EQUITY RELEASE OR RE-MORTGAGE IN SPAIN
If you are interested in the LIFETIME Mortgage through Manchester Building Society please PRESS HERE
It used to be difficult releasing capital from your property in Spain for whatever reason you needed it. The Spanish banks used to be of the opinion the owner was in financial trouble and because of this release of capital was almost impossible.
We have spent many years working with several banks to dispel these myths and now we can effectively help you to release the capital you need. About the only question that is still sometimes asked is: what will the capital be used for.
Documents we need
If you are applying to release capital or to re-mortgage the documentation needed are the same as with an application when you buy a house. If you are re-mortgaging we will require the last 3-6 months of mortgage receipts. If you have been late paying your mortgage, even 1 day, the bank may decline your application. We offer status and non status products. Please PRESS HERE for a specification of what documents we need.
Important
It is not necessary to have a solicitor representing you when you release equity or re-mortgage. however when you go to the notary it is important that you are accompanied by a Spanish speaking person who can translate for you. It would be conflict of interest to expect the bank to translate for you. You need to bring the following documentation -
Passport/s (or residents' cards)
NIE certificates
Escritura (deed)
IBI (house tax)
MORTGAGES AVAILABLE FOR THE PURCHASE OF PROPERTY
Below rates updated on 28 May, 2008
| Code |
Interest Rate |
LOAN |
TERM |
Interest only |
SET UP |
MAX AGE |
Redemp. Fee |
| OFBI3 |
E + 1,5% |
60% |
25 |
2 years |
1,25% |
75 |
0,5% |
| OFBI15 |
E + 2,5% |
45% |
25 |
15 years |
1,5% |
75 |
0,5% |
| OFBI05 |
E + 1,75% |
60% |
25 |
5 years |
1,5% |
75 |
0.5% |
| OFBI01 |
E + 2% |
50% |
20 |
No |
2% |
70 |
0.5% |
| OFUNI02 |
E + 0,75%* |
70% |
30 |
2 years |
1,2% |
70 |
0.5% |
| OFDB2 |
E + 0,8% |
60% |
20 |
No |
1,35% |
73 |
0,5% |
| OFGEM01 |
E + 1,5% |
75% |
30 |
10 years |
1% |
80 |
0,5% |
| OFUCMA4 |
E +0,8% |
40% |
40 |
15 years |
1% |
75 |
0,5% |
| OFUCMA5 |
E +0,9% |
50% |
40 |
15 years |
1% |
75 |
0,5% |
| OFFI |
1,8% month |
50% |
bridging |
indefinite |
2% |
NONE |
0% |
* Re-mortgage only, first six months discounted at Euribor + 0% |
|
