply

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  •  Up to 70% loan to value
  •  Interest rate variable from 1.59% above Euribor
  • Fixed rates 10 years from 2.29%, 15/ 20 years from 2.49%, 25 years from 2.69%, 30 years from 2.85%.
  • Mixed fixed variable products available
  • 0% early redemption penalty for fixed and variable
  •  Buildings insurance compulsory.

Product 4

Nationality restrictions may apply

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  •  Up to 70% loan to value
  •  Variable rate from 1.75% above the 12 month Euribor.
  • Full term fixed rates 10 years from 2.10%, 15 years from 2.20%, 20 years from 2.29%
  • Mixed fixed/ variable products available
  •  0.25% early repayment full and partial first 3 years/ 0.15% for 5 years variable rates, fixed rates redemption penalties may be higher.
  •  Linked products required to receive lowest possible rate.

Product 5

Nationality restrictions may apply

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  •  Up to 70% loan to value
  •  Interest rate fixed first year from 2.5%
  •  2nd year variable rate from 1.75% above 12 month Euribor
  •  Fixed rates from 2.4%
  •  0.25% early repayment full and partial first 3 years/ 0.15% for 5 years variable rates, fixed rates redemption penalties may be higher.

 

Product 6

Nationality restrictions may apply 

70% by exception for high value properties

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  •  Up to 60% loan to value
  •  Interest rate fixed 25 years from 3%/ 20 years from 2.75%/ 15 years from 2.5%
  • Variable rates from 2% above Euribor
  •  0.25% for first 5 years/ 0.15% first 5 years early repayment full and partial for fixed and variable rates.
  • Buildings insurance, life cover and Bank account contracted with Bank for lowest possible rate.

Product 7

 Nationality restrictions may apply

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  • Up to 70% loan to value
  •  Interest rate fixed first year 1.9% subsequent years 1.9%
  •  Variable rate from 1.9% above 12 month Euribor
  • Fixed rates up to 20 years, first year from 2.5% and 3.10% subsequent years
  •  0.25% early repayment full and partial for first 3 years or 0.15% for 5 years and subsequent years 0%. Fixed rates 2% first 10 years and 1.5% thereafter.
  •  Buildings insurance ,minimum card use of € 1.200 pa and Bank account contracted with Bank for lowest possible rate.

Product 8

Nordic and Swiss clients only no minimum loan size

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  •  Up to 70% loan to value
  •  Interest rate first year from 2.5%
  •  2nd year variable rate from 1.75% above 12 month Euribor
  • Fixed rates from 2.20% 15 years and 2.29% for 20 years
  •  0.25% early repayment full and partial first 3 years/ 0.15% for 5 years. Fixed rates maximum early repayment penalty 1.5% first 5 years and 1.25% thereafter.
  •  Linked products contracted with Bank for lowest possible rate.

Product 9

UK tax payers and Spanish tax payers only.

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  • Up to 60% loan to value non residents
  • Up to 80% loan to value for Spanish tax payers
  • Fixed rates from 1.9% for 5 years,
  •  Up to 2% early repayment penalty for fixed rates depending on loss to Bank
  • Linked products contracted with Bank for lowest possible rate

Product 10

Clients earning in Euros only no purchase price restrictions- New terms

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  •  Up to 60% loan to value
  •  Interest rate first year 3%
  •  2nd year variable rate 2.35 % above 12 month Euribor
  •  0.25% early repayment full and  partial first 3 years/ 0.15% for 5 years
  •  Buildings insurance, Rate protection policy and Bank account contracted with Bank for lowest possible rate

Product 11

Nationality restrictions may apply

Minimum earnings net € 4k per month

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  •  Up to 70% loan to value
  • Variable rate from 1.75% above Euribor
  •  Fixed rate from 10 years 2.4%, 20 years from 2.95%, 25 years from 3.15%
  • Linked products, bank account, buildings insurance for best possible rate.
  •  Early repayment penalty 0.25% 3 years/ 0.15% 5 years variable and fixed .

Product 12- New Terms and conditions

EU, US, Gibraltar and Canadian Residents up to 70%

Non EU may be restricted to 60%

Middle east residents up to 50%

Property type, purchase price and location restrictions may apply

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  •  Variable rates from 1.5% above Euribor
  •  € 48k net minimum income levels
  •  Maximum 20 year term
  • Fixed rates from 10 years fixed 2.15%, 15 to 20 years 2.75%
  •  Fixed/ variable products available
  • 0% early repayment for fixed and variable rates.
  •  Buildings insurance compulsory other linked products will apply to gain lowest possible rate.