Spanish bank reduces fixed rate and waives 3 associated mortgage costs

Friday, 18 January, 2019

Spanish bank reduces fixed rate and waives 3 associated mortgage costs

From this month our clients benefit from certain Spanish mortgage schemes being eligible for the waiver of the following associated costs:

-the bank arrangement fee ,which is usually equal to 1% of the mortgage amount subject to a cap.

-the property value fee, this varies according to the purchase price but usually is a minimum of 600 Euros including VAT

-the mortgage registration fee. This fee is collected by the Spanish Solicitor to register the Mortgage Deed. It's a percentage of the mortgage amount. Based on a mortgage amount of 100,000 Euros, it is estimated at 2000 Euros.

Based on a mortgage amount of 100 000 Euros the estimated saving for the above 3 fees is approx 3,600 Euros

2) Reduced Spanish mortgage interest rate - a long term fixed rate of 2.15%,( previously 2.35%) based on a classic repayment mortgage, over a term of 10 years .

The above offer applies from January onwards .

The APRC of 2.70% in the above example is based on a Euro repayment mortgage of 100 000 E and a purchase price of 143.000 E

It takes into account the following :

An estimate for the cost of an associated life assurance policy
The bank arrangement fee, which is waived in this example
The mortgage registration fee , which is waived in this example
The estimated conveyance fee of 14 300E
Charles Hamer's broker fee of of 848 E

To calculate the estimated saving based on a specific purchase price and mortgage amount, please use this link to take you to our on-line Spanish mortgage calculator-www.charleshamer.co.uk/spanishcalculator.aspx.

Please contact our office to see if your application would meet the basic lending criteria for Spain.