A mortgage is a loan or lien for a property/house which has to be paid within a specified period of time. It is usually a loan of money. A mortgage is a security for the loan that the lender makes to the borrower. Mortgage has many different shapes and sizes each with its own advantages and disadvantages.
This is suitable for those who prefer to know exactly what their monthly outgoings will be.
This type of loan is cheaper in the beginning and allows you to take advantage of any interest rate cuts. But if interest rate rises then your monthly payments will go up.
This mortgage is a combination of fixed and discounted mortgages.
This is great for first-time buyers or those on a tight budget or has taken out a loan to use as a deposit for the mortgage. Once if the deal is done, your lender will reimburse a certain proportion of your mortgage loan. This could be as much as a couple of thousand pounds, depending on the lender and the size of the mortgage.
This normally follows movements in the base rate set by the Bank of England.
This is useful for couples starting a family or for those who are taking time out to study. You have to agree payment holidays with your lender. Taking time off could either increase your repayments later on or prolong your loan period.
Before getting a mortgage, first thing is to save enough money for a deposit.
Think about how you want to repay your mortgage. Most people choose repayment loans – also called capital and interest loans – where part is paid back every month. By this, the whole loan is repaid at the end of its term.
Once if you have chosen the type of mortgage and the repayment method, you need to find a lender.
The lender or mortgage broker will be able to tell you how much you can borrow. This is based on the following three factors
When applying for a mortgage in Spain you need to make sure you have the following things
The most straightforward option for a foreign buyer is to look to international banks, many of which have begun to offer special ‘Spanish mortgages’ due to the large demand from internationals looking to buy in Spain. These are specifically catered to the Spanish housing market and deals with every aspect of translation, lawyers and insurance.
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