Spanish Mortgage Deal of the week

SPANISH  MORTGAGE DEAL OF THE WEEK

Background

• The purchase price of the Spanish property  300 000 Euros 
• The mortgage represents a loan to value of 70% of the purchase price 
• Whilst all long term fixed Spanish interest rates carry early redemption penalties equal to 6 months interest , (capped at 3% of the outstanding mortgage capital) , the bank agreed to waive the l early redemption penalties after an initial period ,enabling our client to repay capital, when it is convenient and  when the funds are available to do so.
• The bank does not require a side investment
• The client is to take out a burglar alarm system    
• The bank opened a Spanish bank account and provided a VISA card. 

The savings

• At outset the bank was advertising a fixed rate of 2.75% over a term of 15 years 
• The bank agreed to reduce this to 2.10% and extend the term by 5 years to 20 years 
• The bank paid the mortgage registration fee of 2700 Euros  

 APRC (annual percentage rate of charge)

 This calculation is based on estimated costs being calculated over the whole mortgage term .  The table below summarises these  :

Please contact us if you would like to discuss your mortgage requirements - mortgages@charleshamer.co.uk .  Tel 01844 261886 / 218957