With the current financial ´crisis´in Spain, the banks are tightening their criteria for mortgage applicants and according to www.prestamoshipotecarios.com.es, immigrants are considered a much higher risk.

Finally there is a website where you can compare all the offers in one place! Bankimia.com is a new service that searches all the offers from the different banks, lists them in order of monthly payments and has an easy to view checklist with the requirements for each offer.

While you obviously still have to check the fine details with each bank, it means you have compare a much wider range of offers at a glance.

Check it out at www.bankimia.com

A few years ago the range of mortgages available in Spain was relatively limited – however the rate of interest was also low so this was not such an issue. However, over the last couple of years, the alarming increase in mortgage rates appears to have helped speed up the introduction of a variety of new mortgages such as: multi-currency mortgages, 50 years mortgages and long term interest-only mortgages to name but a few.