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 Many of our clients have been pleasantly surprised to discover that obtaining a mortgage in Spain is a painless process. The mortgage can be arranged in the UK on the Spanish property or through a Spanish bank in Spain .
Even if you have enough capital to purchase a new Spanish home outright, you may want to consider the option of a mortgage. To begin with, it allows you to raise your spending power and possibly purchase a home that will suit you better long term. It also enables you to preserve your capital and deploy some to furnish your new home with the furnishing and décor of your choice, order a new car or even a boat to match your new lifestyle in the sun.
You'll recognise the types of mortgage on offer: variable interest, fixed interest or a mixture of both. In fact, the range is the same as in the UK but the great news is that the interest rates in Spain are amongst the lowest in Europe and consumer protection is second to none. Most banks supply all mortgage documentation in English and offer a tailor-made service for overseas borrowers.
Most institutions lend up to 60% of the property value for non-residents and up to 80% for residents with a choice of repayment periods from 5-20 years.
4 Sale Network are able to help you in arranging your own mortgage if it has not been arranged previously in the UK . Don't forget, if you're buying a holiday home for your own use, renting it out when you're not there could generate sufficient rental income to partially or totally cover all your mortgage payments and even return you a profit.
Insuring your property abroad is of vital importance not only to protect any monetary loss but also for peace of mind. As in the UK both buildings and contents must be covered. We are able to offer a packaged product linked to your UK home insurance policy that not only can prove to be less expensive than taking out an additional policy in Spain, but also more comprehensive than standard Spanish policies and most importantly the policy document is written in English.
4 Sale Network introduces only to the St. James's Place Group whose members are authorised by the Financial Services Authority.
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