Equity Release in Spain
Equity Release
In the present environment Banks will only release equity from a Spanish Property if the funds are for home improvements or in some instances for purchase of another property in Spain. The banks will keep control of who the funds get paid to so they can ensure they go to their designated use.
One bank with UK roots by exception and only, and if you are an existing group client may consider allowing release of funds for purchase of a property outside of Spain.
Maximum loan to value is currently 60% for non-residents and equity release can be taken from properties with no existing mortgage loans by setting up a mortgage or if you have a current Spanish mortgage by re-mortgaging and increasing loan at same time within the maximum loan to values available.
Normal set up costs of mortgages will apply but all these costs apart from valuations are deducted from the advance so it costs nothing to get an approval for the loan.
All loans require that monthly payments can be made and are only suitable for clients with sufficient incomes to support the loan.
Lifetime style loans where no payments are made and rolled up until death of all owners are unfortunately not currently available in Spain.
At IMS we will source the most suitable mortgage for your requirements and provide everything in writing before you proceed. We are independent with access to all lenders and products and work solely on your behalf.
For a quote to see what you could do contact us today
We are sorry in today's market we are unable to deal with enquiries where
You cannot provide taxed income verification
Testimonials
I know that this was an especially difficult case. But you came through for us, in what has been very worrying times for us all with the recent credit crunch.
Keith
Contact Us
Contact us via this website to ask us a question or to arrange an appointment to discuss your options.
