How To Find The Best Mortgages In Spain

Finding a mortgage with the best conditions can be a daunting task at the best of times, especially in today´s financial climate. However, with mortgage interest rates having risen a third over the last two years, a good mortgage can make the difference losing a property or surviving the economic downturn.

In Spain, ING Direct was one of the first to offer a low rate of just 0.33% above Euribor and they have a massive television marketing campaign. What most people are unaware of is that many of the online branches of the main Spanish banks are also offering similar rates, with even better conditions.

Those who are working in Spain are able to take advantage of these rates as you are required to produce evidence of income and taxes paid in Spain. Two good examples are:

Name: Hipoteca a la carte

Interest: +0.39% above Euribor

Commission: None for application, partial or complete payment of the mortgage

Extras: Up to 3 years interest only

Defer between 10-35% of the capital until the last payment reducing your monthly quota

Oficinadirecta.com (part of the Banco Pastor group)

Name: Hipoteca Vivienda Habitual

Interest: +0.33% above Euribor

Commission: None for application, partial or complete payment of the mortgage

Extras: Interest only – you decide how much capital you want to pay. After 6 years on a 40 year mortgage if you have not paid off any capital, part of the mortgage will convert to repayment on a sliding scale

Bankinter.com

Name: Subrogación Automatica

Interest: +0,35% above Euribor

Extras: If your mortgage if less than €240,000 you do not need to prove income or value the house – you simply provide the original valuation carried out by your bank.

Of course, even these mortgages have different requirements which may mean you need to take out other products and should be investigated thoroughly.   The point is however, that you are not limited to the standard mortgages offered by the high street banks and a little investigation could save you thousands of euros over the life of your mortgage!