Sol Sports Properties partner exclusively with Mortgage Direct to provide a professional and quick service for our clients.
Mortgage Direct can offer mortgages for non-residents buying holiday homes up to 70% of purchase price (or valuation if lower). For fiscal residents (those paying Spanish taxes), the maximum mortgage is up to 80%.
All lenders base their mortgage interest rates on the annual Euribor reference rate with a percentage margin added to this, for example, annual Euribor + 3%. We can currently offer mortgages with rates as low as annual Euribor + 1.35% or fixed from 2% for premium, non-resident clients (please enquire to see if you would qualify). Typically for other clients, the rates will be a little higher than this (from Euribor + 1.9% and 2.05% fixed) but still lower than publicised rates or if you go directly to the banks.
Mortgage Direct has some control over rates that can be offered due to the relationship it has with several banks. No other brokers have this advantage.
– Terms up to 30 years or age 75 if earlier
– With or without attaching life assurance
– Low redemption penalties
We can offer mortgages to those wishing to build their own homes. In all cases, applicants must own the plot of land outright before any bank will lend for the construction works. With the best products, the banks will pay up to 50% of the cost of the plot as the first installment, but generally only once the works have started.
It is necessary to have all paperwork ready at the start of the application process, which includes architect’s plans, building licenses and quotes from construction companies who will carry out the works. A specialist valuer will assess the value of the project as a whole and the banks will base their lending on the valuer’s assessment. Lending of between 60-70% of the cost of the entire project (including the price of the plot) is often possible.