Obtaining a Mortgage in Spain
Although the majority of VIVA clients are usually cash buyers, or choose to finance the purchase of their Spanish property through the sale – or equity release – of their property back home, currently around 15 per cent prefer to opt for a Spanish mortgage instead.
With Eurozone interest rates still relatively low, borrowing money is unlikely to become cheaper than it is right now. Of course, no one can predict with any certainty just how long these all-time low rates will continue, but it is sensible to assume that they can’t be maintained indefinitely.
Having exited the grips of recession back in 2013, mortgages in Spain are considerably easier to obtain these days, but lending criteria is still tighter than it was previously. So, in addition to having your own finances in order – transparent, accurate, up-to-date and solvent, obviously – it is also vital to seek expert, independence advice.
While the majority of loans granted these days are variable rate, as opposed to fixed rate, VIVA can help you locate a financial advisor who will work with your interests at heart, in order to help track down a mortgage that best suits your financial situation.
Nykredit – Denmark’s largest and best-known mortgage provider
UCI (Unión de Créditos Inmobiliarios) – credit institution specialising in mortgage loans authorised by the Bank of Spain