Who wants to date finances his dream property in Mallorca, will find only a small range of offers. The Spanish banks offer financing though quite in the Balearic Islands, but the interest rate is usually fixed for 1 year only. The prices of most Spanish mortgages are based on the Euribor. Euribor stands for Euro Interbank Offered Rate. It is the interest rate advantage of the European banks to lend to each other. Many Spanish banks assume that interest rates will rise again in the coming years. They currently offer mortgages with interest rates of 4% to 5 %. By contrast to the Euribor they fill their own pockets. You should also be careful with banks that offer low interest rates but charge high costs. Moreover, it seems that the Spanish savings banks raise interest rates higher than commercial banks. If you require a Spanish mortgage, you pay attention to the additional percentage that adds the banks to Euribor. This percentage is typically between 0.75% and 2%. Additional percentages of 3 or 4% are found also. Note also the costs that credit the banks. The cheapest mortgage in Spain is not always the mortgage with the lowest interest rate. We provide financing your purchased from us Mallorca Property. Whether fincas, villa, plot of land, town house, apartment or commercial property. Condition of funding that is that the applicant generates its income and is taxed in a North or Central European country.
Through his contacts, AM Property Mallorca offers now the possibility to provide you with real estate financing with German banks: Here are the facts:
Financing up to 70 % of market value possible
Cheap rates - these are currently at around 3% -
Fixed rate of interest over the agreed term
Repayments - at any time
Professional handling by experts and trustees locally
Land Registry Official hedge in Spain - thus remains your property in the home unloaded
Due to the fact the entire term fixed terms, it also makes sense to think also about rescheduling of existing loans and mortgages currently. This applies in particular for financing with variable interest rates (as is usual in Spain)
Talk to us! Mr. Guido Beyer Beck will be happy to help and support!